Pudgy Penguins Burns $150 Million in Solana Tokens, PENGU Price Dips 8%
Key Points:
* Over $150 million in unclaimed Solana tokens burned by Pudgy Penguins.
* Token burn reduces supply, but PENGU price falls 8% post-burn.
* NFTs also impacted, with floor price dropping 11% in a week.
* Pudgy Penguins remains focused on long-term goals to increase token appeal.
* PENGU market cap falls out of top 100 cryptocurrencies.
Details:
Pudgy Penguins recently burned over $150 million in unclaimed PENGU tokens. Despite this supply reduction, the PENGU price has witnessed an 8% dip, falling to $0.0117.
The decision to expedite the token burn was influenced by data indicating that only bots were actively claiming tokens. Approximately 13.69% of the total token supply remained unclaimed, equating to over 12 billion PENGU tokens.
Pudgy Penguins' efforts to attract new inflows have not yet yielded significant results. Igloo Inc., the project's parent company, has been seeking institutional interest and promoting the broader ecosystem, which encompasses both the PENGU token and Ethereum-based NFTs.
The NFTs have also experienced a price decline, with the floor price dropping 11% in the past week. The project remains committed to its long-term vision of enhancing token appeal, but the volatility surrounding PENGU continues.
The success of these efforts remains uncertain, as PENGU faces ongoing market volatility. The token's fate hinges on Pudgy Penguins' ability to attract new users and investors, as well as the overall market conditions.