Pudgy Penguin (PENGU) has surged to become a top 75 crypto asset after its successful Dec 17 airdrop.
PENGU has surged by 219% in the last 24 hours causing a stir in the global crypto space as participants who claimed their Pengu tokens yesterday sit on potential profits.
Pudgy Penguin is the fourth-largest NFT collection by market capitalization and the project held an airdrop campaign for its native token Penguin yesterday.
The Price of Pengu dipped by nearly 50% despite the successful airdrop but the crypto asset climbed into the top 75 crypto assets by market capitalization.
Pengu Airdrop
The Pengu airdrop which was highly anticipated in the global crypto space started on Dec 17 airdropping over 15.5 billion Pengu tokens to nearly 760,000 wallets
- Despite the massive airdrop, most wallets received a minimal 1,000 and 10,000 tokens
- According to the airdrop calculator, at the current price of $0.03, Pengu airdrop participants received roughly $6,000 worth of PENGU for one Lil Pudgy and $60,000 for one Pudgy Penguin.
- This amount received amounts to roughly 200,000 PENGU for one Lil Pudgy and 2,000,000 for one Pudgy.
- Despite the success of the Pudgy Airdrop, the Pudgy Penguin Non-Fungible Token (NFT) floor price fell from over 34 ETH to just above 16 ETH on the day of the airdrop, a decline of $68,400.
However, the daily volume spiked massively, reaching a new all-time high.
The decline in the Pudgy Penguin floor price offsets all of the airdrop value at the current price, removing any arbitrage opportunities.
Global Crypto community reacts to airdrop
The global crypto community was satisfied with the Pengu airdrop with no issues raised and a lot of feedback on the community-focused nature of the airdrop.
- Seventy percent of the supply circulated at the Token Generation Event (TGE). Robinhood CEO Vlad Tenev also mentioned the PENGU debut in a Fox Business exclusive segment.
- A user reported receiving $3 million of PENGU in the airdrop because he held 25 Pudgy Penguins or 100 Lil Pudgys. Another user reported receiving over $2 million in the PENGU airdrop.
- However, it wasn’t all roses as some users lost money following the price drop of the tokens.
A user who bought $10,000 worth of PENGU on the Raydium liquidity pools before the airdrop and saw them turned to $5 in a short time.
What to Know
- PENGU is currently ranked #71 based on a market capitalization of $2.18 billion. The NFT-based token has a Fully Diluted value of $2.78 billion.
- Pengu’s price dropped by nearly 63% following the launch of the token. The token fell to $0.026. Pengu is currently exchanging hands at $0.034 at the time of the report with a fresh market capitalization of $2.18 billion.
