PENGU token price has experienced a 6% drop today, further continuing its downward trend over the past month.
On Wednesday, Pudgy Penguins burned unclaimed PENGU tokens. The cascading price drop of Pudgy Penguins has been gaining attention. The token has been continuously falling for the past 24 hours, extending its month-long decline. While its price was not showing any signs of improvement previously, the recent token burn has contributed to the percentage dip. Despite this, the PENGU community remains highly active and loyal to the charming penguin token.
(Source: CoinMarketCap)
The PENGU token of the Pudgy Penguin NFT project has decreased by more than 6% today. At the time of writing, it is trading at $0.01093, which is significantly lower than its previous surge that reached an all-time high value of $0.06845 in December. The market cap of the token has also dropped by 6%, currently standing at $686.82 million.
12 Billion PENGU Tokens Burned
Although Pudgy Penguins initially planned to end the token claim on March 9, it was rescheduled and concluded on Wednesday. In addition, the project burned all the unclaimed tokens, which accounts for approximately 13.69% of the total supply.
More than 12 billion PENGU tokens, equivalent to around $150 million, were burned. When a trader questioned on X why the team decided to reschedule the claim period, Luca Netz responded:
Token burns often result in a decrease in supply, followed by an increase in market value in combination with demand. However, despite the large volume of token burn, the PENGU token price continues to drop continuously. Furthermore, the floor price of Pudgy Penguin NFTs has also decreased by over 5%, currently trading at 10.05 ETH, according to Coingecko.
Highlighted Crypto News Today: Berachain Token is valued at $7, but is it worth the hype?