Pudgy Penguins Completes Early PENGU Token Burn of 12 Billion
The Pudgy Penguins NFT project concluded its PENGU token claim on Solana early, resulting in the burn of over 12 billion unclaimed tokens, reducing the total supply by approximately 13.69%, valued at over $150 million. The claim period was shortened due to decreasing claims and increased bot activity.
Key points:
- PENGU price dropped by 11.5% to $0.0118 post-burn
- Market cap decreased by 12% to $742 million
- PENGU is outside the top 100 cryptocurrencies by market cap
- Bollinger Bands indicate ongoing downward pressure
- RSI at 25.87 suggests oversold conditions
- MACD shows sustained bearish momentum, with resistance at $0.013
- Immediate support at $0.011
Despite recent price movements, Pudgy Penguins remains the third-largest NFT collection after CryptoPunks and Bored Ape Yacht Club, with 581 sales in the past week. PENGU ranks ninth among collectible and NFT tokens by market cap, while the overall NFT market cap is $23.7 billion, down 1% in the last day. Igloo Inc, the project's parent company, is working to attract institutional interest to stabilize PENGU's price trajectory.