- PENGU token price dropped by 6% today, extending the month-long downtrend.
- Pudgy Penguins incinerated unclaimed PENGU tokens on Wednesday.
Pudgy Penguins is making rounds for its cascading price drop. The token is falling relentlessly for the past 24 hours, extending its month-long price drop. Even though its price was not going upward before, its recent token burn fueled the percent dip. Despite that, the PENGU community is still super active and loyal to the adorable penguin token.
The Pudgy Penguin NFT project’s PENGU token is down by more than 6% today. It is trading at $0.01093 at press time, which is multifold less from its price surge that led to all-time high value of $0.06845 recorded in December. Its market cap also dropped by 6% and is currently standing at $686.82 million.
12 Billion PENGU Tokens Burned
Today, we burned 13.69% of the total $PENGU supply upon the close of the claim.
— Pudgy Penguins (@pudgypenguins) February 5, 2025
That is 12,164,667,616 tokens. pic.twitter.com/GMVljqFygG
Even though Pudgy Penguins originally scheduled to end the token claim on March 9, it pre-poned and ended it on Wednesday. And, the project incinerated all the unclaimed tokens, which amounts to around 13.69% of the total supply.
More than 12 billion PENGU tokens were burned worth around $150 million. When a trader posted on X saying why the team would pre-pone the claim period, Luca Netz responded,
“Only people claiming here are Bots that have no interest in being apart of the ecosystem. 95% of penguins have claimed. Makes no sense to keep it open if the data says that the only people claiming today are bots who are running scripts for the 8m eligible wallets.”
Token burns often lead to a decrease in supply and then an increase in market value combined with demand. However, the PENGU token price is dropping continuously despite the token burn of that large volume. Moreover, the Pudgy Penguin NFT floor price also decreased by over 5%, trading at 10.05 ETH, as per Coingecko.
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