CandleFocus

Pudgy Penguins Solana Token, Ethereum NFTs Plunge Alongside Abstract Network Launch

Author: Content Editor
Pudgy Penguins Solana Token, Ethereum NFTs Plunge Alongside Abstract Network Launch
Pudgy Penguins NFTs and the associated token PENGU have experienced a significant decline in value following the launch of Abstract, a consumer-focused Ethereum layer-2 network. PENGU has fallen 24% in the last 24 hours and 49% in the last 30 days. Pudgy Penguins NFTs have also dropped nearly 20% in the last 24 hours and 39% in the past week. Some traders and analysts believe the decline is due to the lack of immediate rewards for Penguin-linked assets on the Abstract network. This decline has also triggered an NFT liquidation cascade on the Blur marketplace's Blend platform. The decline marks a 60% retracement from the Pudgy Penguins' all-time high prior to the PENGU airdrop in December. While the community expresses frustration with the lack of immediate rewards, the Abstract team assures users that there will be additional rewards for Pudgy Penguin and PENGU holders in the future.

Related News