The Pudgy Penguins (PENGU) token experienced a significant decline in value after a major airdrop that unlocked almost 70 percent of tokens into circulation. The token dropped over 25 percent in the last 24 hours and over $1.3 million was liquidated from the PENGU leveraged market. The Pudgy Penguins NFT collection has seen success, with a floor price of about 16.8 ETH. The Pudgy Penguins team has expanded into physical merchandise and has a growing community. Despite the recent decline, the project is expected to rise significantly in the long term, with some analysts suggesting it could reach a market cap of $10 billion.



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