The PENGU token from the Pudgy Penguins NFT collection launched with an airdrop to eligible recipients. However, intense selling pressure caused the token's price to drop by 35% shortly after its debut. The token's volume surged to $474 million within the first hour of trading. The PENGU token launched with a total supply of 88.88 billion tokens, with allocations to different communities and liquidity pools. Unlike previous Binance listings, the token's market cap and price have declined. Selling pressure from airdrop recipients is believed to be causing the decline in value. The Pudgy Penguins NFT floor price also decreased significantly in the last 24 hours. Despite this, some traders have profited from the token's price. The cryptocurrency's price is expected to continue its downward slide, especially with its listing on another exchange, OKX.



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