Pudgy Penguins Burns 13.69% of Token Supply, Value Drops 8%

Pudgy Penguins has burned over 12 billion unclaimed PENGU tokens, representing approximately 13.69% of its total supply and valued at over $150 million. The token claim period was abruptly concluded on January 30 due to overwhelming bot activity, with project leader Luca Netz stating that legitimate claims had dropped significantly. Following the burn, however, the value of the PENGU token fell nearly 8%, trading at about $0.0117, and the collection has dropped out of the top 100 cryptocurrencies by market cap. Despite the challenges faced, including a decline in the floor price of the associated NFTs, Pudgy Penguins remains focused on attracting new investors to boost interest in both the token and the NFT ecosystem. The team has plans to enhance the appeal of PENGU and hopes to reverse its current volatility. The Pudgy Penguins collection continues to rank among the largest NFT collections, maintaining significant cultural relevance in the crypto space.