According to a report by TK Research, over 72% of holders of the newly launched PENGU token, the native token of the Pudgy Penguins NFT collection, sold or moved all of their tokens immediately after its release. The token, launched on December 17, quickly gained attention, listing on major exchanges like Binance and OKX. However, the data suggests that a significant portion of the early holders took advantage of the token’s initial surge and liquidated their holdings.
Out of the total circulating supply, 18.7 billion PENGU tokens have been claimed, representing 81.4% of its total supply. Of these tokens, 72.33% were either sold or moved by holders shortly after launch. A smaller portion, about 3%, sold 90% of their holdings, while less than 1% sold or moved 75% of their tokens. On the other hand, roughly 18% of PENGU holders chose to retain their tokens post-launch, though only about 3% of them bought more tokens.
The report also highlighted that the average wallet containing PENGU holds approximately 19,300 tokens. Despite the significant selling activity, PENGU’s market capitalization reached an impressive $1.9 billion within just two days of its launch, making it the 71st-largest cryptocurrency by market cap. However, despite this early surge, the token experienced a price drop of nearly 9% in the 24 hours following the launch. As of now, PENGU is trading at around $0.03.
Additionally, the volatility of the token’s price has affected traders, with one unlucky investor buying $10,000 worth of PENGU tokens a few hours after launch, only to see the value of those tokens plummet to just $3.
PENGU’s launch has been closely tied to the Pudgy Penguins NFT collection, a popular Ethereum-based project. The announcement of the token’s release was made on December 6, and the total token supply exceeds 8 billion, suggesting potential for more market fluctuations in the future as the token continues to gain attention and volatility.
Noted