PENGU Token's price hit significantly following the Airdrop of 50%. What was next for WEEX?
The price of the PENGU token has recently experienced a significant drop, going from $48 to $14 in value. An airdrop to NFT holders in Pudgy Penguins followed this. Initially, the token increased to a high of $0.068, but then decreased to $0.031 due to the intense pressure from sales. The drastic decrease in the price of the PENGU token has attracted the interest of both traders and investors, these issues have led to questions about the future of the token and the associated NFT, the collection of which is considered the basis for the development of the cryptocurrency. Let’s dive deep with WEEX.
What Caused the Decrease in the Price of PENGU Token?
After the airdrop was split up among the various NFT holders in the game, the PENGU token's price began to increase. Some expected the airdrop to increase the value of the token as well as the NFTs. However, the thrill quickly faded away as the PENGU token encountered intense competition, as a result, its value declined. The price of PENGU tokens decreased by over 20% from 33 ETH to 16 ETH, primarily due to the decrease in the price of the Pudgy Penguins NFT.
The Impact on the NFT Collection of Pudgy Penguins PENGU Token
The decrease in the cost of the PENGU token had an indirect effect on the acquisition of NFTs by the Pudgy Penguins. The cost of the floor was drastically reduced for the Pudgy Penguins NFTs, which caused the project to become the second-largest NFT by the market cap.
While the price of the PENGU token declined, the value of the NFT also decreased, this indicates the two tokens are intrinsically linked. As the price of the PENGU token decreased, so did the interest in purchasing NFTs of the Pudgy Penguins, this led to a significant slowdown in the trading of these tokens.
The Increase and Decrease of the Price of PENGU Token
The initial release of PENGU's token was enthusiastically received. With an estimated market value of $2.3 billion and $90 million in total trading volume, the token seemed to have a successful potential. However, as the airdrop became active and trading increased, the PENGU token's price declined rapidly. Over the first four hours, the token had a total of $425 million in value, with over 250,000 on-chain participants, according to GeckoTerminal data. However, the sale was swift and aggressive, which led to a sharp price decrease.
The quick profit-taking and the lack of long-term holders; One of the primary causes of the erratic price of PENGU tokens is the behavior of traders who seek to make substantial profits quickly. According to Lookonchain's data, many traders purchased and sold the PENGU token within minutes to capitalize on price changes. A noteworthy example was a merchant who purchased 5.3 million tokens of the PENGU currency and then sold them all in small packets over 20 minutes, he received a hefty $13.72 million in profits.
This quick-fix mentality has led to the lack of long-term participants in the PENGU cryptocurrency system. As more traders take advantage of the short term, the pressure to sell increases, further diminishing the PENGU token's value.
What is the next step for the PENGU Token Price?
As of today, the price of the PENGU token has fallen to just below $0.031, and the capitalization of the market has decreased to just over $1.9 billion. While the token saw a number of significant changes during its initial release, the current sentiment suggests that the price of the token will likely remain indecipherable in the short term.
Investors and traders will eagerly anticipate any signs of regrowth. If the price of the PENGU token can be maintained and attracted by long-term enthusiasts, a recovery may be possible. However, until the pressure to sell is reduced and the token's foundation is solid, the PENGU token's price could continue to decline.
Ultimatum's thoughts on the PENGU Token cost
The wild changes in the price of PENGU tokens highlight the inherent instability of the crypto market, specifically regarding new tokens that are associated with popular NFT collections. Whether or not the PENGU token can resume from this decline is still unknown, but investors should be cautious about taking a position. Similar to any other volatile currency, monitoring the market's trends and sentiment will be of paramount importance in determining the future of the PENGU token.
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