According to the airdrop calculator, at the current price of $0.03, users received roughly $6,000 worth of PENGU for one Lil Pudgy and $60,000 for one Pudgy Penguin. This amounts to roughly 200,000 PENGU for one Lil Pudgy and 2,000,000 for one Pudgy.
Interstingly, the Pudgy Penguin Non-Fungible Token (NFT) floor price fell from over 34 ETH to just above 16 ETH on the day of the airdrop, a decline of $68,400. The daily volume spiked massively, reaching a new all-time high. Most of the trades were on Blur.
So, the decline in the Pudgy Penguin floor price offsets all of the airdrop value at the current price, removing any arbitrage opportunities.
Community Thoughts
The X community is mostly satisfied with the PENGU airdrop, especially since it is community-focused. Seventy percent of the supply circulated at the Token Generation Event (TGE). Robinhood CEO Vlad Tenev also mentioned the PENGU debut in a Fox Business exclusive segment.
A user reported receiving $3 million of PENGU in the airdrop because he held 25 Pudgy Penguins or 100 Lil Pudgys. Another user reported receiving over $2 million in the PENGU airdrop.
However, there are also some failure stories, such as a user who bought $10,000 worth of PENGU on the Raydium liquidity pools before the airdrop and saw them turned to $5 in a short time.
PENGU Price Declines
PENGU is currently ranked #66 based on its market capitalization of $1.85 billion and has a fully diluted value (FDC) of $2.78 billion. The volume in the past 24 hours is $2.25 billion.
The PENGU price fell shortly after its launch, declining by 63% to a low of $0.026. However, it has increased since, reclaiming the $0.029 horizontal support area and breaking out from a descending resistance trend line.
Despite the price decline, a study noted the similarities between the PENGU and Uniswap airdrop, which increased over 20x after the initial drop.
If the PENGU price increases, the next horizontal resistance will be at $0.038. The price must clear this level to confirm that it has started a bullish trend reversal.
On the other hand, a breakdown below the $0.026 area can trigger a decline to $0.022 and $0.016, created by the 1.61 and 2.61 external Fibonacci levels.
Successful PENGU Airdrop
The PENGU airdrop was successful, with no reported issues and a community-centric allocation. However, the decline in the Pudgy Penguins NFT price can be considered worrisome since it offset almost all of the airdrop value.
The PENGU price declined shortly after the airdrop and traded in a horizontal range.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
