Pudgy Penguins’ PENGU token has plummeted over 50% shortly after its launch, dropping from a market cap of $2.8 billion to under $2 billion. Approximately half of the nearly 89 billion tokens have been distributed, with no specific use case announced yet, though governance roles are anticipated.The Pudgy Penguins NFT collection, launched in 2021, includes 8,888 unique NFTs, with a current floor price exceeding 16 Ether, or about $64,000. The project has also expanded to include Lil’ Pudgys and Pudgy Rods, while retail sales of Pudgy-branded toys have reached 1.5 million units.
