In summary
- The PENGU token reached an initial capitalization of $2.1 billion, ranking as the 76th largest Cryptocurrency.
- Pudgy Penguins NFTs surpassed $100,000, but fell 48% after the airdrop.
- More than 100,000 PENGU complaints were registered in the first hour, despite technical problems and DDOS attacks.
PENGU, the Pudgy Penguins ecosystem token on Solana, launched on Tuesday and quickly jumped into the top 100 cryptocurrencies by market cap, with potentially millions of NFT holders and traders eligible to claim tokens in the airdrop.
The Pudgy Penguins token is currently trading at a price of approximately $0.0335, with a market capitalization of nearly $2.1 billion. This makes it the 76th largest cryptocurrency by market cap, according to data from CoinGecko.
The newly launched tokens are known for their volatility, and CoinGecko shows that the token debuted at a price of $0.068 before rapidly falling, resulting in a price drop of approximately 51% on the day.
PENGU has a total supply of just over 88.88 billion tokens, and according to a tokenomics breakdown provided before the launch, just over half will go to the airdrop.
This means holders of various Pudgy Penguins NFTs, people who own NFTs from various partner collections, NFT traders on Ethereum and Solana, and even holders of FTT—the ill-fated utility token of the collapsed cryptocurrency exchange FTX.
With approximately 44.8 billion tokens offered to potentially millions of eligible claimants in total, this puts the size of the airdrop at $1.5 billion based on the current PENGU price. Users have until March 15, 2025 to claim PENGU, otherwise unclaimed tokens will be permanently locked, effectively removing them from circulation.
Claims opened at approximately 8am ET on Tuesday, but many users reported difficulties during the process—either claiming tokens in general, or in some cases, suggesting they received fewer tokens than indicated.
A member of the Pudgy Penguins team tweeted that the project had seen more than 100,000 complaints in the first hour or so, including 4.7 million website visits. The team member suggested that distributed denial of service attacks, or DDOS attacks, had led to difficulties. They also wrote that anyone who received fewer tokens than allotted can complete the claim process again to get the rest of PENGU.
Nearly $1.5 billion worth of PENGU was already traded yesterday, according to CoinGecko, making it the 14th most traded token within the top 100 cryptocurrencies by market capitalization.
Pudgy Penguins NFT prices have skyrocketed in recent days in anticipation of the airdrop, breaking the $100,000 mark for the first time and coming close to surpassing the most valuable profile photo collection (PFP), CryptoPunks.
But with some holders selling their NFTs after claiming the tokens, Pudgy prices are plummeting. As of this writing, NFTs are starting at just over $63,000 in Ethereum (ETH) on the markets—following a 48% drop since yesterday, according to data from NFT Price Floor.
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