Популярный NFT -the Pudgy Penguins project has completed the release of its PENGU token on the blockchain Solana earlier than planned. As a result, the developers had to burn more than 12 million unclaimed tokens. This number is equal to 13,69% of the total PENGU stock, which was worth more than $150 million at the time of destruction.
Although a significant reduction in the supply of a digital asset traditionally has a positive effect on its value, in the case of PENGU, things happened differently. Over the past 11,5 hours, the token rate has fallen by 0,0118%, and at the time of writing, it was trading at $XNUMX.
PENGU's market cap also dropped to $742 million, causing token failed to make it into the top 100 cryptocurrencies by this indicator.
The daily chart of PENGU shows a bearish sentiment. Bollinger Bands show that token is trading near the lower boundary. This indicates continued pressure on the market. Other technical indicators (RSI and MACD) also indicate a persistent bearish momentum, as a result of which kriptovalyuta may fall to $0,013.
The fall of PENGU has not affected the popularity of Pudgy Penguins, which remains the third largest collection after Cryptopunks and Bored Ape Yacht Club. Over the past seven days, according to data NFT Price Floor, 581 sold NFT with the image of funny penguins.
