Author: Evan Zakhary, Messari Protocol Analyst; Compiler: 0xjs@黄金财经
On December 17, 2024, Web 3 giant and popular Ethereum-based NFT collectibles Pudgy Penguins launched the project's native token PENGU on Solana. The token was distributed via airdrops, with initial centralized exchange listings provided by Binance, OKX, and Bybit. Many OG Ethereum and Solana users showed strong enthusiasm for the PENGU airdrop, which not only rewarded those who had direct access to the Pudgy Penguins ecosystem, but also rewarded long-term supporters in the broader NFT and crypto communities. On the day of launch, the token’s market cap peaked at $3.5 billion, amassing $90 million worth of trading volume in the first hour, catalyzing a record day of Solana network volume.
Source: Artemis, CoinDesk
Fast forward to December 21, 2024. Just four days later, has the storyline changed? Despite the initial popularity on the launch day, some negative coverage appeared in the media in the following days: CoinTelegraph highlighted that PENGU’s market cap dropped 50.00% after launch, and Pudgy Penguins’ floor price dropped 55.00% (from 36 ETH to 16 ETH). CryptoBriefing.com noted that PENGU’s market cap dropped 50.00% amid “tremendous selling pressure.” CryptoNews.com mentioned that PENGU’s market cap dropped 55.00%, noting that memecoins were down “across the board.” One unlucky trader even went viral for turning a $10,000 PENGU investment into $3.00 within minutes of the token’s launch. The user’s transaction was completed at a market cap of $14.00 trillion, a figure that would place PENGU’s price approximately 7.00x higher than Bitcoin’s current price. Commercially Reasonable Search also noted that as of December 21, 2024, no public company is valued at or above $10.00 trillion. That’s unfortunate.
The negative media coverage has cast a shadow on the community-centric vision of Pudgy Penguins, a Web3 brand with a proven track record of Web 2 outreach.
While recent negative price action has dominated the discussion, the enduring strength of Pudgy Penguins’ Web 3 community and its ability to connect with a wider audience remains compelling. This narrative shift may stem more from short-term volatility than fundamental issues.
Personally, I think the investment theme for Pudgy Penguins remains unchanged.
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