NFT Coin $PENGU Flips +50% From Launch, Can It Achieve What ApeCoin Did Post-Launch?

Pudgy Penguins, the team behind the globally acknowledged Pudgy Penguins non-fungible token collection, released its native token “$PENGU” on the Solana blockchain network yesterday evening.

The Pudgy Penguins’ NFT coin, $PENGU, skyrocketed more than +1,000% after its debut on the Solana blockchain network. The new NFT coin hit a high of $0.05063 before finding support at $0.03888. In this piece, we'll examine the potential for $PENGU to follow in the footsteps of ApeCoin after its launch.

NFT Coin $PENGU Surges +50% After Launch

According to data from CoinMarketCap, a leading provider of on-chain cryptocurrency market data and NFT tracking, Pudgy Penguins' NFT coin, $PENGU, is still down more than 50% from its initial all-time high. At press time, the $PENGU price is showing signs of support at around $0.03888. It has seen brisk trading, with a 24-hour sales volume of $2.18 billion.

The launch of Pudgy Penguins' NFT coin, $PENGU, on the crypto market was met with fanfare, but it also encountered some technical difficulties and significant selling pressure, which were to be expected given the nature of the airdrop. As part of Pudgy Penguins' broader strategy to expand its ecosystem, the $PENGU token was included in an airdrop to holders of Pudgy Penguins, Lil Pudgy, and other pudgy digital assets, such as the Pengu Pins and Pudgy Rods NFT collections.

However, several industry experts have highlighted the successful launch of $PENGU, which managed to benefit all participants in the pudgy community and beyond. The NFT coin began its first day of trading with a 70.7% circulating supply, which is considered a bold move. Additionally, there will be no further token inflation for one year, except for the remaining airdrop participants who have yet to claim their tokens.

NFT Coin $PENGU vs. ApeCoin

When it comes to technical aspects, ApeCoin is the only NFT coin that can be directly compared to PENGU. ApeCoin (APE), the ERC-20 governance and utility token of the Bored Ape Yacht Club (BAYC) ecosystem, also had a successful launch, surging more than +100% within its first hours of trading. However, $PENGU launched during a bull market for NFTs, whereas ApeCoin launched during a bear market and attained a remarkable valuation.

In October, the NFT-based altcoin “ApeCoin” surged again by over 100% following the launch of ApeChain, which was a highly anticipated event. The recently launched ApeChain is an Ethereum layer three scaling network that enables efficient minting and trading of NFTs. With the pudgy team set to announce several updates in January 2025, including their upcoming Abstract: L2 ecosystem, this could present another opportunity for the $PENGU price to reach higher highs.

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