The Pudgy Penguins project, known for its
Ethereum
3.00%
Ethereum
ETH
Price
$1,760.74
3.00% /24h
Volume in 24h
$20.09B
Price 7d
NFTs, moved to the
Solana
4.94%
Solana
SOL
Price
$68.50
4.94% /24h
Volume in 24h
$4.03B
Price 7d
with the launch of PENGU.
On February 5, 2025, Pudgy Penguins made headlines by burning over $150 million worth of PENGU tokens. This was to conclude the token claim period earlier than initially planned.
Originally set to end on March 9, 2025, the claim period was expedited, allowing only an additional five days for NFT holders to claim their share before the remaining tokens were burned. This burn event involved 13.69% of the total PENGU supply. Following this, the remaining unclaimed PENGU tokens were transferred to Solana burn address, removing them from circulation.
Tomorrow, at 9AM EST, the PENGU claim will end, and all remaining supply will be burnt.
Currently, 13.82% of the total supply is on track to being burnt. pic.twitter.com/DvEpeSI2f4
— Pudgy Penguins (@pudgypenguins) February 4, 2025
Pudgy Penguins PENGU Is Falling, Is this The Best Meme Coin To Buy Now?
PENGU reached its all-time high shortly after its launch on December 17, 2024, with a peak market cap of about $6 billion. Immediately after the airdrop, PENGU experienced a sharp fall. The token price dropped by over 50% in 24 hours, trading at $3 billion range. There were violent sell-offs as airdrop getters sold their tokens for free quick money to degen on Solana casino.
Over the following weeks and months, PENGU continued to face downward pressure. In addition, the floor price of Pudgy Penguins NFTs also saw a decline, dropping from highs of around 30.99 ETH to around 15.9 ETH after the token launch.
(source)
Luca Netz, Pudgy Penguin project leader, observed that the majority of legitimate claims had been made. He thinks that further delay would only benefit bots attempting to claim PENGU. Subsequently, this decision to conclude the airdrop faster caused PENGU to fall on its face by another 13%. This melt pushed PENGU out of the top 100 tokens by market cap.
More often than not, meme coins like PENGU ride on virality and community engagement. They differ from other crypto by the lack of fundamental utility beyond the hype. Meme coin sometimes needs a utility to thrive.
In the case of PENGU, the association with the well-established Pudgy Penguins brand was meant to provide a foundation of trust and community loyalty. The burn event was an attempt to force scarcity, driving up value with reduced supply. Now Pudgy Penguins with reduced supply and yet still too little of buy pressure.
MIND To Flip PENGU With Its Utilities
Mind of Pepe (MIND) stands out with its presale success, raising over $5 million. This project combines AI with meme culture to offer utility beyond trading, unlike PENGU and its hype.
MIND provides staking with an APY of over 430%. Clearly, staking is a better way to distribute tokens to holders by locking the supply instead of distributing it for free. Free airdrop creates a big sell pressure in most cases.
Investors participating in the presale can benefit most from MIND’s price of $0.00326.
Mind of Pepe’s AI agent offers real-time market analysis and can participate in the crypto ecosystem by launching tokens, not just buying hype.
The developers designed the AI component of Mind of Pepe to evolve with how crypto communities engage with market data. Without a doubt, this positions Mind of Pepe as a first-mover on the utility meme project
Check out Crypto Gains, the 150k followers crypto YouTuber with bullish prediction on $MIND.
Go to the MIND of Pepe website, connect your wallet, and purchase MIND using ETH, USDT, or your bank card.
For more information, visit the MIND of Pepe website or follow MIND of Pepe on X or Telegram.
EXPLORE: Crypto Trends For Bullrun – January 2025
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