Pudgy Penguins Token Drops Despite Game Success
The native token of Pudgy Penguins, PENGU, fell nearly 4% on Friday, even though the project’s new mobile game, Pudgy Party, became a hit. The game has already gained more than 50,000 downloads on Google Play and entered Apple’s App Store top 10.
Pudgy Penguins is a well-known NFT project that combines digital collectibles with physical products like plush toys, trading cards, and games. However, the PENGU token has dropped over 20% in the last month, according to CoinMarketCap.
This decline reflects the wider NFT market downturn. Other top NFT projects such as Bored Ape Yacht Club (BAYC) and Doodles also saw double-digit losses in August.
Even so, Pudgy Penguins remains popular in both the crypto world and mainstream culture thanks to its merchandise and family-friendly branding.
NFT Market Overview
- Ethereum, the main blockchain for NFT trading, recently dropped from its record high of around $4,957 to $4,353.
- As ETH prices fell, NFT values also declined.
- CryptoPunks was an exception, rising 3% in August.
- BAYC fell 11%, while Pudgy Penguins dropped over 20%.
At the start of August, the NFT market cap reached $9.3 billion during Ethereum’s rally. But it has since fallen to $7.4 billion, moving closely with ETH’s price.
