Pudgy Penguins Burn $150 Million of PENGU Tokens

The PENGU token plunged over 12% on Feb. 5 after the Pudgy Penguins team announced it had burned approximately 13.69% of the total PENGU supply. Today, it is down around 6%, bringing the total drop since the burn to 18%.

The NFT project Pudgy Penguins concluded its PENGU token claim on Solana, leading to the burn of more than 12 billion unclaimed tokens worth more than $150 million. The token claim was previously set to end on March 9, but was cut short by project head Luca Netz on Jan. 30.

Netz highlighted that bot activity and diminishing claims were the reasons for a shortened claim period.

“Only people claiming here are Bots that have no interest in being a part of the ecosystem. 95% of penguins have claimed. Makes no sense to keep it open if the data says that the only people claiming today are bots who are running scripts for the 8m eligible wallets,” Netz said.

PENGU is trading at $0.011 as of Feb. 6, CoinGecko data shows.

Despite the dip, the Pudgy Penguins remains a leading NFT project, maintaining its dominance as the third-largest NFT collection behind CryptoPunks and Bored Ape Yacht Club. The Pudgy Penguins have a total supply of 8,888 NFTs with a current floor price of 10 ETH ($27,000). Over the past seven days, the collection recorded 609 sales, according to NFT Price Floor data.