Over 72% of PENGU holders dump all tokens immediately after launch

TK Research found that over 72% of PENGU holders sold or moved all of their tokens immediately after launch. This means that only 18% still hold on to their entire token supply.

According to data from on-chain analytics company TK Research, up to 18.7 billion PENGU (COMMITMENTS) tokens have been claimed since the native token’s launch, representing 81.4% of its circulating token supply. The native token of the Pudgy Penguins NFT collection was officially launched on December 17, listed on major exchanges such as Binance And OKX.

The analysis found that 72.33% of holders sold or moved all of their PENGU tokens, while 3% sold 90% of their PENGU tokens and less than 1% of holders sold or moved 75% of their tokens. On the other hand, almost 18% of PENGU holders still choose to keep their tokens after launch. But only 3% bought more PENGU tokens.

Additionally, the on-chain analytics firm found that the average holder’s wallet has 19,300 PENGU tokens allocated.

According to data according to crypto.news, PENGU is down almost 9% in the last 24 hours of trading. It is currently trading at $0.03. PENGU accumulated a market capitalization of $1.9 billion in just two days after its public release, placing the NFT the native token in 71st place in the overall ranking of cryptocurrencies by market capitalization.

However, PENGU now has a daily trading volume of $2.06 billion, surpassing its market capitalization.

On the day of the launch of PENGU, an unlucky trader bought $10,000 worth of PENGU tokens within hours of launch. Unfortunately, the value of the token plummeted, leaving the trader with PENGU tokens worth just $3.

PENGU is the native token of the popular Pudgy Penguin NFT collection based on Ethereum. The launch of the token was announced on the official Pudgy Penguin account on December 6, with a maximum token supply exceeding 8 billion.