Pudgy Penguins Token Declines Sharply in August Amid NFT Market Downturn
Pudgy Penguins’ native token, PENGU, declined nearly 4% on Friday despite the launch of Pudgy Party, a battle royale game that achieved over 50,000 downloads and ranked in the top 10 on Apple’s App Store. The token has fallen over 20% in the past 30 days amid a broader downturn in the NFT market, which has affected other projects like Bored Ape Yacht Club and Doodles. The NFT market cap decreased from $9.3 billion to $7.4 billion, correlating with Ethereum's price decline from its all-time high. Pudgy Penguins remains culturally significant, appealing to both crypto and non-crypto users through its merchandise offerings. CryptoPunks showed resilience with a nearly 3% increase in August, contrasting with the losses experienced by Pudgy Penguins and BAYC.
