$PENGU Airdrop: Sellers Exit, Holders Remain Bullish

The PENGU airdrop was one of the most expected crypto events of this last quarter.

$PENGU, the official token of the Pudgy Penguins NFT collection, was airdropped to community members last week.

Airdrop Stats: Massive Engagement

Shortly after the airdrop, the $PENGU token dropped by 50%. Crypto analyst Ignas DeFi shared an update on the airdrop on X. The Pengu community was heavily involved in the airdrop, as 91% of the total airdrop has already been claimed. Here’s what else he found out:

Out of the total 23.1 billion $PENGU allocated for the airdrop, 21 billion tokens have been claimed by 1.1 million addresses so far. This makes the claiming progress around 91.1%, with just 2.1 billion tokens still up for grabs.

Source: X

Interestingly, a majority of recipients wasted no time in selling their tokens or moving them to centralized exchanges (CEXs). Data shows that 74% of claimants have either sold or transferred their airdrop. While this might seem bearish, it’s a common trend with airdrops.

Holders Remain Strong

On the flip side, 16% of recipients have chosen to hold onto their $PENGU tokens. Even more bullish, 3.5% of claimants have gone beyond just holding—they’re actively buying more on the market.

With 70% of the total supply already circulating, holders are eyeing the next unlock event, which is a year away. This long lock-up period creates optimism for $PENGU’s price stability and potential future gains.

An amazing stat: the $PENGU token surged by over 600% in a single month. The recent listing on the South Korean exchange Bithumb was a driving factor for this. Cryptocurrencies often react positively to being listed on exchanges.

Pengu has already been listed on exchanges like Binance, OKX, and Bybit. The token recently went live on Crypto.com. There’s also been a notable interest from crypto whales. All of these have caused the $PENGU token to emerge as one of the top-performing cryptocurrencies of late.

Where can PENGU go from here?

With a market cap of over $2 billion and massive interest from investors, crypto analysts believe PENGU could hit the $10 billion range in this bull market. The token currently trades at $0.03829 as of this writing.

Conclusion

Despite heavy sell-offs, the $PENGU airdrop shows strong signs of bullish sentiment among holders. With 91% claimed, 16% holding, and an extended lock-up period for the remaining supply, $PENGU might be more than a fleeting airdrop story.

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