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    Pudgy Penguins Token Sees Significant Drop in August as NFT Market Faces Decline

    Ethan CarterBy No Comments2 Mins Read
    Pudgy Penguins Token Sees Significant Drop in August as NFT Market Faces Decline

    The native token of Pudgy Penguins experienced a decline on Friday, even as the project achieved a new title ranking in Apple’s top downloads.

    The PENGU (PENGU) token dropped nearly 4% on Friday, following the debut of Pudgy Party, a battle royale game launched on Android and iOS, despite the game amassing over 50,000 downloads on the Google Play store and breaking into the top 10 most downloaded games on Apple’s App Store.

    Pudgy Penguins is a well-known non-fungible token (NFT) project within the crypto world. The initiative enhances its on-chain digital presence with trading cards, plush penguin-themed toys, video games, and other physical merchandise.

    As per CoinMarketCap, the token fell by more than 20% in the last 30 days.

    This price drop comes amid a broader decline in the NFT market, which has seen other high-profile NFT projects like Bored Ape Yacht Club (BAYC) and Doodles also experience double-digit losses in August.

    Cryptocurrencies, Tokens
    PENGU token declines by over 20% in August. Source: CoinMarketCap

    Despite the fluctuations in price, Pudgy Penguins remains a cultural icon within the crypto community and attracts a broad audience of non-crypto users through its emphasis on physical merchandise, appealing to both kids and adults alike.

    Related: NFT market cap drops by $1.2B as Ether rally loses steam

    NFT markets suffer as Ethereum retraces recent gains

    The Ethereum network leads all blockchain ecosystems in NFT trading activity, and, following Ether’s (ETH) recent dip from an all-time high of approximately $4,957, the NFT market took a blow.

    CryptoPunks, a leading NFT collection featuring pixelated characters commonly used as profile pictures (PFPs) by crypto industry leaders and investors, showed more resilience, climbing almost 3% during August, according to NFTPriceFloor.

    Cryptocurrencies, Tokens
    NFT projects take a hit during August. Source: NFTPriceFloor

    Meanwhile, BAYC suffered losses exceeding 11% in August, and Pudgy Penguins experienced a decline of over 20% in US dollar terms.

    The NFT market cap stood at $9.3 billion at the start of August during Ethereum’s historic bull rally, reaching new all-time highs. However, the market cap has since fallen to $7.4 billion at the time of writing and continues to align with ETH price movements.

    Magazine: GUN token’s $69M milestone, Pudgy Penguins go to LOL Land: Web3 Gamer