The native token of Pudgy Penguins experienced a downturn on Friday, even with the project’s new title ranking among Apple’s top downloads.
The PENGU (PENGU) token dropped nearly 4% on Friday, despite the launch of Pudgy Party, a battle royale game available on Android and iOS, which garnered over 50,000 downloads on the Google Play Store and secured a spot in the top 10 most downloaded games on Apple’s App Store.
Pudgy Penguins is a well-known non-fungible token (NFT) project in the crypto world. It enhances its online digital presence with trading cards, plush penguin-themed toys, video games, and various physical merchandise.
As reported by CoinMarketCap, the token has seen a decline of over 20% in the last 30 days.
This price drop occurs amidst a general downturn in the NFT market, where other top NFT projects like Bored Ape Yacht Club (BAYC) and Doodles have also faced double-digit losses in August.
Despite these price changes, Pudgy Penguins remains a cultural icon within the crypto community and attracts non-crypto users through its emphasis on physical merchandise, appealing to both adults and children.
Related: NFT market cap declines by $1.2B as Ethereum rally loses steam
NFT markets face challenges as Ethereum retraces its recent gains
The Ethereum network leads the NFT trading activity across all blockchain ecosystems, and following Ether’s (ETH) recent drop from an all-time high of around $4,957, the NFT market suffered.
CryptoPunks, a prominent NFT collection of pixelated characters frequently used as profile pictures (PFPs) by crypto executives and investors, displayed greater resilience, increasing by nearly 3% in August, according to NFTPriceFloor.
In contrast, BAYC reported losses exceeding 11% in August, while Pudgy Penguins saw declines of over 20% in terms of US dollars.
The NFT market cap reached $9.3 billion at the start of August during Ethereum’s remarkable bull rally. However, it has since plummeted to just $7.4 billion at the time of writing, continuing to correlate with ETH prices.
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