Despite the project’s new title ranking among Apple’s top downloads, the native token of Pudgy Penguins experienced a decline on Friday.
The PENGU (PENGU) token dropped nearly 4% on Friday, following the debut of Pudgy Party, a battle royale game launched on Android and iOS, even as the game surpassed 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) initiative in the crypto realm. It enhances its on-chain digital identity with trading cards, plush penguin-themed toys, video games, and various other physical products.
As per CoinMarketCap, the token has decreased by over 20% in the last 30 days.
This price drop occurs amid a broader decline in the NFT market, where other prominent NFT projects like Bored Ape Yacht Club (BAYC) and Doodles recorded double-digit losses in August.
Regardless of price volatility, Pudgy Penguins remains a cultural phenomenon within the crypto community, attracting mass interest from non-crypto users through its emphasis on physical merchandise, appealing to both adults and children.
Related: NFT market cap declines by $1.2B as Ether’s rally loses momentum
NFT markets struggle as Ethereum retraces recent gains
The Ethereum network accounts for the highest NFT trading activity across blockchain ecosystems, and following Ether’s (ETH) recent drop from an all-time peak of around $4,957, the NFT market has taken a downturn.
CryptoPunks, a blue-chip NFT collection of pixel art characters frequently utilized as profile pictures (PFPs) by crypto executives and investors, showed more stability, increasing by nearly 3% in August, according to NFTPriceFloor.
In contrast, BAYC witnessed losses exceeding 11% in August, while Pudgy Penguins fell over 20% in terms of US dollars.
At the start of August, the NFT market cap reached $9.3 billion during Ethereum’s remarkable bull run to new all-time highs. However, it has since decreased to just $7.4 billion at the time of this writing and continues to correlate with ETH prices.
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