The Pudgy Penguins ecosystem token, PENGU, launched on Solana and quickly entered the top 100 cryptocurrencies by market cap. However, despite initial excitement and a significant airdrop, PENGU's price has fallen sharply, dropping 57% from its launch price. This sell-off has also affected the Pudgy Penguins NFT collection, with its floor price declining to 17.2 ETH despite a 258% spike in daily sales. The widespread sell-off saw over 20% of the PENGU token supply liquidated, amounting to approximately $9.3 million. This trend mirrors similar rapid declines seen with Movement Network’s MOVE token and Magic Eden’s ME token after their respective launches on Binance. Despite the decline, PENGU retains a market cap of over $1.8 billion. Binance has faced scrutiny for listing low-cap airdrop tokens and meme coins, which often lead to pump-and-dump scenarios. #PudgyPenguins #PENGU #NFT #Crypto #Airdrop #Binance #SellOff #MarketCap