Pudgy Penguins token suffers reversal as NFT demand declines
Pudgy Penguins token has suffered a harsh reversal this week as demand for its non-fungible tokens dried up.
The Pudgy Penguins (PENGU) token retreated to a low of $0.0064, its lowest level since March 24, and 13.5% below this week’s high. It has also dropped by over 44% from its all-time high.
Third-party data shows that demand for Pudgy Penguins NFTs has significantly declined in recent months.
According to CryptoSlam, Pudgy Penguins’ sales dropped 72% over the past 30 days to $8.15 million, placing it as the 10th-largest NFT collection by sales volume. That marks a steep fall in ranking for a project that had once held the top spot.
It has been overtaken by collections such as Courtyard, DMarket, CryptoPunks, Guild of Guardians Heroes, and Quant Cats. Courtyard, for instance, saw its sales soar by 70% in March to $56 million.
Meanwhile, Pudgy Penguins’ transaction count fell 61% to 419, while the number of buyers and sellers declined by 50% and 49%, respectively.
Pudgy Penguins remains a top NFT brand
Despite the recent downturn, Pudgy Penguins remains one of the most successful NFT collections to date. Its cumulative sales stand at $615 million, with nearly 65,000 total transactions.
Still, NFT sales tend to drop as hype cools. Bored Ape Yacht Club provides a comparable case as its lifetime sales have reached $3.26 billion, yet its 30-day sales recently fell to just $6 million.
Pudgy Penguins’ floor price has also crashed in recent months. After peaking at 34.8 ETH in December, it has dropped to 9.85 ETH, according to CoinGecko.
PENGU price analysis
The two-hour chart shows that the PENGU price has retreated in the past few days. This retreat happened after the coin rose to the key resistance level at $0.0074, a notable level since it was along the ascending channel shown in black.
The token has since broken below support at $0.0067, the lowest swing from February 25. It has also formed both a bearish flag and a rising wedge pattern, signaling potential further downside.
If this trend continues, the next level to watch will be the all-time low at $0.0051—about 22% below the current price.