The value of Pudgy Penguins’ PENGU token is down 85% regardless of a $500,000 advert take care of the Las Vegas Sphere.
A spot on the Las Vegas Sphere was hyped as much as be a “to the moon” occasion again when one other venture, dogwifhat (WIF), tried and didn’t safe itself a spot.
WIF raised over $700,000 for the promo, but it surely was later mired in confusion about whether or not or not it had ever really been formally agreed upon.
To make issues worse, refunds for fundraisers had been introduced on April Fools Day.
The Pudgy Penguin NFT model will seem on the sphere on December 24 and reportedly run for just a few days, so it stays to be seen if this can convey a spike in efficiency.
PENGU’s first birthday marked with purple candles
It’s additionally the primary birthday of the PENGU token tomorrow. The venture launched on December 17, 2024 with an all-time excessive of $0.0684 in keeping with CoinGecko.
Within the 5 months that adopted, PENGU fell by 94% to a low of $0.00385. It then reached a excessive of $0.0430 by July, earlier than tumbling 76% to as we speak’s worth of $0.0101.
General, since its launch, the token is down 85%.
The value of PENGU since December 17, 2024, proven by CoinGecko.
PENGU’s worth motion additionally appears to correlate with bitcoin’s this yr, dipping and rising roughly in tandem.
Pudgy Penguin is determined to get youngsters hooked on NFTs
Pudgy Penguins is understood for a set of 8,888 NFTs it launched again in July 2021. The agency has since expanded its horizons to subtly promote its crypto merchandise to kids and middle its targets on IP enlargement.
The Care Bear partnership contains a $60 plushie keychain that is available in a “blind box.” This format retains the contents of the field hidden, a gimmick that’s typically in comparison with playing.
As a part of the collab, consumers are inspired to spend nearly $300 to ensure a Pudgy Penguin keychain whereas a background countdown ticks down earlier than the sale ends.
Certainly, a lot of Pudgy Penguins’ merchandise are offered in brief home windows which might be marketed with buzz phrases like “highly” and “ultra” restricted to be able to generate a way of shortage.
It additionally created the sport Pudgy Celebration, primarily a carbon copy of the hit platformer Fall Guys, however with an added secondary market of shopping for and promoting in-game rewards that tries to generate a way of shortage round its merchandise.
That is all in help of onboarding the general public into shopping for its token or NFTs. The ground worth of Pudgy’s Penguins NFTs can also be down 87% since its all-time excessive coincided with the launch of PENGU.
