PENGU token loses 20% in August amid Pudgy Party game launch
Pudgy Penguins’ native token slipped on Friday regardless of the undertaking’s new title rating amongst Apple’s high downloads.
The PENGU (PENGU) token fell by practically 4% on Friday, following the launch of Pudgy Social gathering, a battle royale recreation launched on Android and iOS, regardless the sport recording over 50,000 downloads on the Google Play retailer and touchdown within the high 10 most downloaded video games on Apple’s App Retailer.
Pudgy Penguins is a well-liked non-fungible token (NFT) undertaking within the crypto house. The undertaking dietary supplements its onchain digital presence with buying and selling playing cards, plushy penguin-themed toys, video video games and different bodily merchandise.
In response to CoinMarketCap, the token declined by over 20% over the previous 30 days.
The worth retrace comes amid a broader downturn within the NFT market, which noticed different blue-chip NFT initiatives corresponding to Bored Ape Yacht Membership (BAYC) and Doodles publish double-digit losses in August.
PENGU token declines by over 20% in August. Supply: CoinMarketCap
Regardless of worth fluctuations, Pudgy Penguins continues to be a cultural phenomenon throughout the crypto neighborhood and showcases mass attraction to non-crypto customers by way of the undertaking’s concentrate on bodily merchandise, drawing each adults and kids to the franchise.
Associated: NFT market cap drops by $1.2B as Ether rally loses steam
NFT markets undergo as Ethereum retraces latest positive aspects
The Ethereum community hosts probably the most NFT buying and selling exercise of any blockchain ecosystem, and, following Ether’s (ETH) latest decline from an all-time excessive of about $4,957, the NFT market took successful.
CryptoPunks, a blue-chip NFT assortment of pixelated characters usually used as profile photos (PFPs) by crypto trade executives and buyers, demonstrated extra resilience, rising by practically 3% throughout August, in response to NFTPriceFloor.
NFT initiatives take successful throughout August. Supply: NFTPriceFloor
In the meantime, BAYC recorded losses of over 11% in August, and Pudgy Penguins recorded declined by over 20% in US greenback phrases.
The NFT market cap hit $9.3 billion at first of August throughout Ethereum’s historic bull rally to new all-time highs. Nonetheless, the NFT market cap has since dropped to only $7.4 billion on the time of this writing and continues to correlate with ETH costs.
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