Pudgy Penguins NFTS and PinguSolana’s token of the ecosystem have fallen sharply for the past 24 hours since the parent company has been launched AbstractA consumer -oriented Ethereum low-2 network.
Pengu has fallen by 24% at that time and 49% in the last 30 days to $ 0.0173, so that it is outside the Top 100 crypto Assets per market capitalization according to Coetecko. Solana -Token has fallen to its lowest price since the volatile launch day in December.
In the meantime, the original Pudgy Penguins NFTs on Ethereum have one Similar declineDALL ALL ON ONL ON LINE THAN 20% in the last 24 hours and 39% a week to $ 37,950 or 11.94 ETH.
Although the broader market collection may have played a role, some traders and analysts have suggested that the steeper penguin indication is amid the lack of immediate rewards for penguin-linked assets on the abstract network.
“The reaction suggests that [Pudgy Penguins NFTs] were priced with the expectation of a maimnet [token generation event] With a healthy drop for pudgy holders, not a long -term XP/points program, ” posted On-chain analyzes and Block Explorer platform PARSEC Finance on X (previously known as Twitter).
The price decrease also helped to proceed with an NFT -LiquidatieCascade on Blend, the NFT finance platform of the Blur Marketplace, as detailed by pseudonymous podcast -guest and Web3 analyst, pseudony Bcheque.
“Because the floor price continues to fall, more lenders pull their loans, which increases the number of NFTs that the loan must refinance. When no lender comes in, the NFT is liquidated in the hands of the lender, “he said. “The lender does not want it; [they] I just wanted to earn interest on the loan. So the lender sells it to the market to earn back as many of the loan bumpers as possible. Repeat repeat again and again while the spiral continues. ‘
The decline marks more than 60% back from the Pudgy Penguins High of more than $ 100,000 prior to his Pengu AirDrop in December.
While the community is how the lack of immediate rewards for Pudgy Penguin users, the abstract team made it clear that multiplicators for XP – the native reward system of the chain – would not be the only way that penguins and pingu holders are rewarded.
“During the launch, the Pudgy Penguin and Lil Pudgy Status Status gives user bonus XP for the use of abstract. There will be more for these holders, ”the Pudgy Penguins X Account posted. “Pengu is planning to have a considerable draw with abstract in the near future, but for the time being, enjoy extra XP every week based on your layer.”
For the time being, Pudgy Penguins and Lil Pudgy NFT holders can claim an XP -Multiplier on their abstract global wallet -rezinders tab. Owners of at least 88,888 Pengu -Tokens – good than $ 1,520 worth at the current prices – can do the same.
Abstract launched his mainnet and Portal on Monday. The parent company Pudgy Penguins $ 11 million picked up In 2024 in an attempt to launch the network, she tries to get billions of users in the chain and interact with crypto applications and projects for consumers.
Published by Andrew Hayward
