Pudgy Penguins Token Price Plunges Amid Fresh Supply Release
Pudgy Penguins, a project that has been making waves in the NFT space, recently hosted a high-profile party in Milan, but its token price took a hit following a fresh supply release.
The 'Openguin' party in Milan was attended by independent observers and event coverage tracked by Elfa AI highlighted mascot appearances, plush merchandise, and a steady climb in social mentions. This gathering fits a longer pattern of the project pushing into the physical world with events like Walmart shelf placements and a Las Vegas Sphere ad campaign.
The marketing momentum did little to boost the token price, which fell 14% over 24 hours. The decline followed a monthly unlock of 712.4 million PENGU tokens worth roughly $6.25 million, with 279.3 million going to the company and 433.1 million earmarked for current and future teams.
On-chain data from Arkham showed that team members distributed their share, valued near $3.40 million, during the week. Sellers narrowly outnumbered buyers, with 19,865 sell transactions against 19,648 purchases.
The divergence between brand strength and token weakness is a central tension for investors. Analysts argue that the price depends almost entirely on cultural reach and speculative demand, leaving it exposed to each new supply release.