After the Airdrop, it dumped like crazy! PENGU coin, the fat penguin, had a big dump of 50%, and the sniper went from 300,000 to 100 yuan.

Fat penguin $PENGU coin fell 50% after listing

The much-anticipated Pudgy Penguins NFT airdrop debuted last night (12/17), but encountered a fierce market performance after listing.

According to the report by Cointelegraph, during the initial listing, the market value of the Fat Penguin $PENGU coin reached as high as 4.3 billion US dollars, but it shrank to about 2 billion US dollars within a few hours; CoinMarketCap data shows that the highest price of $PENGU coin reached around 0.07 US dollars, but it is currently only worth 0.03 US dollars, falling by more than 50%.

In the online trading market, due to the low liquidity, the $PENGU coin once surged to $80, but quickly fell back to $0.03, with very dramatic fluctuations.

Image source: GMGN$PENGUcoin was once quoted at $80 in the GMGN.AI tool

This wave of falls may be related to the large holders who received airdrops selling off. It is understood that Fat Penguin has distributed half of the total 89 billion $PENGU coins to the community, of which about 26% can be obtained by NFT holders.

Although the official has not yet announced the specific application of $PENGU coin, some exchanges predict that it may become the governance token of the Fat Penguin ecosystem.

Chubby Penguin NFT rose to 36 $ETH before listing on $PENGU

Fat Penguin is an NFT project issued in 2021, with a total of 8,888. According to OpenSea's data, before listing on $PENGU coin, the floor price of a Fat Penguin NFT once soared to 36 Ethereum coins ($ETH), worth about $140,000.

In addition to the original chubby penguin NFT, the team has also launched other NFT series, including the 'Lil' Pudgys' baby penguins with a total circulation of 22,000, and the 'Pudgy Rods' themed with penguin fishing rods. Holders of these NFTs can claim $PENGU coin.

However, after the fat penguin airdrop, there was a large wave of shipments. As of the time of writing this morning, the floor price of fat penguin NFT is about 17 ETH (approximately $61,000), and there are about 5,000 independent wallet holders.

Image source: After the airdrop, the floor price of OpenSea's Fat Penguin NFT plummeted by 50%.

Trader mistakenly entered a pool with insufficient liquidity, resulting in 300,000 becoming 100.

The Fat Penguin airdrop has attracted much attention, mainly because each NFT holder may have a considerable harvest. Earlier, an online user analyzed that each person is expected to receive a profit worth $31,000 to $61,000, and it is expected to become the largest airdrop fortune event after the Hypeliquid airdrop.

However, before the airdrop begins, 300,000 coins of trader have become about 100 coins.

According to CoinPost, some traders attempted to trade before the official issuance of $PENGU, but mistakenly entered a trading pool with extremely low liquidity.

A trader invested about $10,000 in Wrapped Solana in an attempt to exchange for $PENGU, but ultimately only received a coin worth less than $5.

Professionals point out that this situation is mainly due to some trading robots called snipers and traders who enter the market ahead of time accidentally falling into pitfalls.

Some people will find the contract address and quickly establish a liquidity pool before the coin is issued. Snipers and quick traders usually invest a large amount of money in the market before the coin is issued, and due to the extremely low liquidity, even a very small trading volume may cause significant price fluctuations. These traders also become victims of inaccurate pricing before listing.

Source: CoinPost Trader mistakenly entered the $PENGU pool with insufficient liquidity, turning 300,000 coins into 100 coins.

Fat Penguin Airdrop Storm: Maliciously Destroying Toy Box and Snatching QR Code

The controversy surrounding Fat Penguin's airdrop is not the only incident. Suji Yan, the founder of Mask Network, also exposed a shocking event.

He pointed out that in a store in New York, some crazy cryptocurrency speculators maliciously destroyed the packaging boxes of chubby penguin physical toys and took away the QR codes in order to snatch the airdrop qualifications.

Suji Yan denounced this as theft and called on the coin community to condemn such unethical behavior together. He emphasized that these toys were supposed to bring joy but were destroyed by some speculators, which is completely contrary to the original intention of the toys.

Image source: Suji YanMask Network founder revealed that someone went to the store, destroyed the chubby penguin toy box, and stole the QR code

[Disclaimer] The market carries risks, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are suitable for their specific circumstances. Responsibility is assumed for investment based on this.

'After the airdrop, crazy shipments! Fat Penguin PENGUcoin fell 50%, sniper 300,000 became 100 yuan.' This article was first published in 'Crypto City'.