PENGU Token Price Plummets 35%, Reflecting NFT Market Chill

The PENGU token for Pudgy Penguins has suffered a significant drop, shedding over 35% from its recent peak. Despite this decline, trading volume surged in the last 24 hours, reaching $214.8 million – an increase of 15%. However, futures turnover rose by 24%, with open interest declining, indicating traders are taking a cautious stance and closing existing positions. While game-linked utility and downloads for Pudgy Party have not reversed the trend of a cooling NFT market.