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The Pudgy Penguins’ native token, PENGU, saw a drop of over 50% in value hours after its airdrop, plunging its market cap from $2.8 billion to less than $2 billion. Approx. 89 billion PENGU tokens were dispersed to Pudgy Penguins’ community members and NFT holders. Pudgy Penguins, created in 2021, is an NFT brand that includes a collection of unique penguin images, Pudgy Toys and other NFTs. Pudgy Penguin NFTs are the second most expensive, after CryptoPunks.

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The native token of Pudgy Penguins, PENGU, saw a huge drop of over 50% in its value in just the first few hours of trading after its anticipated airdrop on December 17th. Pudgy Penguins handed out about half of the total almost 89 billion PENGU tokens to its community members, setting aside around 26% for NFT holders.

Starting with a market cap of about $2.8 billion, PENGU which is traded on Solana quickly dropped in price to less than $2 billion, based on CoinGecko data. The Pudgy Penguins team hasn’t yet announced a specific purpose for PENGU tokens, but they’re likely to play a part in the project’s governance.

Pudgy Penguins, which started in 2021, is an NFT collection of 8,888 unique penguin images. Since then, they’ve launched other NFTs, such as Lil’ Pudgys — a collection of 22,000 baby penguins — and Pudgy Rods, which are penguin-themed fishing rods.

Any holder of these NFTs can claim Pengu by proving ownership on the Ethereum network, according to the Pudgy Penguins team.

As of December 17, the lowest price for a Pudgy Penguin NFT was over 16 ETH, or about $64,000, according to OpenSea, an NFT marketplace. These NFTs are divided among nearly 5,000 unique digital wallets.

Additionally, Pudgy Penguins have also sold 1.5 million Pudgy toys in retail stores like Walmart. Pudgy Penguins are the second most expensive NFTs after CryptoPunks, one of the oldest NFT collections with some trading for more than $20 million each. As of December 17, several CryptoPunks NFTs are listed for around $170,000.