The Pudgy Penguins token has experienced a significant downturn this week, driven by a sharp decrease in interest for its non-fungible tokens.
The Pudgy Penguins (PENGU) token has fallen to a low of $0.0064, marking its lowest point since March 24 and showing a 13.5% decline from this week’s peak. Additionally, it has plummeted more than 44% from its all-time high.
Recent data indicates a considerable drop in demand for Pudgy Penguins NFTs in recent months.
As reported, Pudgy Penguins’ sales have decreased by 72% over the last 30 days, totaling $8.15 million. This positions it as the 10th largest NFT collection by sales volume, representing a notable decline from a previously top-ranking position.
The collection has been surpassed by others such as Courtyard, DMarket, CryptoPunks, Guild of Guardians Heroes, and Quant Cats. Notably, Courtyard witnessed a remarkable 70% increase in sales in March, reaching $56 million.
In addition, Pudgy Penguins’ transaction count has fallen by 61% to 419, with the number of unique buyers and sellers dropping by 50% and 49%, respectively.
Pudgy Penguins Still Ranks Among Top NFT Brands
Despite the recent struggles, Pudgy Penguins continues to stand out as one of the most successful NFT collections, accumulating total sales of $615 million across nearly 65,000 transactions.
However, NFT sales tend to wane as the initial excitement diminishes. A similar situation can be seen with the Bored Ape Yacht Club, which has lifetime sales totaling $3.26 billion, yet its 30-day sales recently dipped to just $6 million.
The floor price for Pudgy Penguins has also declined sharply in recent months. After reaching a peak of 34.8 ETH in December, it has fallen to 9.85 ETH, based on information from CoinGecko.
Analysis of PENGU Price
The two-hour chart indicates that the PENGU price has declined in recent days. This decrease followed the token reaching a critical resistance level at $0.0074, which was significant as it coincided with the ascending channel marked in black.
The token has broken through support at $0.0067, the lowest point since February 25. Additionally, it has formed a bearish flag and a rising wedge pattern, which suggests the possibility of further declines.
If this downward trend persists, the next critical level to monitor will be the all-time low of $0.0051—approximately 22% lower than the current price.