Pudgy Penguins Airdrop Deadline Accelerated, 12 Billion Tokens Burned

The Pudgy Penguins team initially planned to keep the PENGU token airdrop claim open until March 9, but they later accelerated the deadline, giving users just five more days to claim their tokens. According to project leader Luca Netz, this decision was made because a majority of Pudgy Penguins NFT owners had already claimed their tokens. Netz stated that only bots were claiming the remaining tokens, and it made no sense to keep the claim open for them.

Following the announcement, only about 10% of the remaining airdrop supply was claimed, leaving the Pudgy Penguins team with over 12 billion unclaimed PENGU tokens. The team then transferred the remaining tokens to the "1nc1nerator," the Solana burn address, effectively removing them from the supply. This action resulted in a 13.69% reduction in the total PENGU supply.

Despite the supply reduction, which typically boosts a token's price due to scarcity, the PENGU price has fallen almost 8% in the last 24 hours to $0.0117. The token, which serves as the "culture coin" of the Pudgy Penguins ecosystem, has also dropped outside the top 100 tokens by market cap, according to CoinGecko.

Last week, Pudgy Penguins parent company Igloo Inc. announced plans to bring new inflows to PENGU and Pudgy Penguins NFTs by boosting institutional interest. However, the Ethereum NFT collection has seen a 11% decrease in floor price to $29,860 this week.