- The price of Pudgy Penguins PENGU token has dropped 85% since its launch.
- Pudgy Penguins secured a $500,000 advertising deal at the Las Vegas Sphere, which only raised the token price by 6%.
- The PENGU token’s price movement generally follows the trend of Bitcoin this year.
- The company focuses on expanding its intellectual property and marketing through partnerships targeting children.
- The floor price for Pudgy Penguins NFTs has declined 87% since the token launch.
Pudgy Penguins announced it will feature its NFT brand on the Las Vegas Sphere starting December 24, after securing a $500,000 advertising contract. Despite expectations, the announcement caused only a modest 6% increase in the price of its PENGU token. The token has declined 85% since its launch on December 17, 2024.
The PENGU token began trading at an all-time high of $0.0684, according to CoinGecko. It fell sharply to $0.00385 within five months, then climbed to $0.0430 by July before decreasing 76% to $0.0101 currently. Its value generally mirrors bitcoin’s price movements this year.
This marketing initiative follows a previous attempted Las Vegas Sphere promotion by the dogwifhat (WIF) project, which raised over $700,000 but left uncertainty about official agreements and later issued refunds. The Pudgy Penguins campaign on the Sphere is planned to run for several days during the holiday season.
Pudgy Penguins originally launched a collection of 8,888 NFTs in July 2021. The company has expanded into licensing and partnerships targeting younger audiences, teaming up with brands such as Pez candy, Care Bears, and BE@RBRICK toys. One collaboration offers a $60 plush keychain sold in “blind boxes,” a sales format where buyers do not know the exact item inside, a method often likened to gambling.
The brand markets products with terms like “highly limited” to create urgency and scarcity. It also released a game called Pudgy Party that mimics popular platformers but includes a secondary market for in-game rewards, aiming to incentivize NFT and token purchases. Since PENGU’s launch, the floor price of Pudgy Penguins NFTs has fallen 87%, reflecting similar downward trends as the token price.
More information is available in the original Coindesk report.
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