Pudgy Penguins recently took a big step by burning $ 150 million unclaim Solana Token. The decision has been taken on 5 February, when he finished his Pengu Token Claiming period before expectation. Initially this claiming period was scheduled to run until March 9, but in the end it was soon finished. The main reason for this decision was that most of the tokens had already been claimed and the process of unclaimed tokens was continued only by bots. Although Pudgy penguins value There is a decline in and its price suddenly new changes. Let us know in detail what has the effect of this token burning.
Unclaim Pudgy Penguins Token Burn and its effects
At the end of the Pudgy Penguin token Claiming Period, about 13.69% of the Total Pengu Token was left, which were more than 12 billion tokens. These tookons were sent to a “1NC1nelant” burn address, making them completely out of circulation. Usually, when tokens are burnt, its purpose is to reduce the supply, which can increase the token price. However, despite this token burn, Pengu Token Value declined by about 8% and fell to $ 0.0117 and its current price is $ 0.01014 until the news is written, which is showing a decline of 5.20%. However, similar rapid ups and downs were seen at the time of its launch, in which it reached the market cap of $ 3B at the time of its launch and there Pudgy Penguins dropped up to 50% shortly after launch Was too. These incidents occurring at the launch shows that a rapid change in its price can be seen.
Future and Challenges of Pudgy Penguins
The team of Pudgy Penguins says they are working to make their tokens more attractive, so that it can become more popular among personal and institutional investors. Meanwhile, Pudgy Penguins NFTS Value has also declined and its floor price declined by 11% last week, which has now reached $ 29,860.
It remains to be seen whether Pudgy Penguins will be able to achieve their long -term goals and will be successful in attracting Pengu Token Nivasters. At the moment, Pengu Token is no longer in the top 100 cryptocurrency, but it used to be earlier. At this time, the largest challenge of pudgy penguins is to attract new users and investors, so that they can revive their ecosystem.
Conclusion
This decision of Pudgy Penguins, while on one side has been taken to reduce the supply of tokens, on the other side has a new challenge for them. Now it is to see how this project achieves its goals and is successful in attracting new investors and users. Pudgy Penguins between Crypto and NFT Market’s unrestaphysics will have to prove with their strategic steps that it was not just a coinidant, but it was an important step to move towards long-term success.
Also read:Memefi Day by Day Codes for November 15, Aron Virtual Coin
