The value of Pudgy Penguins’ PENGU token is down 85% regardless of a $500,000 advert cope with the Las Vegas Sphere.
Pudgy Penguins introduced on Saturday that it had secured an promoting spot on the sphere, however this information solely moved the token upwards by 6%.
A spot on the Las Vegas Sphere was hyped as much as be a “to the moon” occasion again when one other mission, dogwifhat (WIF), tried and didn’t safe itself a spot.
WIF raised over $700,000 for the promo, nevertheless it was later mired in confusion about whether or not or not it had ever truly been formally agreed upon.
To make issues worse, refunds for fundraisers had been introduced on April Fools Day.
The Pudgy Penguin NFT model will seem on the sphere on December 24 and reportedly run for a number of days, so it stays to be seen if this can convey a spike in efficiency.
PENGU’s first birthday marked with pink candles
It’s additionally the primary birthday of the PENGU token tomorrow. The mission launched on December 17, 2024 with an all-time excessive of $0.0684 in accordance with CoinGecko.
Within the 5 months that adopted, PENGU fell by 94% to a low of $0.00385. It then reached a excessive of $0.0430 by July, earlier than tumbling 76% to as we speak’s value of $0.0101.
General, since its launch, the token is down 85%.
The value of PENGU since December 17, 2024, proven by CoinGecko.
Learn extra: WIF fundraiser says Vegas Sphere refunds will begin on April Fools
PENGU’s value motion additionally appears to correlate with bitcoin’s this 12 months, dipping and rising roughly in tandem.
Pudgy Penguin is determined to get children hooked on NFTs
Pudgy Penguins is understood for a set of 8,888 NFTs it launched again in July 2021. The agency has since expanded its horizons to subtly promote its crypto merchandise to kids and heart its targets on IP growth.
It’s partnered with the children sweet Pez, the Care Bears, and the collectible toy model BE@RBRICK, to call just some of its collaborations.
The Care Bear partnership encompasses a $60 plushie keychain that is available in a “blind field.” This format retains the contents of the field hidden, a gimmick that’s usually in comparison with playing.
Learn extra: You’re not gonna make $50K in PENGU by shopping for and returning Pudgy toys
As a part of the collab, consumers are inspired to spend nearly $300 to ensure a Pudgy Penguin keychain whereas a background countdown ticks down earlier than the sale ends.
Certainly, a lot of Pudgy Penguins’ merchandise are bought briefly home windows which might be marketed with buzz phrases like “extremely” and “extremely” restricted in an effort to generate a way of shortage.
It additionally created the sport Pudgy Occasion, primarily a carbon copy of the hit platformer Fall Guys, however with an added secondary market of shopping for and promoting in-game rewards that tries to generate a way of shortage round its merchandise.
That is all in assist of onboarding the general public into shopping for its token or NFTs. The ground value of Pudgy’s Penguins NFTs can also be down 87% since its all-time excessive coincided with the launch of PENGU.
