- Pudgy Penguins burned 12.16B unclaimed PENGU tokens, removing 13.69% of total supply permanently.
- The PENGU holder base reached 868,000 after the supply reduction, showing growing adoption.
- Analysts identified $0.0300–$0.0310 as critical support, with a rebound target of $0.0466.
Pudgy Penguins, a Web3 brand known for its collection of NFTs featuring unique penguin has recorded a new level in the market through PENGU token. In a recent market update, it has been revealed by Whale Insider on X that the token supply cut after unclaimed distribution has massively led to 868,000 holders.
Pudgy Penguins confirmed a major token burn involving PENGU after the Solana claim window closed. According to the available market data, more than 12.16 billion unclaimed tokens, valued at over $150 million, were transferred to a burn address. This move permanently reduced the circulating supply and marked 13.69% of the total supply removed. The project reported that more than $357 million worth of tokens have now been eliminated through burns.
Market Reaction and Price Movement
As of writing this article, a check on the price trend and tokenomics reveals that Pudgy Penguins’ PENGU token is trading at $0.03330 with a circulating supply of 62.86 billion. The token recorded a 1.64% gain over seven days despite recent price volatility. Market capitalization stands at $2.09 billion, reflecting a 6.81% decline compared to earlier valuations.
Fully diluted valuation is reported at $2.96 billion, aligning with the total supply of 88.88 billion tokens. Trading activity reached $366.73 million in 24 hours, down 17.96% from the previous day’s figures. The volume-to-market cap ratio is 17.46%, indicating notable liquidity relative to market value. The seven-day chart shows fluctuations between $0.03243 and $0.03800 before a steep decline on September 15.
Current trading reflects pressure despite earlier upward movements in the period. The growing holder base reflected continued interest in PENGU. Community activity has played a key role in expanding awareness of the token. The team stated that PENGU is being integrated into product purchases, including limited edition merchandise. Work is underway to explore additional applications beyond digital use cases, supporting broader utility for the token.
Analysts Eye PENGU Potential Rebound Toward $0.0466
According to a market analyst observation, a technical analysis of the digital assets reveals consistently lower highs and lower lows, confirming sustained bearish pressure. Current movement indicates that the token is approaching the $0.0300–$0.0310 support area.
This zone has acted as a critical level during previous sessions. If the support range stabilizes, the price could rebound toward $0.0466. The chart also marks a descending trendline that was recently broken, signaling a potential shift in momentum.
Short-term pullbacks remain visible as the price consolidates around the support level. A failure to hold $0.0300 could open the way for extended downside. Resistance at $0.0466 remains the key upside target for market participants monitoring recovery.
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