PENGU token drops 90% from ATH to a $405m market cap as Pudgy Party shuts within a year of launch
PENGU is down 90% from its all-time high, with a $405m market cap and no fee accrual or governance rights, and its Pudgy Party game has been shut less than a year after launch. The project previously sold millions of toys at Walmart and Target, recorded 430b+ views across platforms, and secured partnerships with DreamWorks and Manchester City, but the article argues physical distribution did not translate into token demand. BIRBS rose 62% the same day, but is described as following the same model—an Ethereum “blue chip” NFT paired with a Solana token positioned as a “social currency” without a value-capture mechanism. The comparison has raised broader questions about the sustainability of similar NFT-linked tokens.