Puzzy Penguins PENGU plummets by over 50% after launch

NFT project Pudgy Penguins' token PENGU got off to a rocky start after its launch, dropping by more than 50% in early trading.
On the 17th (local time), Pudgy Penguins (PENGU) saw its price fall by more than 50% in the first hour of trading after its much-anticipated airdrop.
According to the Puzzy Penguins website, the project is committed to donating half of the total supply of PENGU, which is approximately 89 billion units, to the community.
The tokens were distributed to community members, of which about 26% was allocated to NFT holders. The PENGU token, which started with an initial market capitalization of about $2.8 billion, is a token that is part of the Solana network.
The Pudgy Penguins team outlined specific use cases for the PENGU token:
Though not announced, Bybit says the PENGU token is expected to play a key role in the governance of the project.
Meanwhile, Puzzy Penguins, launched in 2021, features 8,888 pieces depicting the brand's iconic penguins.
The project then launched a "Lil' Penguin Collection," which includes 22,000 baby penguins.
Pudgys” and “Pudgy,” which depicts a penguin-themed fishing pole.
The company also announced other NFT collections, including "Rods."