Pudgy Penguins' PENGU token has reached a significant milestone with over 868,000 holders, demonstrating rapid community growth. On the Abstract chain, holders stood at 236,113 while traders reached 340,233 according to Dune Analytics data.
The project has burned over 357 million PENGU tokens, representing approximately 13.69% of the total supply. This burn occurred after the token claim period on Solana ended, with approximately 12.16 billion tokens (worth over $150 million) going unclaimed. These tokens were sent to a burn address and permanently removed from circulation.
Despite these positive fundamentals, PENGU faced price volatility, declining about 6% in 24 hours and 11.5% immediately following the burn event, settling at $0.033. The circulating supply stands at 62.86 billion PENGU from a maximum supply of 88.889 billion, with a market cap of $2.096 billion and Fully Diluted Value of $2.967 billion.
Technical indicators show the RSI at 51.48, suggesting potential stability. The token formed a double bottom at $0.028 and recently broke above a descending trendline. Trading volume was $368.5 million, though 15% lower than the previous day.
The project is focusing on increasing PENGU's utility, including potential use for purchasing limited edition products and other real-world applications, aiming to combine scarcity with practical use cases.