PENGU Token Drops 20% in August Despite New Game Launch
In August, my own token NFT– the Pudgy Penguins project fell 20% despite its new game Pudgy Party becoming one of Apple’s most downloaded apps.
On Friday, August 29, when the battle royale game launched, it was downloaded more than 50,000 times on the Google Play app store. It also entered the top 4 most downloaded games on the App Store. This success did not prevent the PENGU token from falling by almost XNUMX% in XNUMX hours.
PENGU price pullback comes amid broader market downturn NFT, as a result of which other popular NFT-projects such as Bored Ape Yacht Club (BAYC) and Doodles also suffered double-digit losses.
Rђ RІRѕS, Cryptopunks, popular collection NFT, often used as profile photos by crypto industry executives and investors, has shown great resilience, rising nearly 3% in August, according to NFTPriceFloor.
Market capitalization NFT reached $9,3 billion in early August during Ethereum’s historic bull run and has since reached new all-time highs. However, at the time of writing, the sector’s market cap has fallen to $7,4 billion and continues to correlate with the leading altcoin.