On Thursday, the Penguin Tokens development team concluded their PENGU token request process on the Solana blockchain, burning all remaining tokens, accounting for about 13.69% of the total token supply. Initially, users were given until March 9 to request their tokens but the deadline was shortened to five days. According to Luca Netes, the project manager, most NFT holders had already claimed their tokens. Following this decision, only about 10% of the remaining tokens were requested in the airdrop, resulting in over 12 billion PENGU tokens being burned. Despite the supply reduction that usually leads to a price increase, PENGU’s price dropped by over 13% in the past 24 hours, reaching $0.0113. However, Penguin NFTs maintained their position as the third-largest NFT collection. Igloo Inc, the parent company, remains optimistic about the project’s future, actively seeking new capital for PENGU tokens and Penguin NFTs to attract institutional interest.
