Pudgy Penguins PENGU token crashes at launch alongside NFTs

The launch of Pudgy Penguins’ PENGU token is off to a less-than-ideal start, with crypto wallets flagging the claims website as “dangerous” and claimants complaining that they’re missing tokens. 

Pudgy Penguins NFT holders were supposed to be able to claim their share of 88 billion PENGU tokens starting today.

However, some have reported they are missing a portion of their claims. Crypto influencer Nick O’Neill shared a screenshot showing he claimed 573,092 tokens but says he only received 7,940. Others said that they were missing as much as half of their allocation.

Read more: You’re not gonna make $50K in PENGU by buying and returning Pudgy toys

In addition, crypto wallet firm MetaMask is flagging the Pudgy Penguins claim website as a potential threat that may steal your assets. Not only that, but according to Pudgy’s creative chief, ‘chefgoyardi,’ the website is experiencing DDOS issues after getting over 4.7 million hits and receiving 100,000 claims.

It appears that some issues stem from Solana and its transaction limits. According to the founder of Clusters, the claims are being broken down into multiple transactions for some of the larger PENGU claims. 

They said, “Amount shown vs amount claimed is not a discrepancy, just refresh the page and it’ll show what you already claimed & what remains to be claimed.” 

Pudgy’s creative chief and safety program manager, ‘Beau,’ reminded users experiencing difficulties that they have 88 days to claim their tokens and that they can always wait. Chefgoyardi has since posted that the “claim amount discrepancy/wallet connectivity issues are nearly patched.” 

A chart reflecting the floor price of Pudgy Penguins NFTs.

Read more: FTX token holders are getting Pudgy Penguins tokens

The floor price of Pudgy Penguins NFTs has dropped by over 50% following today’s events. Wallets linked to early PENGU investors are already selling large amounts with one wallet selling 176 million tokens worth over $9 million. 

According to CoinGecko, the price of PENGU was $0.06845 earlier today but has now dropped to $0.03116 — a 54% decrease in price.

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