The Pudgy Penguins Token (PENGU) experienced a significant decline of over 20% in August, coinciding with a broader downturn in the NFT market. The token dropped nearly 4% on the launch day of the new battle royale game, Pudgy Party, which achieved over 50,000 downloads and ranked among the top downloaded games on both the Google Play Store and Apple’s App Store. Despite the launch, the project faced losses similar to other blue-chip NFT collections like Bored Ape Yacht Club and Doodles. The overall NFT market saw a dip, decreasing to a market cap of $7.4 billion as Ethereum prices fell from an all-time high. While the Pudgy Penguins brand remains popular, especially with physical merchandise appealing to both children and adults, the current market conditions have placed immense pressure on its native token which continues to resonate with the crypto community.

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