cryptoplaza

Pudgy Penguins burned over $150 million in unclaimed Solana tokens, representing 13.69% of the total supply. Despite the reduction in supply, which often increases a token's price, the price of PENGU has decreased by 8% in the last hours.
The team had initially planned to allow claims until March 9, but accelerated the process due to the majority of NFT owners having already claimed their tokens.

The burning of over $150 million in unclaimed PENGU tokens has not had the expected effect on the token's price, which has actually decreased  in the last hours. This suggests that market sentiment and investor interest may be more influential factors in determining the token's price than changes in supply.

Pudgy Penguins burned over $150 million in unclaimed Solana tokens, representing 13.69% of the total supply. Despite the reduction in supply, which often increases a token's price, the price of PENGU has decreased by 8% in the last hours.
The team had initially planned to allow claims until March 9, but accelerated the process due to the majority of NFT owners having already claimed their tokens.

The burning of over $150 million in unclaimed PENGU tokens has not had the expected effect on the token's price, which has actually decreased  in the last hours. This suggests that market sentiment and investor interest may be more influential factors in determining the token's price than changes in supply. 

https://thedefiant.io/news/nfts-and-web3/pudgy-penguins-burn-usd150-million-of-pengu-tokens

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