• Pudgy Penguins collection saw a deep drop in its floor price
• The PENGU token faced its correction and the downtrend has not yet halted

Pudgy Penguins [PENGU] has dropped 11% in the past 24 hours and 32.2% over the past week. The memecoin’s price drop was linked to Bitcoin’s [BTC] performance and the severe struggles across the altcoin market.

OpenSea data showed that the NFT collection’s floor price had fallen 47% in the past month.

The sales volume and price data have been in decline over the past three weeks, especially over the past week. The increased sales and falling prices were indicative of a market correction and cautious buyers.