Pudgy Penguins burned over $150 million worth of unclaimed Solana airdrop tokens, approximately 13.69% of their total supply, resulting in a significant decline in the price of the PENGU token. Originally, the project aimed to allow claims until March 9 but expedited the process to close it on February 5, allowing only five more days for claims. The decision was made since most owners of the Pudgy Penguins NFTs had already participated. Despite reducing the supply and the potential for price increase due to scarcity, PENGU's price fell nearly 8% in the 24 hours post-burn, dropping to $0.0117 and moving outside the top 100 tokens by market capitalization. Pudgy Penguins, operated by parent company Igloo Inc., seeks to increase institutional interest in their NFTs alongside PENGU tokens, as the collection's floor price on Ethereum continues to decline.

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