Pudgy Penguins NFT Faces Volatility with Sharp Drops Below 10 ETH and 10.19% Rebound

Pudgy Penguins, a prominent NFT collection, has experienced significant volatility in recent days. According to Blur, NFT prices, including those of Bored Ape Yacht Club (BAYC) and Pudgy Penguins, fell sharply, with Pudgy Penguins dropping below 10 ETH and facing numerous liquidation auctions. Over 130 Pudgy Penguins were in auction status on Blend. However, a recent rebound saw Pudgy Penguins rise by 10.19% over 24 hours, surpassing Bored Apes in floor price. BendDAO's oracles, with a penguin oracle at 12 ETH, have exacerbated the situation, with over 120 penguins borrowing more ETH than the current blur bid. The second bailout of 2024 has seen hundreds of penguins rescued.