This is Lazarus
They just stole $1.46 billion from Bybit
And they didn’t break the code — they broke the people
Here’s untold story of how they did it (and why no one is truly safe) 👇
As of today, Pudgy Penguin’s floor price is 9.8 ETH & $PENGU price is $0.01+
Both of these are down from ATH of 34.5 ETH & $0.05+
While the market is also down, we can’t shrug the fact that the downtrend is due to Abstract
What would have happened if Igloo didn’t do Abstract?
I think that if Igloo didn’t do an L2 that is Abstract Chain, they may be performing better right now
Remember, Pudgy Penguins was at 34 ETH+ prior to $PENGU drop. Then it crashed to 12 ETH until it settled to 16 ETH (around the same price as BAYC)
Similarly, $PENGU dropped to $0.025 range from heights of $0.05 from airdrop point steeply
I think both Pudgy Penguins and $PENGU can have a maintaining power to stay around that range or go a bit lower if nothing happened but Abstract came to mix and it was so hyped
Abstract pushed Pudgy Penguins up to 26 ETH+ and $PENGU to $0.04+. Even for a time when all memecoins were bleeding because of $TRUMP, $PENGU was pumping because of Abstract
Then Abstract launched and most were disappointed with it
- it doesn’t have enough liquidity and TVL
- it doesn’t have enough users
- it’s too focused on streaming platform
- it’s points based (i.e. farming)
- it doesn’t have enough incentive for Penguin and $PENGU holders to farm
And thus, Pudgy Penguins & $PENGU dropped heavily after Abstract launched
If Abstract didn’t drop, Pudgy Penguins might be closer to BAYC FP (13 ETH) and $PENGU might be doing better rn. But that’s just me