PENGU crashes 14% amid monthly token unlock and crypto market sell-off

Pudgy Penguins (PENGU) fell 14% in 24 hours, the largest loss among top 100 crypto tokens, driven by monthly unlocks releasing 712.4 million tokens worth $6.25 million. This increased selling pressure amid a broader altcoin market downturn and NFT sector weakness. PENGU price hit the 0.618 Fibonacci retracement level, a key support where a rebound could occur if bulls defend it, otherwise further declines may follow. The crash may be temporary as the market adjusts to unlocked tokens.