ALEX: Pudgy Penguins just had its worst week in a long time.
ALEX: Floor's down thirty-four percent. Lil Pudgys — same brand, same team — down thirty-four percent too. Same four days.
ALEX: And here's the part that should worry you more than the number itself.
ALEX: Sales didn't dry up. They nearly doubled on both collections.
ALEX: That's not a quiet market. That's a rush for the door.
ALEX: It started the second Igloo said they're shutting down Abstract — the chain they built just for this brand.
ALEX: A week ago Lil Pudgys holders were getting their own penguin licensed onto physical trading cards. Good news. Real good news.
ALEX: Now the chain behind the whole ecosystem is dead.
ALEX: Some holders are calling the shutdown the grown-up move — stop feeding a chain nobody was using.
ALEX: Others put real time and real money into Abstract, and they feel like it just evaporated.
ALEX: Founder Luca Netz is getting dragged either way.
ALEX: And the wallet that's been buying penguins back to defend the floor — the one with a million dollars behind it?
ALEX: Word on X is it's gone quiet. Still sitting on most of that money, and not spending it.
ALEX: So whatever was holding this floor up from underneath... isn't holding anymore.
ALEX: On top of all that, multiple accounts are saying Pudgy raised its own creator fee to five percent. In the middle of a sell-off.
ALEX: People are literally taking the penguin off their profile picture over it.
ALEX: Now — the rest of the market was red this week too. Most ETH collections slipped right along with it.
ALEX: So some of this is just the tide going out everywhere.
ALEX: But thirty-four percent, four days straight, in two of the biggest names in NFTs — that's not the tide.
