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