Pudgy Penguins (PENGU) has suffered a significant price drop of over 60% since October, underperforming the broader altcoin market by 68% since July. The token's decline is exacerbated by its reliance on Solana, with a 10% drop in Solana's price impacting PENGU due to shared liquidity pools. Rising circulating supply and wallet outflows indicate diminishing holder confidence. PENGU is one of the fastest-selling Solana meme tokens recently, with open interest falling to $72 million following a flash crash in October. Analysts caution that the token's negative momentum could lead to a further 55% decline, potentially reaching half a cent.