$PENGU is being traded like a memecoin, while it is technically a NFT token.
The utility is limited to voting rights regarding the creative aspects of the collections only. Yet tokens are appreciating as is holders will earn a share their revenue.
One might argue it is not unusual that speculation can arise without fundamentals to back any trend, for it only takes MANIA to convert a person into an active trader.
Regardless of the general appeal, the price will definitely tumble once profitable traders close their position, and the pressure triggers a massive selloff.
There is a limit on how much NFT tokens can appreciate. The people that will hold the bag at the end will suffer as much as $APE holders suffered when the hype for APES died.
BE REALISTIC, IT IS THE GREATEST FOOL'S GAME.
P.S
Traders are very much like penguins. They push their fellows to the edge until, one by one, a penguin is sacrificed in order to test the safety of water (similar to relentless price discovery), checking for pedators (walruses, whales).
