Pudgy Penguins NFT Floor Rises as Abstract Chain Shuts; PENGU Falls

Approaching its third anniversary, Abstract — a blockchain built for consumer crypto apps — is winding down operations. It has joined the hundreds of crypto projects that have ceased activity during 2026.

Attention has shifted back to Pudgy Penguins following this news. The non-fungible token (NFT) floor price saw an increase, while the associated token, PENGU, headed in the opposite direction.

Igloo Halts Funding After Tens of Millions Lost

Abstract's operations will cease on December 15, 2026. Prior to that date, users need to bridge their assets out of the chain, or they risk losing access to them.

The project team attributed its lack of growth to a constrained DeFi ecosystem, low liquidity, little institutional engagement, and an insufficient budget.

“We explored every angle behind the scenes over these last 12-months in an attempt to find product-market fit and make the chain scale. We wanted to make things work; but the chain landscape had changed radically and we were facing significant headwinds,” it said.

Luca Netz, CEO of Igloo Inc. — the firm behind Pudgy Penguins — stated that Igloo had been covering Abstract's costs for the previous 18 months.

“After losing tens of millions of dollars over two years, building consumer products, assembling an all-star team, onboarding some of the biggest brands in the world, and building a community of millions, we still had not found product-market fit,” he wrote.

The CEO also noted that Igloo explored issuing a token or holding an ICO but ultimately rejected those options. Going forward, the company is concentrating its efforts on Pudgy Penguins, its NFTs, and the PENGU token.

According to RootData's monitor, 347 cryptocurrency projects either ceased operations, went bankrupt, or experienced extended downtime in 2026, based on an update dated August 24.

Additional shutdowns have occurred after that date. Harmony revealed its closure in September, and Blast scheduled an October 26 deadline for withdrawals.

PENGU Slides as NFT Collectors Step In

After the news broke, the Pudgy Penguins floor price increased from roughly 3.07 ETH to 3.37 ETH, as reported by X user StarPlatinum. The set recorded 69 transactions totaling 237 ETH in volume, which is about ten times a typical day.

PENGU took a different route. According to BeInCrypto Markets information, the token stands at $0.00917, a 4.17% decline over the past day.

At this price, PENGU is roughly 87% lower than its record high of $0.06845, which was reached on December 17, 2024.

As Abstract closes, Netz stated that Igloo will dedicate its entire focus to “making Pudgy Penguins into the global & cultural phenomenon I know it can become.”

Igloo has not yet detailed the practical shape of this shift. The company's upcoming actions, and PENGU's reaction to them, will reveal if the additional resources can boost the token following its initial decline.