NFT + Meme narrative has been ignited once again.

The ETH chain Meme coin PENGU's market cap once surged above $7 million, now around $4.66 million, with intraday high fluctuations exceeding 1,600 times.
The project team claims it is related to the Pudgy Penguin NFT ecosystem and airdrops 50% of the token supply to holders, with current liquidity pools about $700k.

The logic behind this round is actually very clear:
Positive side:
"NFT holders airdrop + ecosystem narrative extension," essentially turning NFT community assets into tokens.
Once this approach is accepted by the market, it can greatly activate NFT liquidity and community enthusiasm in the short term.
But the risks are also very obvious:
These "narrative-driven Memes" are highly dependent on sentiment and liquidity. Once enthusiasm wanes, the pullback can be equally extreme.
Historically, similar CryptoPunks airdrop narrative projects have fallen over 80% from their highs.

Core point:
Currently, NFT + Meme gameplay is not creating value but "amplifying community sentiment."
Stories can cause prices to skyrocket, but they can't retain liquidity.

In one sentence:
Narratives can push prices to the sky, but whether they can hold steady depends on whether someone is willing to keep buying.