The overall performance of the cryptocurrency market was weak this week, but @Uniswap and @pudgypenguins performed far worse than most tokens.$ UNI fell about 19% this week, with a one-day drop of more than 5%; while $PENGU has also fallen nearly 20% in the past seven days.
$UNI comes under pressure amid widespread sell-off
Uniswap's UNI tokens have been caught in a broader market decline, with high-beta digital assets particularly hard hit. According to CoinGecko data, on October 7, 2026, as the overall crypto market weakened and dragged down risky assets, UNI came under tremendous pressure. The trading price at that time was approximately US$8.04, down 9.3% from the previous 24 hours.
At this point in time, UNI fell significantly more than Bitcoin and Ethereum, falling 6.8% from BTC and 5.3% from ETH respectively. UNI has a market value of approximately US$5.03 billion and an open interest (OI) in perpetual contracts of approximately US$1.25 billion, highlighting the huge derivative holdings surrounding the token.
Despite the agreement's token economics improvements, including the destruction of 100 million tokens in December 2025 and the introduction of an extended fee destruction mechanism in February 2026, the agreement has not been able to save its token prices from the current wave of selling.
$PENGU dragged down by ecosystem news
The $PENGU token faces double headwinds this week: weak market conditions on the one hand and major project-specific news on the other. Igloo, the company behind Pudgy Penguins, announced that it will shut down its Abstract Layer 2 blockchain on December 15 and refocusing all resources on Pudgy Penguins and PENGU. Immediately after the announcement, prices fell by about 10%.
Prior to the announcement, PENGU was trading at approximately US$0.0094. By that night, the price had fallen to about $0.0085, a drop of about 10%.
The market also fell back during the same period, but by a smaller margin: Bitcoin fell about 3%, while the memes Dogecoin and Bonk fell about 6% and 8% respectively (Source: CoinGecko).
Investors will also pay close attention to upcoming token unlocking. According to the ownership schedule, approximately 723 million PENGUs will be released to the team and company on October 17. At current prices, this is equivalent to approximately US$6.3 million, accounting for just over 1% of the circulation supply.
Given that the fourth quarter of 2026 has not yet ended, there is still time for these two assets to rebound. But for now,$UNI and $PENGU are still the most obvious losers this week.

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