After Nietzsche Penguin's stock price hit a record high and then plummeted—why couldn't "scarcity" save the bull market?

According to a report by Bijie Network: Driven by speculative trading and insufficient liquidity, the meme coin Nietzsche Penguin (PENGUIN) experienced a rapid surge from less than $0.01 to nearly $0.167 in late January. After reaching its peak, the price plummeted by about 75%, trading between $0.037 and $0.042, breaking below the support level. A well-known whale, after holding PENGUIN worth $305,300, ultimately exited with a loss of $92,700 as selling pressure overwhelmed the market. Although PENGUIN has a fixed supply of 1 billion tokens and more than 45,000 holders, its price saw a significant correction once the speculative frenzy subsided due to a lack of utility and structural flaws.