Robinhood Chain burns 200M PENGUIN tokens worth $160K

The team behind the $PENGUIN memecoin on Robinhood Chain just incinerated 200 million tokens valued at roughly $160K. The timing was deliberate: the burn happened while $PENGUIN sat at its all-time high price. What the burn actually means The $PENGUIN burn is notable less for its dollar amount, $160K is modest by crypto standards, and more for its timing. Executing a burn at an all-time high sends a specific signal to holders: the team is willing to permanently reduce supply even when selling would be most profitable. It’s worth clarifying that $PENGUIN is a memecoin operating on Robinhood Chain, distinct from PENGU, the governance and utility token associated with the Pudgy Penguins NFT brand. PENGU launched on Robinhood Chain in August 2026, while $PENGUIN occupies a different niche entirely. Robinhood Chain’s wild first months Robinhood Chain launched in July 2026 as an Ethereum Layer-2 network designed to support both tokenized real-world assets and the more chaotic world of memecoin trading. The chain’s decentralized exchange activity surged quickly after launch, with daily volumes reaching into the hundreds of millions and occasionally touching billions. The $PENGUIN burn isn...