The team behind the $PENGUIN memecoin on Robinhood Chain burned 200 million tokens, valued at approximately $160K. The operation was carried out while the token was at its all-time high price.
Robinhood Chain, an Ethereum Layer-2 network, was launched in July 2026 to support tokenized real-world assets and memecoin trading. The network's decentralized exchange activity saw daily volumes reaching hundreds of millions and occasionally billions of dollars.
Other deflationary events have occurred on the network. The PONS token underwent a buyback-and-burn event that reduced its total supply by about 27%. Additionally, 150K UNI tokens were burned in a single day in September 2026.
The ecosystem also faces challenges, including rug pulls and rapid token launches. The $PENGUIN token is distinct from PENGU, the governance token for the Pudgy Penguins NFT brand, which launched on Robinhood Chain in August 2026.