In a groundbreaking event for the NFT and cryptocurrency markets, the PENGU token, native to the Pudgy Penguins NFT project, has surged over 500% in the last 24 hours. Trading at $0.0294, the token’s global market cap has skyrocketed to $1.83 billion.
The launch has set new benchmarks, debuting at a $2.3 billion market cap after being distributed via an airdrop to NFT holders.
Massive Profits from PENGU Token
On-chain data reveals fascinating insights into the trading frenzy around the token. Lookonchain reported that an unidentified user claimed 177 million PENGU tokens, valued at $4.8 million, and deposited them into Binance.Â
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This holding was worth over $10 million at the token’s peak. The report added, “He could have made $5M more if he had claimed and sold earlier,” highlighting the volatile nature of crypto timing.
The trading boom isn’t limited to Binance. A trader made headlines by leveraging Solana (SOL) to purchase PENGU tokens, later selling them for a staggering 36,984 SOL, equivalent to $8.36 million. UnoCrypto confirmed the deal, describing it as a remarkable demonstration of profit-taking in a fast-paced market.
The PENGU Token Airdrop
The PENGU token, operating on Solana’s blockchain, boasts a total supply of 88.88 billion tokens. Within the first hour of its launch, trading volume soared to $90 million, according to CoinMarketCap.
The explosive demand and trading activity underline PENGU’s potential to disrupt the sluggish NFT market, which has been in decline over the past few years despite the rise of meme coins and other speculative assets.
The Pudgy Penguins NFT project, known for its charming and meme-worthy digital collectables, has shown resilience in an otherwise challenging environment for NFTs. The introduction of the PENGU token adds a significant layer of utility and marketability to the project.
The token’s performance also reflects broader trends in the crypto space. Investors and traders are increasingly pivoting to projects that combine strong branding with solid market strategies, as seen in Pudgy Penguins’ approach.
As the PENGU token continues to trade at unprecedented volumes, it raises questions about the next steps for both the Pudgy Penguins ecosystem and the wider NFT market. For now, it remains a shining example of innovation in the face of adversity.