Trader Scoops Up $8.36M Profit By Buying $PENGU After Launch and Selling It For $SOL

A trader has secured a huge profit by using his Solana possession to buy the newly launched PENGU token and then selling it again for SOL.

According to on chain data from December 17th, a trader made an amazing 36,984 $SOL ($8.36 million) profit by trading their $PENGU holdings.

The trader purchased 239.6 million $PENGU for 23,742 $SOL worth $5.36 million as soon as it launched. The trader then sold it for 60,726 $SOL worth $13.72 million.

$PENGU Token: Launch Creates Market Hype

The $PENGU token saw its trading begin on December 17th, 2024. At the press time the token is trading at $0.05078, up 331.17% as compared to the stating price.

The Pudgy Penguins, the second-largest NFT collection, is the creator behind the PENGU token. At present the market capitalization of the coin stands at $3.09 billion.

The original market hype of the token came after Binance released an update confirming that it will introduce PENGU for spot trading with USD, BNB, FDUSD, and TRY pairs.

A PENGU airdrop was also announced by Binance, and users who are enrolled in Binance’s Holder Airdrops program will receive it.

Pudgy Penguins’ Partnerships Helps Token’s Market Situation

With the rise in Solana based tokens, market’s hype for the Pudgy Penguins’ token is intensifying to unprecedented levels. This milestone comes after the project’s remarkable journey, which included partnerships that brought Pudgy Penguin toys to big-box stores like Walmart and Target and more than 50 billion social media views.

The Pudgy Penguins ecosystem’s native token, PENGU, was created to improve community involvement and broaden the brand’s appeal. A sizeable percentage—roughly 25.9%—of the 88.88 billion tokens in total will be distributed to the Pudgy community via airdrop.

In addition to preparing for future expansions to Ethereum and the Abstract layer-2 network, Pudgy Penguins hopes to reach a new audience by launching on Solana.

$PENGU Tokenomics: Who Gets What?

The Pudgy Penguins community will receive 25.9% of the supply of PENGU’s tokenomics, with the remaining 24.12% going to other communities and new “Huddle” members.

Under the same terms, the company will keep 11.48% of the PENGU supply, with 17.8% reserved for present and future team members with a one-year cliff and a three-year vesting period.

Azuki, Bored Ape Mutant Ape, Doodles, and Memeland are among the other NFT communities that will receive 24.12% of the distribution, with 25.9% going to the Pudgy Penguins NFT community.