In a notable move within the crypto and NFT space, a whale investor who received an airdrop of 116.7 million $PENGU tokens, worth approximately $3.52 million, has made a significant purchase of an additional 34.42 million $PENGU tokens, Lookonchain reported.
Whale Makes $560K Profit
The whale spent 5,250 $SOL, or about $1 million, to increase its holdings, bringing its total to 151.12 million $PENGU, valued at $5.08 million. Remarkably, the whale has not sold any of its $PENGU tokens, currently sitting on a profit of $560,000 from its investments.
At the time of writing, $PENGU is trading at $0.03525, marking a 32% increase in value. The token’s global market cap stands at $2.21 billion, and its 24-hour trading volume has surged by an impressive 196%. This significant increase in trading activity indicates growing investor interest and a bullish outlook for $PENGU.
Also Read: Airdrop Timing Costs $PENGU Trader $5M In Missed Gains As Token Surges 500%
The rise of $PENGU coincides with the increasing popularity of the Pudgy Penguins NFT project, which recently surpassed the Bored Ape Yacht Club (BAYC) in terms of market capitalization, making it the second-largest NFT collection. The $PENGU token is directly tied to this expanding ecosystem, gaining traction alongside the project’s success.
Bithumb Lists PENGU Token
A key catalyst for this surge has been the recent announcement from South Korea’s prominent cryptocurrency exchange, Bithumb, which listed the $PENGU token. The exchange’s involvement has brought greater exposure to the token, contributing to its growing market demand.
To ensure smooth trading, Bithumb introduced temporary restrictions on buy and sell orders. For the first five minutes after trading began, buying orders were paused to avoid sudden volatility.
These measures helped stabilize the token’s value in the early stages of its listing, preventing drastic price movements that often occur when a new token is listed on an exchange.
As $PENGU continues to gain traction, the market is closely watching the token’s growth, especially considering the whale’s continued interest and the ongoing momentum behind the Pudgy Penguins project. This surge in $PENGU’s price and trading volume signals the increasing influence of NFT-linked tokens in the broader cryptocurrency ecosystem.