PENGU Price Soars 800% As Pudgy Penguins Airdrop Goes Live

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As a seasoned researcher who has witnessed the crypto market’s rollercoaster ride for years, I must say that the Pudgy Penguins’ PENGU token launch and airdrop was an exhilarating spectacle. The 700% surge in price following its debut is a testament to the strong demand from NFT holders and the broader crypto community.

As a researcher delving into the dynamic world of cryptocurrencies, I’ve noticed an intriguing trend with the Pudgy Penguins’ PENGU token. After its initial launch and airdrop distribution, the token price skyrocketed by an astounding 700%! This Solana-backed asset quickly garnered substantial trading volume post-deployment, a clear indication of robust demand from NFT enthusiasts and the broader crypto market.

Pudgy Penguins Airdrop Goes Live

00 a.m. Eastern Time.

In a recent statement, Luca Netz, head of the project, explained that users wishing to receive the tokens must connect both their Ethereum and Solana digital wallets. Additionally, it was noted that users should ensure they have at least $10 worth of SOL tokens within their wallets to cover gas fees. The claim period for these tokens will last 88 days, and any leftover tokens not used during this time will be destroyed once the period has ended.

$PENGU is now live.

CA: 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv

Learn more & how to claim your PENGU below.

— Pudgy Penguins (@pudgypenguins) December 17, 2024

The airdrop extends to owners of Pudgy Toys, which are physical plush collectibles sold at retailers such as Walmart and Target, in addition to other stores. These toys are interconnected with Igloo’s Ethereum Layer-2 Abstract Chain, and once the mainnet is launched, PENGU token holders will be able to transfer their tokens.

PENGU Price Skyrockets Over 800%

In its initial launch, the PENGU token demonstrated a robust start, recording a trading volume of around ninety million dollars within its first hour. Over the course of twenty-four hours, the token’s price skyrocketed by an impressive 870%, peaking at an all-time high of $0.05 before stabilizing at $0.0485.

The value of the token, known as PENGU, surpassed $3 billion, moving it up to rank among the top 200 cryptocurrencies in terms of market capitalization, according to CoinMarketCap data. Out of a total supply of approximately 88.88 billion PENGU tokens, about 23.5% were distributed through an airdrop, while another 12.3% are locked up as liquid tokens on decentralized exchanges.

Among the notable trades, a dealer managed to secure a massive profit of $8.36 million in just 20 minutes due to the token’s rapid price increase. This trader initially purchased 239.6 million PENGU tokens with 23,742 SOL, and later sold these tokens for an impressive 60,726 SOL.

A trader made an incredible 36,984 $SOL($8.36M) profit by trading $PENGU in less than 20 minutes.

Immediately after the launch of PENGU, a trader invested 23,742 Solana dollars ($5.36M) to acquire approximately 239.6 million PENGU tokens. Later on, they decided to sell these tokens for around 60,726 Solana dollars ($13.72M).

A massive profit!

— Lookonchain (@lookonchain) December 17, 2024

In this recent release, digital platforms like Binance, OKX, and Bybit have incorporated PENGU into their systems. Notably, Binance announced that it will offer PENGU on multiple services such as Binance Futures, enabling up to 75 times leverage on PENGU/USDT Perpetual Contracts. Meanwhile, OKX has listed the token for spot trading, suggesting a growing interest from institutional investors in NFT-related tokens.

NFT Market Reaction and Ecosystem Growth

The debut of PENGU has boosted the value of the Pudgy Penguins NFT market. The minimum selling price for the Pudgy Penguins collection surged to 34.1 ETH, which is around $136,000, signifying a 2.6% increase. This positions the collection as the second costliest in the NFT market, trailing behind CryptoPunks.

In a new development for the Pudgy Penguins universe, they’ve ventured beyond just digital collectibles. Now, you can find tangible items such as Pudgy Toys that bridge the gap between our world and the Pudgy World metaverse. The project is enhancing its societal impact by forging retail partnerships and engaging a broader audience through various blockchain communities.

Afterward, PENGU’s debut on Solana marks a tactical move for the NFT project built on Ethereum. They aim to add cross-chain compatibility using LayerZero technology, allowing PENGU to smoothly function across both Ethereum and Solana networks. This expansion will boost its usefulness and increase its user base.

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2024-12-17 19:52