- Pudgy Penguins' PENGU token skilled wild worth swings throughout an airdrop launch.
- PENGU's buying and selling quantity reached $90 million in a matter of hours, with merchants making tens of millions and others dropping.
- Main exchanges listing PENGU as NFT costs rise, then fall after token sale.
The Pudgy Penguins NFT challenge made waves within the cryptocurrency world with the launch of its native token, PENGU, on the Solana blockchain via a large $1.5 billion token airdrop.
Introduced on December 5, the PENGU token is designed to deepen the connection between the Pudgy Penguins model and its rising world group.
PENGU airdrop particulars and eligibility
The PENGU drop, which went reside at 8:00 a.m. ET, is open to holders of Pudgy Penguins, Lil Pudgys, Rogs, and soulbound tokens (SBT). Moreover, house owners of Pudgy Toys, plush collectibles tied to the Pudgy World metaverse, are additionally eligible.
To say the tokens, customers should hyperlink their Solana and Ethereum wallets and hold at the least $10 price of SOL for gasoline charges. With an 88-day declare interval, any unclaimed tokens shall be completely burned, lowering the circulating provide.
Penguins and eligible events can declare their $PENGU NOW.
The declare web page will stay energetic for 88 days and the unclaimed PENGU shall be functionally locked within the good contract, perpetually.
Declare right here: https://t.co/EADJ17nCOS pic.twitter.com/WZYWUEFWmc
– Pudgy Penguins (@pudgypenguins) December 17, 2024
Of the 88.88 billion PENGU tokens issued, 25.9% are allotted to the Pudgy Penguins group, 24.12% to different NFT holders and “Huddle” members, and 17.8% to the challenge group below a one-year and three-year vesting interval. One other 11.48% is reserved for the corporate with comparable acquisition situations.
Regardless of its preliminary success, the launch of PENGU was marred by technical issues. Claimants reported difficulties, together with receiving fewer tokens than they had been allotted. A member of the PENGU group attributed this to distributed denial of service (DDoS) assaults, which precipitated delays and errors and reassured customers that unclaimed tokens may nonetheless be recovered.
Added new fixes/declare updates ✅
Refresh and restart your declare. What you beforehand claimed ought to present as Claimed and will present that you just wish to have some remaining to assert.
Ledger patches/updates ought to observe shortly thereafter.
Respect everybody's persistence. We had a…
– Chef (@chefgoyardi) December 17, 2024
Pudgy Penguins Ecosystem Sees Explosive Market Exercise
Inside hours of its launch, PENGU generated $90 million in buying and selling quantity, with its worth hovering over 870% to an all-time excessive of $0.06845. Its market capitalization additionally surpassed $3 billion, incomes it a spot among the many prime 200 cryptocurrencies.
Nevertheless, the token's debut was not with out setbacks. After hitting the ATH at $0.06845, PENGU's worth plunged 51% to round $0.03232 at press time, highlighting the volatility usually seen throughout the launch of recent tokens.
One savvy dealer took benefit of the worth surge and bought 239.6 million PENGU utilizing 23,742 SOL earlier than cashing it out for 60,726 SOL, pocketing a staggering $8.36 million revenue in simply 20 minutes.
One dealer made an unimaginable 36,984 $ SOL($8.36 million) revenue whereas buying and selling $PENGU in lower than 20 minutes.
As quickly as $PENGU launched, the service provider spent 23,742 $ SOL($5.36 million) to purchase $239.6 million $PENGU after which offered it for 60,726 $ SOL($13.72 million).
An enormous revenue!😱https://t.co/hIpkzxZjES pic.twitter.com/z5ZDKL3cfn
– Lookonchain (@lookonchain) December 17, 2024
Alternatively, a dealer making an attempt to snipe early trades misplaced $10,000 on account of low liquidity, receiving solely 78 PENGU tokens price $3. This incident highlights the dangers of buying and selling in swimming pools with low liquidity.
somebody purchased $PENGU @$14T mc transforms his $10,000 to $5 in seconds lmfao pic.twitter.com/R9X9tOu2fn
– bx1 (@bx1core) December 17, 2024
The airdrop additionally influenced the Pudgy Penguins NFT market. The gathering's ground worth briefly climbed to 34.1 ETH (round $136,000), solidifying its place because the second most costly NFT assortment after CryptoPunks. Nevertheless, large gross sales after the airdrop led to a drop in costs, with some NFTs falling beneath $63,000.
Binance, OKX and Bybit listing PENGU tokens
The PENGU token is now listed on main exchanges equivalent to Binance, OKX and Bybit.
Binance even added PENGU/USDT perpetual contracts with as much as 75x leverage. These developments spotlight the rising significance of the token and its market potential.
Trying forward, PENGU plans to develop performance by way of Ethereum and Summary Chain Layer 2. A LayerZero bridge can be in growth, permitting Pudgy Toy house owners to assert tokens seamlessly.
Because the ecosystem matures, the way forward for the PENGU token will rely on its means to take care of consumer engagement and navigate the unstable crypto panorama.
