As an analyst with a decade of experience in the cryptocurrency market, I must say this rapid surge and subsequent drop in the value of Pudgy Penguins’ native token (PENGU) is a classic case of the wild west nature of this industry. The ability to make millions in less than 20 minutes is both exhilarating and terrifying, reminiscent of striking gold during the California Gold Rush.
A cryptocurrency trader has managed to make around $8.36 million with the recent airdrop of the native token of the popular non-fungible token (NFT) project Pudgy Penguins, all in less than 20 minutes.
As a crypto investor, I recently discovered that, based on my analysis using Lookonchain’s on-chain data service, a trader immediately invested 23,742 SOL (approximately $5.36 million) to acquire 239.6 million PENGU tokens as soon as they were launched. This suggests that the trader is quite bullish about the potential growth of this newly minted cryptocurrency.
The bet turned profitable nearly immediately, with the trader then offloading their PENGU holdings for 60,726 SOL, or around $13.72 million.
Initially distributed as an airdrop to owners of Pudgy Penguins NFTs, the value of the PENGU token soared from approximately $0.05 upon launch to reach a peak of $0.07. However, once recipients began selling in large quantities, its value started to decline. The cryptocurrency is currently trading at around $0.031 per token.
Despite this, PENGU’s overall market capitalization currently stands at approximately $1.93 billion, positioning it among the top 100 digital assets based on this measurement. The token was initially made available for trading on a number of significant cryptocurrency exchanges such as Binance, Bybit, OKX, and Bitget at its launch.
Approximately one-quarter (23.5%) of PENGU’s total supply was distributed via an airdrop, and about the same proportion (22%) was reserved for the Solana and Ethereum communities. Additionally, around 12.3% of the entire supply is earmarked for use as liquidity on decentralized trading platforms.
Prior to the debut of PENGU, there’s been a substantial rise in the base price for Pudgy Penguin NFTs. At one point, the least expensive NFT from the collection was selling for around 34.1 Ether (equivalent to approximately $135,000).
The cost of these NFTs has dropped by over 52% since then, with the least expensive one now being sold for approximately 15.75 Ether (equivalent to around $62,400), as traders appear to be offloading their NFTs to realize profits from the price increase and the much-hyped airdrop event.
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2024-12-18 02:54