As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of successes and failures. The story of the unlucky trader who lost thousands during the Pudgy Penguins airdrop is a stark reminder of the risks inherent in this volatile market.
Some cryptocurrency investors and NFT fans have enjoyed significant gains due to the recent Pudgy Penguins airdrop. However, one particular crypto trader suffered substantial losses when a token exchange they were involved in didn’t go as planned, resulting from insufficient liquidity.
The trader made an effort to take advantage of the new cryptocurrency’s airdrop by transferring approximately 45 WSOL tokens valued at $10,300 to the Jupiter decentralized exchange with the intention of obtaining the recently introduced PENGU tokens.
The blockchain evidence indicates that the trader’s transaction occurred soon following the distribution of PENGU tokens, suggesting they aimed to capitalize on the early sales resulting from the airdrop.
As a researcher, I discovered an interesting incident involving a trade in the Jupiter decentralized exchange. My findings revealed that my order for PENGU was directed towards an unauthorized Raydium liquidity pool instead of the official one. Unfortunately, this pool had insufficient liquidity, which resulted in me purchasing the tokens at an excessively high price due to inflation. This inflated transaction caused the memecoin’s market capitalization to surge to an astronomical $14 trillion. The low liquidity in the unofficial pool was a significant factor contributing to this unexpected market fluctuation.
The tokens, however, were worth little over $5 on actual liquid markets.
According to a report by The Block, when Jupiter shared the contract address for the token PENGU on social media, they advised traders to be cautious about using any dubious contracts. Although traders obtained genuine tokens, they ended up purchasing them at a higher price due to the pool’s low liquidity.
Nevertheless, the trader managed to acquire over 62,000 PENGU tokens later on in additional trades, despite their significant initial loss.
Although this particular trader suffered a loss, the PENGU airdrop proved beneficial for others. As it turns out, another crypto trader successfully earned approximately $8.36 million from the airdrop. The key to their success was initially investing over $5 million in the cryptocurrency, which they later sold for a staggering $13.7 million.
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2024-12-18 23:59