PENGU Token Launched on Solana
Tuesday Solanathis Chunky Penguin Ecological currency PENGU is released. Within a few hours, it was among the top 100 cryptocurrencies by market capitalization. Through airdrops that generated widespread hype, millions of NFT owners and traders became eligible to collect tokens.
PENGU has a market capitalization of approximately $2.1 billion and is currently trading at approximately $0.0335. according to Coin Geckowhich ranks it as the 76th largest cryptocurrency by market capitalization. The coin initially traded at $0.068 but fell 51% on its first day of trading. The sudden drop represents the volatility that often occurs with newly launched coins.
Source: CoinGecko
PENGU holds a total of 88.88 billion tokens. The airdrop consumed more than half of the supply. Those eligible include Pudgy Penguins NFT holders, NFT owners in cooperative collections, Ethereum and Solana NFT traders, and even FTT holders (utility tokens from the now-defunct FTX marketplace).
Based on PENGU’s current pricing, the entire 44.8 billion tokens allocated in this airdrop are worth $1.5 billion. Token claiming is valid until March 15, 2025.
On Tuesday, the airdrop began around 8 a.m. ET. More than 100,000 claims were filed in the first hour, and the Pudgy Penguins website received 4.7 million hits. However, many customers complained of problems. While some people received fewer tokens than planned, others were vying for them.
The Pudgy Penguins team discovered that these disruptions came from DDOS attacks. The staff reminded users that individuals with fewer tokens can go through the collection procedures again and receive the remaining funds. Despite these obstacles, the airdrop generated significant interest and participation.
According to CoinGecko, PENGU’s first-day trading volume was approximately $1.5 billion. The coin ranks 14th among the 100 most traded cryptocurrencies by market capitalization. The huge trading activity demonstrates the huge interest in the token as well as the larger Humpty Penguin ecosystem.
Impact on NFT Humpty Penguin
The price of Chunky Penguin NFT surged due to the excitement surrounding the PENGU airdrop. The price has reached $100,000 for the first time, making the most expensive profile photo (PFP) NFT series nearly overtaken by CryptoPunk.
However, NFT prices dropped significantly after the airdrop. Many NFT holders sold their creations after claiming their tokens, which helped lower the floor price. According to NFT Price Floor data, the Ethereum (ETH) value of the Pudgy Penguins NFT is currently just over $63,000, down 48% from the previous day.
The release of PENGU has generated significant interest in the squat penguin colony. While the token’s market performance and trading volume made it the most discussed cryptocurrency debut of the year, the airdrop attracted millions of participants. Despite technical difficulties and price fluctuations, PENGU marks significant progress for Pudgy Penguins, confirming its place in the NFT and cryptocurrency markets.
