Market volatility rocks Pudgy Penguins’ $1.5B PENGU airdrop on Solana

• Pudgy Penguins’ PENGU token has seen wild worth swings airdrop launch.
• PENGU buying and selling quantity hit $90M in hours, with merchants making tens of millions and others shedding.
• Main exchanges checklist PENGU as NFT costs surge, then drop after token declare sell-offs.

The Pudgy Penguins NFT undertaking has made waves within the cryptocurrency world with the launch of its native token, PENGU, on the Solana blockchain by an enormous $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 international group.

PENGU airdrop particulars and eligibility

The PENGU airdrop, which went dwell at 8:00 a.m. ET is open to holders of Pudgy Penguins, Lil Pudgys, Rogs, and soulbound tokens (SBTs). Moreover, house owners of Pudgy Toys, plush collectibles linked to the Pudgy World metaverse, are additionally eligible.

Claiming the tokens requires customers to hyperlink their Solana and Ethereum wallets and keep not less than $10 price of SOL for gasoline charges. With a declare interval of 88 days, any unclaimed tokens can be completely burned, lowering the circulating provide.

Penguins and eligible events can declare their $PENGU now.

The declare web page will stay dwell for 88 days and the unclaimed PENGU can be functionally locked within the sensible contract, eternally.

Declare right here: https://t.co/EADJ17nCOS pic.twitter.com/WZYWUEFWmc

— Pudgy Penguins (@pudgypenguins) December 17, 2024

Of the 88.88 billion PENGU tokens minted, 25.9% is allotted to the Pudgy Penguins group, 24.12% to different NFT holders and “Huddle” members, and 17.8% to the undertaking workforce underneath a one-year cliff and three-year vesting interval. One other 11.48% is reserved for the corporate with related vesting circumstances.

Regardless of its preliminary success, PENGU’s launch was marred by technical points. Claimants reported difficulties, together with receiving fewer tokens than allotted. A member of the PENGU workforce attributed this to distributed denial-of-service (DDoS) assaults, which brought about delays and errors and reassured customers that unclaimed tokens may nonetheless be retrieved.

Pushed new Declare patches / updates ✅

Refresh and restart your declare. What you claimed beforehand ought to present up as Claimed and will present you need you will have remaining to assert.

Ledger repair/updates ought to observe shortly afterwards.

Respect everybody’s endurance. We’ve had an…

— Chef (@chefgoyardi) December 17, 2024

Pudgy Penguins ecosystem sees explosive market exercise

Inside hours of its launch, PENGU generated a buying and selling quantity of $90 million, hovering by greater than 870% in worth to an all-time excessive of $0.06845. Its market capitalization additionally surged above $3 billion, incomes it a spot among the many prime 200 cryptocurrencies.

Nonetheless, the token’s debut was not with out setbacks. After hitting the ATH at $0.06845, PENGU’s worth plunged by 51% to round $0.03232 at press time, highlighting the volatility usually seen with new token launches.

A savvy dealer took benefit of the worth surge and acquired 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.

A dealer made an unimaginable 36,984 $SOL($8.36M) revenue by buying and selling $PENGU in lower than 20 minutes.

As quickly as $PENGU launched, the dealer spent 23,742 $SOL($5.36M) to purchase 239.6M $PENGU and later bought it for 60,726 $SOL($13.72M).

An enormous revenue!😱https://t.co/hIpkzxZjES pic.twitter.com/z5ZDKL3cfn

— Lookonchain (@lookonchain) December 17, 2024

On the flip aspect, a dealer making an attempt to snipe early trades misplaced $10,000 attributable to low liquidity, receiving solely 78 PENGU tokens price $3. This mishap underscores the dangers of buying and selling in low-liquidity swimming pools.

any individual purchased $PENGU @$14T mc turning his $10k to $5 in seconds lmfao pic.twitter.com/R9X9tOu2fn

— bx1 (@bx1core) December 17, 2024

The airdrop has additionally influenced the Pudgy Penguins NFT market. The gathering’s ground worth briefly surged to 34.1 ETH (roughly $136,000), cementing its place because the second most costly NFT assortment after CryptoPunks. Nonetheless, post-airdrop selloffs led to a worth decline, with some NFTs dropping beneath $63,000.

Binance, OKX, and Bybit checklist PENGU token

The PENGU token is now listed on main exchanges like Binance, OKX, and Bybit.

Binance has even added PENGU/USDT perpetual contracts with as much as 75x leverage. These developments underscore the token’s rising prominence and market potential.

Wanting forward, PENGU plans to develop performance by Ethereum and the Summary Chain Layer 2. A LayerZero bridge can be in improvement, permitting Pudgy Toy house owners to assert tokens seamlessly.

Because the ecosystem matures, the PENGU token’s future will hinge on its potential to keep up consumer engagement and navigate the unstable crypto panorama.