PENGU overtakes WIF and GRT as market cap surges 521%

• The PENGU token presently trades at $0.03548, up 609% since its launch.
• The token is presently ranked at place 59 by market cap on CoinMarketCap.
• It has overtaken WIF and GRT when it comes to market cap rating.

In a outstanding show of market enthusiasm, the newly launched Pudgy Penguins (PENGU) token on the Solana blockchain has witnessed its market capitalization skyrocket by 521% since its debut.

Launched with a complete provide of 88,888,888,888 tokens and a circulating provide of 62.416 billion tokens, PENGU has rapidly turn out to be a focus for the crypto neighborhood, particularly these concerned with the Pudgy Penguins NFT venture, which includes an 8,888-piece NFT assortment launched in 2021 on the Ethereum blockchain.

This spectacular efficiency has positioned $PENGU as one of many standout tokens within the Solana ecosystem and propelled the token to place 59 by market cap overtaking extra established cash like Dogwifhat (WIF) and The Graph (GRT).

The token’s market cap hit a powerful $2.5 billion inside the first day, underlining its potential to affect market traits. Regardless of the risky nature of cryptocurrency, $PENGU has managed to take care of a considerable holder base, with stories suggesting a 40% improve from the bottom factors post-launch.

With a market cap of $2,227,684,354, PENGU may simply overtake Injective, Ondo, Celestia, Bonk, Immutable, and others if its value soared to $0.05.

This progress has been supported by listings on main exchanges like Binance and OKX, which have facilitated spot buying and selling, and partnerships with companies like MoonPay, enhancing $PENGU’s accessibility and liquidity.

Notably PENGU’s surge could be attributed to a strategic airdrop distribution, concentrating on not solely Pudgy Penguins holders but additionally partaking Ethereum and Solana’s early adopters, often known as OGs.

This method has evidently paid off, as $PENGU has not solely seen a big value improve however has additionally boasted one of many highest transaction volumes on the Solana blockchain, with each day transactions reaching an unprecedented 66.9 million shortly after launch.