- Pudgy Penguins’ PENGU token has observed wild value swings airdrop release.
- PENGU buying and selling quantity hit $90M in hours, with buyers making tens of millions and others shedding.
- Main exchanges record PENGU as NFT costs surge, then drop after token declare sell-offs.
The Pudgy Penguins NFT challenge has made waves within the cryptocurrency global with the release of its local token, PENGU, at the Solana blockchain thru a large $1.5 billion token airdrop.
Introduced on December 5, the PENGU token is designed to deepen the relationship between the Pudgy Penguins logo and its rising international group.
PENGU airdrop main points and eligibility
The PENGU airdrop, which went reside at 8:00 a.m. ET is open to holders of Pudgy Penguins, Lil Pudgys, Rogs, and soulbound tokens (SBTs). Moreover, homeowners of Pudgy Toys, plush collectibles connected to the Pudgy Global metaverse, also are eligible.
Claiming the tokens calls for customers to hyperlink their Solana and Ethereum wallets and deal with a minimum of $10 price of SOL for gasoline charges. With a declare length of 88 days, any unclaimed tokens shall be completely burned, decreasing the circulating provide.
Penguins and eligible events can declare their $PENGU now.
The declare web page will stay reside for 88 days and the unclaimed PENGU shall be functionally locked within the good contract, without end.
Declare right here: https://t.co/EADJ17nCOS percent.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” participants, and 17.8% to the challenge crew beneath a one-year cliff and three-year vesting length. Some other 11.48% is reserved for the corporate with identical vesting prerequisites.
Regardless of its preliminary good fortune, PENGU’s release used to be marred by way of technical problems. Claimants reported difficulties, together with receiving fewer tokens than allotted. A member of the PENGU crew attributed this to allotted denial-of-service (DDoS) assaults, which brought about delays and mistakes and reassured customers that unclaimed tokens may nonetheless be retrieved.
Driven new Declare patches / updates ✅
Refresh and restart your declare. What you claimed in the past will have to display up as Claimed and will have to display you need you’ve got last to assert.
Ledger repair/updates will have to practice in a while afterwards.
Admire everybody’s endurance. We’ve had an…
— Chef (@chefgoyardi) December 17, 2024
Pudgy Penguins ecosystem sees explosive marketplace job
Inside of hours of its release, PENGU generated a buying and selling quantity of $90 million, hovering by way of greater than 870% in worth to an all-time top of $0.06845. Its marketplace capitalization additionally surged above $3 billion, incomes it a place a number of the most sensible 200 cryptocurrencies.
On the other hand, the token’s debut used to be now not with out setbacks. After hitting the ATH at $0.06845, PENGU’s worth plunged by way of 51% to round $0.03232 at press time, highlighting the volatility continuously observed with new token launches.
A savvy dealer took benefit of the associated fee surge and purchased 239.6 million PENGU the usage of 23,742 SOL earlier than cashing it out for 60,726 SOL, pocketing a staggering $8.36 million benefit in simply 20 mins.
A dealer made an implausible 36,984 $SOL($8.36M) benefit by way of buying and selling $PENGU in lower than 20 mins.
Once $PENGU introduced, the dealer spent 23,742 $SOL($5.36M) to shop for 239.6M $PENGU and later bought it for 60,726 $SOL($13.72M).
A large benefit!😱https://t.co/hIpkzxZjES percent.twitter.com/z5ZDKL3cfn
— Lookonchain (@lookonchain) December 17, 2024
At the turn facet, a dealer making an attempt to snipe early trades misplaced $10,000 because of low liquidity, receiving best 78 PENGU tokens price $3. This mishap underscores the hazards of buying and selling in low-liquidity swimming pools.
any person purchased $PENGU @$14T mc turning his $10k to $5 in seconds lmfao percent.twitter.com/R9X9tOu2fn
— bx1 (@bx1core) December 17, 2024
The airdrop has additionally influenced the Pudgy Penguins NFT marketplace. The gathering’s flooring value in brief surged to 34.1 ETH (roughly $136,000), cementing its place as the second one most costly NFT assortment after CryptoPunks. On the other hand, post-airdrop selloffs led to a cost decline, with some NFTs shedding underneath $63,000.
Binance, OKX, and Bybit record PENGU token
The PENGU token is now indexed on main exchanges like Binance, OKX, and Bybit.
Binance has even added PENGU/USDT perpetual contracts with as much as 75x leverage. Those trends underscore the token’s rising prominence and marketplace doable.
Taking a look forward, PENGU plans to increase capability thru Ethereum and the Summary Chain Layer 2. A LayerZero bridge could also be in building, permitting Pudgy Toy homeowners to assert tokens seamlessly.
Because the ecosystem matures, the PENGU token’s long run will hinge on its skill to deal with person engagement and navigate the unstable crypto panorama.