- The PENGU token has been listed on exchanges such as Binance, OKX, Bybit, and KuCoin.
- Pudgy Penguins recorded a gain of over 501%, with the token trading at $0.03004.
The Pudgy Penguins NFT project has launched its native token, PENGU, on the Solana blockchain to expand its ecosystem. The token distribution comprised an airdrop for the eligible NFT holders.
However, the token launch also spotted adverse trading, highlighting the risks of participating in early liquidity pools. The incident can be narrated as an eager trader tries to capitalize on the airdrop, trading 45.5 wrapped Solana (WSOL) worth $10,000 for PENGU. Unfortunately, the trade has received only 78 PENGU tokens, valued at $3.
This trade was enacted five minutes before the official token release, and it was through an unofficial liquidity pool on Raydium. The low liquidity in this pool inflated the market cap of the token to $14 trillion, resulting in an unrealistic price swap. In addition, Jupiter, the decentralized exchange aggregator used for the trade, had warned the users to wait for the official release to avoid such losses.
On the other hand, token launches will initially witness liquidity and price instability. To prevent certain significant losses, traders are advised to wait for the official liquidity pools to stabilize. Pool verification is crucial to ensure trades are directed through official liquidity pools to avoid inflated prices.
The PENGU Airdrop
The holders of Pudgy Penguins NFTs, Lil Pudgys, Rogs, and soulbound tokens (SBTs) were eligible to claim PENGU tokens through the airdrop. Notably, over 88 billion tokens are now circulating on the Solana blockchain. The launch of the token aims to improve the utility of the Pudgy Penguins ecosystem by rewarding its community and promoting engagement. Major exchanges like Binance, OKX, Bybit, KuCoin, and Bitget have listed the Pudgy Penguins token.
Series of Trading
A trader has claimed a 177 million PENGU, valued at $4.8 million, and deposited it to Binance. These tokens were worth over $10 million at their peak. It suggests the sharp volatility in PENGU’s early trading phase.
Notably, a whale has purchased 65.47 million PENGU for 15,300 SOL, worth $3.46 million at $0.053 per token. They’ve sold 52 million PENGU for 6,661 SOL at $0.028. It withholds 13.47 million PENGU valued at $369K. The whale has faced a loss of over $1.6 million on PENGU.
Meanwhile, traders also profited from the token. A trader bought 239.6 million PENGU for 23,742 SOL worth $5.36 million and sold it for 60,726 SOL. This trade resulted in the trader bagging a profit of 36,984 $SOL, valued at around $8.36 million.
PENGU Price
At the time of writing, Pudgy Penguins recorded a gain of over 501%, trading at $0.03004. The token’s market cap has reached $1.87 billion, with its trading volume resting at $2.15 billion. Over the last 24 hours, PENGU has visited its high price of $0.06989 and a low of $0.02686.
Highlighted Crypto News
ASIC Sues Binance Australia Derivatives For Consumer Protection Failure
