PENGU Token Begins on Solana
Tuesday on Solana, the Pudgy Penguins ecosystem coin PENGU launched. Inside hours, it was among the many high 100 cryptocurrencies primarily based on market worth. By way of an airdrop that has created a number of hype, thousands and thousands of NFT homeowners and merchants qualify to gather tokens.
With a market price of about $2.1 billion, PENGU is now buying and selling at roughly $0.0335. In keeping with CoinGecko, this ranks it because the 76th largest crypto by market cap. Initially valued at $0.068, the coin fell 51% on its first day of commerce. The sudden drop represents the volatility usually seen with simply launched tokens.
Supply: CoinGecko
PENGU carries little over 88.88 billion tokens total. The airdrop consumes greater than half of this provide. These certified embrace Pudgy Penguins NFT holders, homeowners of NFTs from partnered collections, Ethereum and Solana NFT merchants, and even FTT holders—the utility token of the now-defunct FTX market.
Based mostly on PENGU’s current pricing, the entire 44.8 billion tokens distributed for the airdrop are price $1.5 billion. Token claims span till March 15, 2025. Any unclaimed tokens can be locked completely after this date, subsequently limiting the general availability.
On Tuesday, the airdrop began round eight in AM ET. Over 100,000 claims have been entered inside the primary hour, and the Pudgy Penguins web site had 4.7 million hits. Many purchasers, however, complained of issues. Whereas some obtained much less tokens than deliberate, some battled to seize tokens.
The Pudgy Penguins workforce discovered that these disturbances got here from DDOS assaults. A employees member reminded customers that people with much less tokens may end the declare process as soon as extra to get the remaining cash. However these obstacles, the airdrop has attracted nice curiosity and involvement.
Based mostly to CoinGecko, PENGU’s first day’s buying and selling quantity got here at about $1.5 billion. This ranks the coin 14th most traded among the many high 100 cryptocurrencies by market capitalisation. The good buying and selling exercise exhibits nice curiosity within the token in addition to the bigger Pudgy Penguins ecology.
Results on NFT Pudgy Penguins
Pudgy Penguins NFT costs surged in response to the thrill across the PENGU airdrop. Costs hit $100,000 for the primary time, making the costliest profile photograph (PFP) NFT assortment nearly to overhaul CryptoPunk.
After the airdrop, NFT costs have decreased considerably, nevertheless. After claiming tokens, many NFT holders bought their creations, which helped to decrease the ground worth. Based mostly on knowledge from NFT Value Ground, Pudgy Penguins NFTs at the moment are valued barely over $63,000 price of Ethereum ( ETH), a 48% drop from the day earlier than.
PENGU’s launch has drawn a number of curiosity within the Pudgy Penguins habitat. Whereas the market efficiency and buying and selling quantity of the coin have put it among the many most mentioned crypto debuts of the 12 months, the airdrop drew thousands and thousands of individuals. PENGU signifies a serious progress for Pudgy Penguins regardless of technical difficulties and worth volatility, subsequently confirming its place within the NFT and crypto markets.
