- The PENGU token at present trades at $0.03548, up 609% since its launch.
- The token is at present ranked at place 59 by market cap on CoinMarketCap.
- It has overtaken WIF and GRT by way of market cap rating.
In a exceptional 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 shortly change into a focus for the crypto group, particularly these concerned with the Pudgy Penguins NFT challenge, 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 formidable $2.5 billion inside the first day, underlining its potential to affect market developments. Regardless of the unstable nature of cryptocurrency, $PENGU has managed to keep up a considerable holder base, with studies suggesting a 40% enhance from the bottom factors post-launch.
With a market cap of $2,227,684,354, PENGU might simply overtake Injective, Ondo, Celestia, Bonk, Immutable, and others if its worth 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, focusing on not solely Pudgy Penguins holders but in addition partaking Ethereum and Solana’s early adopters, referred to as OGs.
This strategy has evidently paid off, as $PENGU has not solely seen a big worth enhance however has additionally boasted one of many highest transaction volumes on the Solana blockchain, with every day transactions reaching an unprecedented 66.9 million shortly after launch.
