As a seasoned crypto investor with over a decade of experience under my digital belt, I must say that the PENGU token’s meteoric rise has certainly piqued my interest. Having witnessed numerous market cycles and trends, it’s always fascinating to see new projects capturing the imagination of the community.
The recently introduced PENGU token is capturing attention as it now leads among memecoins on the Solana platform in terms of market value. In recent times, its surge has sparked a flurry of investment from major players, who have been pouring significant funds into this token.
New Solana Token Steals The Spotlight
Starting December 17th, the Pudgy Penguins Non-Fungible Token (NFT) initiative unveiled its native token, PENGU, on the Solana Blockchain. In just nine action-packed days, this token has surged ahead of other Solana tokens and attracted a tremendous amount of interest.
The Pudgy Penguins collection, which is among the biggest in the NFT world, features 8,888 distinct cartoon penguin designs and currently boasts a market value of approximately 205,757 Ether. As the token launch approaches, interest has grown, positioning it as the second most popular NFT collection, just behind CryptoPunks.
Over the past three years since its debut, this project has experienced a substantial increase in its community size, as stated by its development team. They further claim that it has become deeply ingrained in the daily lives and collective consciousness of people and society at large. Interestingly, even without announcing a specific use case, it is anticipated that it will play a role in the project’s management in the future.
The recently unveiled cryptocurrency seeks to grow its user base and extend the influence of the project by providing both existing and new participants an opportunity to support, or “affiliate,” with the penguin theme.
Based on information from CoinGecko, the memecoin built on the Solana network made a grand entrance by soaring 500% and reaching a market cap of $3.5 billion. However, it exhibited significant price fluctuations in the subsequent period.
In just hours after its launch, PENGU’s price plummeted more than 50%, dropping to an approximately $1.4 billion market capitalization by December 20th. Over the following days, the token fluctuated between roughly $0.025 and $0.037, eventually settling around the upper end of that range on Christmas Eve.
Whales Fill Their Bags As PENGU Flips BONK
On Christmas Day, the token surpassed its price range and reached $0.042 on Thursday morning, achieving a market capitalization of $2.6 billion. As part of an 18% surge, this token overtook dogewhat (WIF) and BONK to become the largest Solana-based memecoin in terms of market cap, maintaining its position as the industry’s front-runner.
PENGU climbed up to be the fourth most prominent meme coin based on this measurement, trailing behind Dogecoin, Shiba Inu, and PEPE. Moreover, within the past 24 hours, the token has experienced a significant surge in market activity, recording a daily trading volume of $1.92 billion, which translates to a 25% increase.
Based on findings from data analysis company Lookonchain, it appears that significant crypto investors, often referred to as “whales,” have taken notice of the surge in PENGU’s value. Over the last week, some of these major players have been accumulating PENGU tokens, essentially stockpiling them for future use.
On December 24th, a whale, having received an airdrop worth approximately $3.52 million in PENGU tokens, further invested $1 million to increase its holdings. As per the post, the wallet spent roughly 5,250 SOL to acquire an additional 34.42 million PENGU, bringing its total holding to 151.12 million PENGU, now valued at approximately $5.08 million.
Similarly, another whale exchanged 500,000 ai16z, another trending Solana-based memecoin, today for PENGU. In the past eight days, this investor has spent $2.47 million to buy 79.9 million PENGU, having unrealized profits of around $835,000.
As of this writing, PENGU is trading at $0.038, a 4.8% increase in the daily timeframe.
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2024-12-27 05:47