As a seasoned crypto investor with a knack for spotting trends and a penchant for the memecoin market, I must admit that the recent surge of Pudgy Penguins (PENGU) has piqued my interest. The token’s meteoric rise, fueled by whale accumulations and social media buzz, is reminiscent of the wild west days of cryptocurrency trading.
On Thursday, the NFT-linked cryptocurrency Pudgy Penguins drew significant focus on social media due to a notable surge in value. The token skyrocketed to $0.43, fueled by large-scale accumulations by whales, resulting in a market capitalization of approximately $2.5 billion.
Initially, PENGU outperformed competitors such as BONK ($0.000031) and WIF ($1.87), briefly taking the fourth position among the largest memecoins by market capitalization on CoinMarketCap. Presently, PENGU and BONK are engaged in a struggle to claim the title of the largest Solana-based meme coin.
In simpler terms, a significant player (often referred to as a ‘whale’) swapped 500,000 ai16z tokens worth approximately $412,000 for PENGU tokens today. Over the past eight days, this investor has bought 79.9 million tokens, investing around $2.47 million, and currently holds unrealized profits of about $835,000 on these tokens.
A whale who made $9.5M on $ai16z exchanged 500K $ai16z($412K) for $PENGU again 2 hours ago.
At first, this whale invested $1,150,000 to acquire approximately 14.08 million AI16z tokens and later sold off 7.87 million AI16z tokens for a total of $5,570,000. Now, the whale still holds around 6.21 million AI16z tokens, which are worth approximately $5,080,000. #ai16z
Over the past 8 days, the whale has spent $2.47M to buy…
— Lookonchain (@lookonchain) December 26, 2024
As an analyst, I found that a significant whale, who originally received 116.7 million PENGU tokens at launch, boosted their portfolio on December 24th. These tokens, initially valued at $394,000, have surged in value to $4.4 million due to a staggering 670% price increase since the initial release. This whale further expanded their holdings by investing an additional $1 million in Solana (SOL) for 34.42 million more tokens. With this latest acquisition, they now control over 151 million PENGU tokens. As of today, the Solana market cap stands at approximately $90.93 billion, with a 24-hour trading volume of $3.39 billion and a 24-hour volatility of just 3.7%.
As a crypto enthusiast, I’ve been thrilled to see the growing interest in PENGU following its listing on Bithumb. The buzz is particularly high amongst South Korean investors, who are anxiously waiting for the upcoming airdrop event.
PENGU Price Volatility
Ever since its debut on December 17, PENGU has shown both exceptional and unstable price movement. On its first day, the token soared almost 500%, peaking at $0.05738. Unfortunately, this rapid increase didn’t last long, as the price plummeted to $0.031 within just a day, representing a steep 55% decrease. Throughout these extreme ups and downs, skilled traders have reported substantial earnings, with some raking in as much as $8.36 million in mere minutes.
Over the past week, PENGU’s price has stabilized, trading between $0.033 and $0.039. Thursday’s whale-driven rally saw the token rise 18% to a local peak of $0.043 before undergoing a correction. PENGU is currently trading at $0.03899, up 3% in the past 24 hours.
Delightfully contributing to the buzz, as a researcher immersed in the digital art world, I’ve been following the steps of Luca Netz, the visionary CEO and proprietor of the Pudgy Penguins NFT initiative. Recently, he organized lively “Pudgy Penguins Christmas Gatherings” across Asia, reaching out to Malaysia, South Korea, Indonesia, and even Oceania. These events serve as a testament to the project’s growing community and its dedication to promoting global interaction and unity.
In spite of its naturally unstable nature, PENGU has managed to reach significant accomplishments, such as amassing over 500,000 holders by December 22. Contrastingly, the overall memecoin market experienced a decline on Thursday, with the total market cap of top memecoins decreasing by 5% to $94.5 billion. Additionally, trading volume dropped by 20%, indicating the divergent trends within this sector.
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2024-12-26 19:27