The newly launched PENGU token has gained attention after becoming the largest Solana-based memecoin by market cap. The rally of this token has attracted the attention of large investors who have invested heavily in this token in the past few days.
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Solana's new token steals the spotlight
On December 17, the Pudgy Penguins Non-Fungible Token (NFT) project launched its official token, PENGU, on the Solana blockchain. The token has moved up the ranks, toppling other Solana-based tokens, and gaining widespread attention in 9 days.
Pudi penguins, one of the largest NFT The collection consists of 8,888 unique cartoons of cute penguins and has a market value of 205,757 ETH. In anticipation of the token's launch, the project rose to become the second largest NFT pool, second only to CryptoPunks.
According to the project team, since its launch three years ago, the project has seen its community grow significantly and has “established itself in the hearts and minds of people and everyday culture”. In addition, it is expected to help project management, although no specific use case has yet been announced.
As such, it has just been launched Cryptocurrency It aims to “broaden the community and further expand the reach” of the project by allowing old and new users to “align” themselves with Penguins.
According to data from CoinGecko, the Solana-based memecoin launched with a 500% increase to a market cap of $3.5 billion, but has seen a lot of volatility in the following days.
Just a few hours after the launch, PENGU's price dropped by more than 50%, reaching $1.4 billion on December 20. The token fluctuated between $0.025-$0.037 for several days and stabilized around the top of the range on Christmas Eve.
Whales fill their pouches as PENGU Flips BONK
Amid a momentary market rally on Christmas Day, the token broke through this range to hit $0.042 on Thursday morning, giving it a market capitalization of $2.6 billion. During this 18% rally, the token replaced dogwifhat (WIF) and BONK to become the biggest Solana. memecoin By market value, it currently maintains its position as the leader of the sector.
PENGU became the fourth largest memecoin by this measure, just behind Dogecoin, Shiba Inu and PEPE. Additionally, in the past 24 hours, the token has seen a 25% increase in market activity, with a daily trading volume of $1.92 billion.
Crypto whales have also noticed PENGU's growth, with several large-scale investors packing their bags over the past week, according to blockchain data analytics firm Lookonchain.
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On December 24, a whale that had received An airdrop of 116.7 million PENGU, worth $3.52 million, increased its holdings by buying $1 million. According to the post, the wallet spent 5,250 SOL to buy an additional 34.42 million PENGU, for a total of 151.12 million PENGU, worth $5.08 million.
Likewise, another whale Exchanged 500,000 ai16z, another popular Solana-based Memcoin, today for PENGU. In the past eight days, the investor has spent $2.47 million to buy 79.9 million PENGU, making unrealized profits of about $835,000.
As of writing, PENGU is trading at $0.038, up 4.8% on the intraday period.
Featured image from Unsplash.com, chart from TradingView.com
