PENGU Token Starts on Solana
Tuesday on Solana, the Pudgy Penguins ecosystem coin PENGU released. Within hours, it was among the top 100 cryptocurrencies based on market value. Through an airdrop that has created a lot of hype, millions of NFT owners and traders qualify to collect tokens.
With a market worth of about $2.1 billion, PENGU is now trading at roughly $0.0335. According to CoinGecko, this ranks it as the 76th biggest crypto by market cap. Originally valued at $0.068, the coin fell 51% on its first day of trade. The sudden drop represents the volatility often seen with just introduced tokens.
Source: CoinGecko
PENGU carries little over 88.88 billion tokens overall. The airdrop consumes more than half of this supply. Those qualified include Pudgy Penguins NFT holders, owners of NFTs from partnered collections, Ethereum and Solana NFT traders, and even FTT holders—the utility token of the now-defunct FTX market.
Based on PENGU’s present pricing, the whole 44.8 billion tokens distributed for the airdrop are worth $1.5 billion. Token claims span until March 15, 2025. Any unclaimed tokens will be locked permanently after this date, therefore limiting the overall availability.
On Tuesday, the airdrop started around eight in AM ET. Over 100,000 claims were entered inside the first hour, and the Pudgy Penguins website had 4.7 million hits. Many customers, nevertheless, complained of problems. While some got less tokens than planned, some battled to grab tokens.
The Pudgy Penguins team found that these disturbances came from DDOS assaults. A staff member reminded users that individuals with less tokens might finish the claim procedure once more to get the remaining money. Notwithstanding these obstacles, the airdrop has attracted great interest and involvement.
Based to CoinGecko, PENGU’s first day’s trading volume came at about $1.5 billion. This ranks the coin 14th most traded among the top 100 cryptocurrencies by market capitalisation. The great trading activity shows great interest in the token as well as the larger Pudgy Penguins ecology.
Effects on NFT Pudgy Penguins
Pudgy Penguins NFT prices surged in response to the excitement around the PENGU airdrop. Prices hit $100,000 for the first time, making the most expensive profile photo (PFP) NFT collection almost to overtake CryptoPunk.
After the airdrop, NFT prices have decreased significantly, however. After claiming tokens, many NFT holders sold their creations, which helped to lower the floor price. Based on data from NFT Price Floor, Pudgy Penguins NFTs are now valued slightly over $63,000 worth of Ethereum ( ETH), a 48% drop from the day before.
PENGU’s release has drawn a lot of interest in the Pudgy Penguins habitat. While the market performance and trading volume of the coin have put it among the most discussed crypto debuts of the year, the airdrop drew millions of participants. PENGU signifies a major progress for Pudgy Penguins despite technical difficulties and price volatility, therefore confirming its place in the NFT and crypto markets.
