Pudgy Penguins Token Airdrop Causes Market Frenzy
- Pudgy Penguins’ PENGU token experiences extreme price fluctuations post-airdrop launch.
- PENGU trading volume skyrockets to $90M within hours, resulting in both massive gains and losses for traders.
- Leading exchanges list PENGU as NFT values surge, followed by a drop after token claim sell-offs.
The introduction of the PENGU token through a $1.5 billion airdrop on the Solana blockchain by the Pudgy Penguins NFT project has taken the crypto industry by storm.
Launched on December 5, the PENGU token aims to strengthen the bond between the Pudgy Penguins brand and its rapidly expanding global community.
Details and Eligibility for PENGU Airdrop
The PENGU airdrop, which commenced at 8:00 a.m. ET, is accessible to holders of Pudgy Penguins, Lil Pudgys, Rogs, and soulbound tokens (SBTs). Additionally, owners of Pudgy Toys, which are plush collectibles associated with the Pudgy World metaverse, are also qualified for the airdrop.
To claim the tokens, users must connect their Solana and Ethereum wallets and maintain a minimum of $10 worth of SOL for covering gas fees. The claiming window spans 88 days, after which any unclaimed tokens will be permanently destroyed, reducing the overall supply in circulation.
Penguins and eligible parties can claim their $PENGU now.
The claim page will remain live for 88 days and the unclaimed PENGU will be functionally locked in the smart contract, forever.
Claim here: https://t.co/EADJ17nCOS pic.twitter.com/WZYWUEFWmc
— Pudgy Penguins (@pudgypenguins) December 17, 2024
Out of the total 88.88 billion PENGU tokens in circulation, 25.9% is allocated to the Pudgy Penguins community, 24.12% to other NFT holders and “Huddle” members, and 17.8% to the project team with a one-year cliff and three-year vesting period. Another 11.48% is set aside for the company with similar vesting terms.
Despite its initial success, the launch of PENGU encountered technical challenges. Claimants reported issues such as receiving fewer tokens than expected. A PENGU team member attributed this to distributed denial-of-service (DDoS) attacks, causing delays and discrepancies. However, users were assured that unclaimed tokens could still be recovered.
Pushed new Claim patches / updates ✅
Refresh and restart your claim. What you claimed previously should show up as Claimed and should show you what you have remaining to claim.
Ledger fix/updates should follow shortly afterwards.
Appreciate everyone’s patience. We’ve had an…
— Chef (@chefgoyardi) December 17, 2024
Pudgy Penguins Ecosystem Witnesses Explosive Market Activity
Shortly after its launch, PENGU generated a trading volume of $90 million, surging by over 870% to reach an all-time high of $0.06845. Its market cap also exceeded $3 billion, propelling it into the top 200 cryptocurrencies.
However, the token’s debut was not without challenges. Following the ATH at $0.06845, PENGU’s value plummeted by 51% to approximately $0.03232 at the time of writing, showcasing the volatility common in new token releases.
A shrewd trader capitalized on the price spike, purchasing 239.6 million PENGU with 23,742 SOL before selling it for 60,726 SOL, yielding a remarkable profit of $8.36 million within just 20 minutes.
A trader made an incredible 36,984 $SOL($8.36M) profit by trading $PENGU in less than 20 minutes.
As soon as $PENGU launched, the trader spent 23,742 $SOL($5.36M) to buy 239.6M $PENGU and later sold it for 60,726 $SOL($13.72M).
A massive profit!😱https://t.co/hIpkzxZjES pic.twitter.com/z5ZDKL3cfn
— Lookonchain (@lookonchain) December 17, 2024
Conversely, a trader who attempted to capitalize on early trades incurred a $10,000 loss due to low liquidity, receiving only 78 PENGU tokens valued at $3. This incident underscores the risks associated with trading in pools with low liquidity.
somebody bought $PENGU @$14T mc turning his $10k to $5 in seconds lmfao pic.twitter.com/R9X9tOu2fn
— bx1 (@bx1core) December 17, 2024
The airdrop event has also impacted the Pudgy Penguins NFT market. The collection’s floor price briefly surged to 34.1 ETH (approximately $136,000), solidifying its position as the second most expensive NFT collection after CryptoPunks. However, post-airdrop sell-offs led to a price decline, with some NFTs dropping below $63,000.
Listing of PENGU Token on Leading Exchanges
The PENGU token is now available for trading on major exchanges like Binance, OKX, and Bybit.
Binance has introduced PENGU/USDT perpetual contracts with leverage of up to 75x, highlighting the token’s increasing prominence and market potential.
Looking to the future, PENGU aims to enhance its functionality through Ethereum and the Abstract Chain Layer 2. Additionally, a LayerZero bridge is in the works to enable seamless token claiming for Pudgy Toy owners.
As the ecosystem evolves, the success of the PENGU token will depend on its ability to sustain user engagement and navigate the volatile crypto market.
