Pudgy Penguins’ token PENGU increased by more than 800% in price following the launch and airdrop distribution. The Solana-based token recorded high trading volume soon after going live, reflecting strong demand from NFT holders and the broader crypto market.
Pudgy Penguins Airdrop Started
Project CEO Luca Netz said that to request tokens, users need to use both Ethereum and Ethereum. $4,025.5 and Solana stated that he should tie his wallets. It was also reported that users must hold at least $1-2 worth of SOL tokens in their wallets for transaction fees. The claim period will last 88 days and any unused tokens will be burned at the end of this period.
Luca Netz stated that the token request process requires users to make transactions on two different blockchains.
800% Increase in PENGU Token Price
PENGU token is off to a strong start, with trading volume of nearly $90 million in its first hour. Within 24 hours, the token price increased by 870% to $0.05 and then fell to $0.0485. The market value of the token rose to $3 billion and PENGU ranked among the top 200 cryptocurrencies by market value.
One trader made a profit of $8.36 million in 20 minutes as the token price skyrocketed.
NFT Market and Ecosystem Growth
The launch of PENGU has positively impacted the Pudgy Penguins NFT market. The base price of the Pudgy Penguins collection rose to 34.1 ETH, an increase of 2.6%, making the collection the second most expensive collection in the NFT market after CryptoPunks.
The project went beyond digital collectibles and tied into the Pudgy World metaverse with physical products like Pudgy Toys sold at retailers like Walmart and Target. Additionally, it is planned to provide cross-chain compatibility between Ethereum and Solana networks through LayerZero technology.
Binance will make PENGU available across its various products, providing 75x leverage with PENGU/USDT Futures Contracts via Binance Futures. OKX also added the token to the spot trading market, showing that more institutional investors are paying attention to NFT-based tokens.
The launch of PENGU token is seen as a strategic step for the Ethereum-based NFT project, which contributes to the growth of the ecosystem.
The launch of the PENGU token enabled the expansion of the Pudgy Penguins ecosystem in both digital and physical spaces. The project aims to enable users to use tokens more easily by strengthening the integration between blockchain networks.
Pudgy Penguins gained an important place in the NFT market with its token launch and airdrop. While the project expanded its user base with both digital and physical products, its presence in central stock exchanges also increased corporate interest.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
