The Pudgy Penguins NFT project launched its own token, PENGU, on the Solana blockchain, which significantly increased Solana’s network activities. Solana, Ethereum $3,870.3It is considered a cost-effective alternative to the layer 1 network, and as of December 2024, it reached its highest transaction volume since 2020.
Solana Volume
Solana’s transaction count exceeded that of all other major blockchains combined, showing just how dense the network is. According to the Artemis data source, this figure significantly highlighted Solana’s performance.
The network also surpassed other blockchains in terms of daily decentralized exchange (DEX) trade volume and number of daily active addresses. However, the stablecoin fell behind Base, Ethereum, and Tron in terms of transfer volume. The huge increase in volume was fueled by the excitement surrounding the launch of PENGU. A lot of investors received over $150 in airdrops and this is something that is rarely seen. This is especially the case considering the enormity of the airdrop progress payment.
PENGU Token Launch
The launch of the PENGU token began with holders of Pudgy Penguins, Lil Pudgys, Rogs and Soul Bound Tokens (SBT) participating in the PENGU airdrop. The project received over 100,000 requests in the first hour, while the website was viewed 4.7 million times.
PENGU initially entered our lives with a market value of 2.3 billion dollars, but according to Coingecko data, its value decreased to 2 billion dollars. Solana’s native token, SOL, rose 3.2% to $229 on Tuesday. However, this momentum could not continue and fell to $217.
Bitcoin 
$104,049.2After ‘s rise as the market leader, SOL was expected to rise, but a cautious movement was observed before the FED’s interest rate decision.
In the crypto bull market that has been going on since the beginning of last year, Solana has become a popular option for retail investors looking to make quick profits from meme coins, NFTs and other smaller tokens.
This high transaction volume and trading activity of Solana contributed to growth in the ecosystem by increasing the impact of projects and new tokens on the platform.
The launch of the PENGU token increased interest in the Solana ecosystem, while also supporting investor confidence and the use of blockchains.
Solana’s continued growth potential and hosting of various projects bodes well for the future performance of the network.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
