The newly launched PENGU token on the Solana blockchain has made waves in the cryptocurrency world after becoming the largest Solana-based memecoin by market capitalization. In just nine days, the token has flipped other Solana-based tokens and garnered significant attention from investors, particularly whales who have heavily invested in the token.
The Pudgy Penguins NFT project, known for its collection of 8,888 unique cartoons of cute penguins, launched the PENGU token on December 17. The project has grown steadily over the past three years, solidifying its place in the NFT space and attracting a large and dedicated community. While the token does not yet have a specific use case announced, the team behind the project aims to expand its community and increase its reach with the launch of PENGU.
After debuting with a 500% surge to a market capitalization of $3.5 billion, PENGU experienced significant volatility in its early days. The token’s price retraced over 50% just hours after launching, before stabilizing around the $0.025-$0.037 range. On Christmas Eve, the token was trading at the upper end of this range before breaking out and climbing to a $2.6 billion market cap on Thursday morning.
During this rally, PENGU flipped other Solana memecoins like dogwifhat (WIF) and BONK to become the largest memecoin on Solana by market cap. Currently, the token holds its position as the sector’s leader, ranking as the fourth largest memecoin overall behind Dogecoin, Shiba Inu, and PEPE. In the last 24 hours, PENGU has seen a 25% increase in market activity, with a daily trading volume of $1.92 billion.
Crypto whales have also taken notice of PENGU’s rally, with several large-scale investors increasing their holdings in the token over the past week. One whale received an airdrop of 116.7 million PENGU, worth $3.52 million, and subsequently made a $1 million purchase to increase their holding. Another whale exchanged 500,000 ai16z for PENGU, spending $2.47 million in the past eight days to acquire 79.9 million PENGU, with unrealized profits of around $835,000.
As of the latest update, PENGU is trading at $0.038, representing a 4.8% increase in the daily timeframe. With its rapid ascent to becoming the largest Solana-based memecoin, PENGU continues to attract attention from investors and traders alike, positioning itself as a key player in the memecoin landscape. As the project aims to further expand its community and reach, the future looks bright for PENGU and its growing ecosystem.
