3 months ago
The recently launched PENGU token has stolen the spotlight aft becoming the largest Solana-based memecoin by marketplace capitalization. The token’s rally has gathered monolithic involvement from large-scale investors, who person heavy invested successful the token implicit the past fewer days.
New Solana Token Steals The Spotlight
On December 17, the Pudgy Penguins Non-Fungible Token (NFT) task launched its authoritative token, PENGU, connected the Solana Blockchain. The token has moved done the ranks, flipping different Solana-based tokens and gathering monolithic attraction successful 9 days.
Pudgy Penguins, 1 of the largest NFT collections, consists of 8,888 unsocial cartoons of cute penguins and has a marketplace capitalization of 205,757 ETH. In anticipation of the token launch, the task surged arsenic the second-largest NFT collection, lone falling down CryptoPunks.
Since its motorboat 3 years ago, the task has seen its assemblage importantly turn and “cemented itself successful the hearts and minds of mundane radical and culture,” according to the project’s team. Additionally, it is expected to lend to the project’s governance contempt not having a circumstantial usage lawsuit announced yet.
As such, the recently launched cryptocurrency aims to “expand its assemblage and further widen the reach” of the task by allowing aged and caller users “to align” themselves with the penguins.
According to CoinGecko data, the Solana-based memecoin debuted with a 500% surge to a marketplace capitalization of $3.5 cardinal but registered monolithic volatility successful the pursuing days.
Just hours aft launching, PENGU’s terms retraced implicit 50% earlier descending to a $1.4 cardinal marketplace headdress connected December 20. The token hovered betwixt the $0.025-$0.037 scope implicit a fewer days, stabilizing astir the range’s precocious portion connected Christmas Eve.
Whales Fill Their Bags As PENGU Flips BONK
Amid the market’s momentary Christmas Day gains, the token broke supra this scope and climbed to the $0.042 people connected Thursday morning, hitting a $2.6 cardinal marketplace cap. During this 18% rally, the token flipped dogwifhat (WIF) and BONK to go the largest Solana memecoin by marketplace cap, presently holding its presumption arsenic the sector’s leader.
PENGU became the 4th largest memecoin by this metric, conscionable down Dogecoin, Shiba Inu, and PEPE. Additionally, successful the past 24 hours, the token has seen a 25% summation successful marketplace activity, with a regular trading measurement of $1.92 billion.
PENGU becomes the largest Solana memecoin. Source: CoinGeckoAccording to on-chain information investigation steadfast Lookonchain, Crypto whales person besides noticed PENGU’s rally, with respective large-scale investors filling their bags implicit the past week.
On December 24, a whale that had received an airdrop of 116.7 cardinal PENGU, worthy $3.52 million, accrued its holding with a $1 cardinal purchase. According to the post, the wallet spent 5,250 SOL to bargain an further 34.42 cardinal PENGU, holding a full of 151.12 cardinal PENGU, valued astatine $5.08 million.
Similarly, different whale exchanged 500,000 ai16z, different trending Solana-based memecoin, contiguous for PENGU. In the past 8 days, this capitalist has spent $2.47 cardinal to bargain 79.9 cardinal PENGU, having unrealized profits of astir $835,000.
As of this writing, PENGU is trading astatine $0.038, a 4.8% summation successful the regular timeframe.
PENGU’s show successful the one-week chart. Source: PENGUUSDT connected TradingViewFeatured Image from Unsplash.com, Chart from TradingView.com
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