coinjournal.net
- The $PENGU token currently trades at $0.03548, up 609% since its launch.
- The token is currently ranked at position 59 by market cap on CoinMarketCap.
- It has overtaken $WIF and $GRT in terms of market cap ranking.
In a remarkable display of market enthusiasm, the newly launched Pudgy Penguins ($PENGU) token on the Solana blockchain has witnessed its market capitalization skyrocket by 521% since its debut.
Launched with a total supply of 88,888,888,888 tokens and a circulating supply of 62.416 billion tokens, $PENGU has quickly become a focal point for the crypto community, especially those involved with the Pudgy Penguins $NFT project, which comprises an 8,888-piece $NFT collection launched in 2021 on the Ethereum blockchain.
This impressive performance has positioned $PENGU as one of the standout tokens in the Solana ecosystem and propelled the token to position 59 by market cap overtaking more established coins like Dogwifhat ($WIF) and The Graph ($GRT).
The token’s market cap hit an impressive $2.5 billion within the first day, underlining its potential to influence market trends. Despite the volatile nature of cryptocurrency, $PENGU has managed to maintain a substantial holder base, with reports suggesting a 40% increase from the lowest points post-launch.
With a market cap of $2,227,684,354, $PENGU could easily overtake Injective, Ondo, Celestia, Bonk, Immutable, and others if its price soared to $0.05.
This growth has been supported by listings on major exchanges like Binance and OKX, which have facilitated spot trading, and partnerships with services like MoonPay, enhancing $PENGU’s accessibility and liquidity.
Notably $PENGU’s surge can be attributed to a strategic airdrop distribution, targeting not only Pudgy Penguins holders but also engaging Ethereum and Solana’s early adopters, known as OGs.
This approach has evidently paid off, as $PENGU has not only seen a significant price increase but has also boasted one of the highest transaction volumes on the Solana blockchain, with daily transactions reaching an unprecedented 66.9 million shortly after launch.