PENGU token starts on Solana
Tuesday on solariumhe Chubby penguins Launch of the PENGU ecosystem coin. Within hours, it was among the top 100 cryptocurrencies based on market value. Through an airdrop that has generated a lot of buzz, millions of nft owners and traders qualify to collect tokens.
With a market value of around $2.1 billion, PENGU is now trading at approximately $0.0335. According CoinGeckothis places it as the 76th largest cryptocurrency by market capitalization. Originally valued at $0.068, the coin fell 51% on its first day of trading. The sudden drop represents the volatility often seen with newly introduced tokens.
Source: CoinGecko
PENGU carries just over 88.88 billion tokens in total. Airdrop consumes more than half of this supply. Those qualified include Pudgy Penguins nft holders, nft owners of partner collections, ethereum and Solana nft traders, and even holders of FTT, the utility token of the now-defunct FTX marketplace.
Based on the current PENGU price, the 44.8 billion tokens distributed for the airdrop are worth $1.5 billion. Token claims are extended until March 15, 2025. Any unclaimed tokens will be permanently locked after this date, limiting general availability.
On Tuesday, the airdrop began around 8 a.m. Eastern Time (CET). More than 100,000 claims were entered in the first hour and the Pudgy Penguins website had 4.7 million visits. However, many customers complained of problems. While some got fewer chips than planned, others struggled to get them.
The Pudgy Penguins team discovered that these disturbances came from DDOS attacks. A staff member reminded users that people with fewer tokens could finish the claim procedure once more to get the remaining money. Despite these obstacles, the airdrop has attracted great interest and participation.
According to CoinGecko, PENGU's first-day trading volume was approximately $1.5 billion. This places the coin as the 14th most traded among the top 100 cryptocurrencies by market capitalization. The high trading activity shows great interest in the token as well as the broader Pudgy Penguins ecology.
Effects on nft Chubby Penguins
Pudgy Penguins nft prices surged in response to the excitement around the PENGU airdrop. Prices hit $100,000 for the first time, making the most expensive profile photo (PFP) nft collection almost surpass CryptoPunk.
However, after the airdrop, nft prices have decreased significantly. After claiming tokens, many nft holders sold their creations, which helped lower the price floor. According to data from nft Price Floor, Pudgy Penguins nfts are now valued in ethereum (eth) worth just over $63,000, a 48% drop from the previous day.
The release of PENGU has sparked much interest in the plump penguin habitat. While the coin's market performance and trading volume have placed it among the most discussed crypto debuts of the year, the airdrop attracted millions of participants. PENGU means great progress for Pudgy Penguins despite technical difficulties and price volatility, confirming its place in the nft and crypto markets.
