What to know:
- PENGU is trading at a $312 market cap as trading volume hit $90 million in the first hour of trading.
- 23.5% of PENGU’s total supply has been allocated to airdrop recipients.
As a seasoned analyst with years of experience in the ever-evolving crypto market, I find myself intrigued by the meteoric rise of PENGU, the native token of the Pudgy Penguins NFT project. Having witnessed the birth and growth of numerous projects, I must admit that this debut at a $312 million market cap in just the first hour of trading is nothing short of impressive.
In simpler terms, the digital currency called PENGU, tied to the NFT collection known as Pudgy Penguins, made its entrance with a total market value of approximately $312 million. This happened when the tokens were given out for free to those who already owned the NFTs, in what is called an airdrop event.
According to CoinMarketCap, the token issued on the Solana platform initially had a total minted amount of approximately 88.88 billion, and during its first hour of trading, it generated around $90 million in volume.
Approximately one out of every four PENGU tokens was earmarked for the airdrop, and an extra 22% has been designated by both Solana and Ethereum communities. Moreover, around 12.3% of the total supply will be utilized as liquidity on decentralized trading platforms.
The cost of purchasing the lowest-priced Pudgy Penguin NFT has climbed since the launch of PENGU, currently sitting at 34.1 ETH ($136,000), representing a 2.6% rise. This makes it the second most expensive NFT collection, surpassed only by CryptoPunks.
In contrast to the broader Non-Fungible Token (NFT) market that’s been experiencing a prolonged downturn since meme coins came into play, [a certain NFT] has outshone its competition. Last year, NFTs were all the rage among crypto investors seeking high returns, but as excitement and liquidity dwindled, so did asset values. The trading volume on OpenSea, a popular NFT exchange, peaked at $2.7 billion in a single day in 2022, while this month it’s barely managed to reach $30 million.
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2024-12-17 17:43