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The newly launched PENGU token stole the spotlight after becoming the largest Solana-based memecoin by market capitalization. The token’s rally has gathered a lot of interest from large investors, who have invested heavily in the token in the past few days.
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Solana’s new token steals the spotlight
On December 17, the Pudgy Penguins Non-Fungible Token (NFT) project launched its official token, PENGU, on the Solana Blockchain. The token has moved through the ranks, overtaking other Solana-based tokens and garnering a lot of attention in nine days.
Pudgy Penguins, one of the largest NFT collections, contains 8,888 unique animations of cute penguins and has a market capitalization of 205,757 ETH. In anticipation of the token launch, the project grew as the second largest NFT collective, behind only CryptoPunks.
Since its launch three years ago, the project has seen its community grow exponentially and “establish itself in the hearts and minds of everyday people and cultures,” according to the project team. In addition, it is expected to contribute to project management despite the fact that no specific issue has been announced yet.
As such, the newly launched cryptocurrency aims to “expand its community and expand the reach” of the project by allowing old and new users to “adapt” to penguins.
According to CoinGecko data, the Solana-based memecoin started with a 500% increase to a market capitalization of $3.5 billion but registered significant volatility in the following days.
A few hours after the launch, the PENGU price bounced back more than 50% before falling to a $1.4 billion market cap on December 20. The token moved between the $0.025-$0.037 range over the course of several days, settling in the upper part of the range on Christmas Eve.
Whales Fill Their Bags As PENGU Searches BONK
Amid the short-term gains of Christmas Day in the market, the token broke above this range and rose to the $0.042 mark on Thursday morning, reaching a market cap of $2.6 billion. During this rally 18%, the token flipped dogwifhat (WIF) and BONK to become the largest Solana memecoin by market cap, currently holding its position as the leader of the sector.
PENGU is the fourth largest memecoin by this metric, just behind Dogecoin, Shiba Inu, and PEPE. Additionally, in the last 24 hours, the token has seen a 25% increase in market activity, with a daily trading volume of 1.92 billion.
According to on-chain data analysis firm Lookonchain, Crypto whales also took note of the PENGU meeting, with many large investors filling their wallets last week.
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On December 24, the whale that received the airdrop of PENGU 116.7 million, worth $ 3.52 million, increased its holding by buying $ 1 million. According to the post, the fund used 5,250 SOL to buy another 34.42 million PENGU, holding 151.12 million PENGU, worth $5.08 million.
Similarly, another whale exchanged 500,000 ai16z, another trending Solana-based memecoin, today for PENGU. In the last eight days, this investor spent $2.47 million to buy 79.9 million shares of PENGU, with an estimated net gain of $835,000.
As of this writing, PENGU is trading at $0.038, which is a 4.8% increase in the daily time frame.
Featured image from Unsplash.com, Chart from TradingView.com
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