The Pudgy Penguins ecosystem token PENGU on Solana has surged over 564% in the past 24 hours. 

The token now trades at $0.033233, with a market cap exceeding $2 billion. Data from CoinMarketCap shows the trading volume has reached $2.4 billion.

Binance Listing Boosts Market Performance

Binance announced the listing of PENGU token on December 17, 2024, at 14:00 UTC. 

The exchange opened trading pairs with USDT, BNB, FDUSD, and TRY. The listing came after a strategic airdrop campaign where users who subscribed to Simple Earn products between December 9-12 became eligible for token rewards.

The exchange distributed PENGU tokens to eligible users’ spot wallets one hour before the trading launch. This coordinated release helped create a smooth trading environment for the new token.

Community Support Through Liquidity Pools

Meteora, a liquidity platform, played a key role in PENGU’s market success. 

In a congratulatory tweet, @MeteoraAG highlighted the community’s collective effort, depositing nearly $30 million into the PENGU DLMM liquidity pools. The platform’s dynamic fee system generated $3 million in trading fees within five hours of launch, further emphasizing the robust activity surrounding the token.

This liquidity injection strengthened PENGU’s position in the market, ensuring smoother trading and boosting confidence among investors.

Read also: Why Ripple (XRP) Price Could Reach $10 This Bull Run

Community Rewards Through Airdrops

Mystery of Crypto revealed details about a separate PENGU airdrop targeting Phantom wallet users. The airdrop has distributed 2.4 billion PENGU tokens, representing 5.9% of the total supply. 

Each eligible wallet received an average of 45,200 PENGU tokens, valued at approximately $2,200.

The Pudgy Penguins brand has built a strong presence in the crypto space. Their penguin mascot appears in ETF commercials and has gathered millions of followers. The community’s social media content has generated over 50 billion views across platforms, establishing the Pengu character as a recognized symbol in digital culture

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