Trader’s $10K Turns to $3 on PENGU Token Mishap 🐧💸

One unlucky trader faced a shocking loss after investing $10,000 in Pudgy Penguins’ PENGU tokens ahead of an NFT-related airdrop. The token, briefly valued at a $3 billion market cap, was mistakenly purchased at an inflated $14 trillion capitalization due to a glitch. Their $10,000 investment dropped to under $3 within minutes.

The Mishap ⚠️

Using Jupiter, a decentralized exchange, the trader placed a large PENGU order. However, the transaction was misdirected to a low-liquidity pool manipulated by bad actors. Failing to verify the contract address, the trader swapped 45 wrapped Solana (SOL) for 78 PENGU tokens worth less than $5.

Recovery Efforts 💪

Despite the loss, the trader later managed to acquire 62,585 PENGU tokens, valued at approximately $2,000, partially recovering from the error.

Pudgy Penguins’ Vision 🐧✨

The PENGU token is central to Pudgy Penguins’ ecosystem growth. Igloo Inc., the project’s backer, aims to integrate PENGU features on Ethereum and launch a layer-2 network called Abstract Chain. With a total supply of 88.88 billion tokens, the airdrop reached seven million eligible addresses.

Conclusion 📝

This case underscores the risks of decentralized trading, where glitches and unverified transactions can lead to massive losses. As Pudgy Penguins advances its roadmap, careful investment strategies remain essential for traders in the volatile crypto market.$PENGU

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