A cryptocurrency trader managed to make around $8.36 million in less than 20 minutes on the airdrop of a unique native token ("NFT") of the recently popular Pudgy Penguins project.
the Lookonchain data analytics service. According to the trader, he spent 23,742 SOL to buy 239.6 million PENGU tokens shortly after launch, betting $5.36 million that the recently launched #cryptocurrency would grow.
PENGU tokens are issued to holders of Pudgy Penguins 'NFT-' were issued by the company and at launch their price soared from around $0.05 per #token to a high of $0.07 per token, but then those who got their hands on the tokens started selling them en masse. Since then, the cryptocurrency has plummeted and is currently trading at $0.031 per token.
However, PENGU's market capitalization is currently around $1.93 billion, putting it among the top 100 digital assets. At launch, the token was listed on various major cryptocurrency trading platforms, including Binance, Bybit, OKX and Bitget.
A total of 23.5% of PENGU shares were distributed via airdrop, while another 22% of Solana and Ethereum shares were distributed to the community. In addition, 12.3% of the offering is used as liquidity on decentralized exchanges.
Before PENGU's launch, the minimum price for Pudgy Penguin ''NFT-'' increased significantly.
At one point, the minimum price for the FT- collection was 34.1 ETH (approx. 135,000). Since then, the price of
FT- has dropped by over 52%, and traders seem to be dumping their
FT-, as the cheapest
FT- in the collection is currently priced at 15.75 ETH (approx. $ 62,400).
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