A crypto trader has made nearly $8.36 million from an airdrop of the native token of the non-fungible token (NFT) project Pudgy Penguins, all in less than 20 minutes.🔥🫣🤩💥🔥🌟💫
According to on-chain data analytics service Lookonchain, the trader spent 23,742 SOL to acquire 239.6 million PENGU tokens upon its launch, representing a $5.36 million bet on the rise of this new cryptocurrency.
This bet quickly proved successful, as the trader subsequently resold his PENGU holdings for 60,726 SOL, or approximately $13.72 million.
The PENGU token was airdropped to NFT holders from Pudgy Penguins and saw an initial surge upon launch, from around $0.05 to a peak of $0.07 per token, before airdrop recipients began selling en masse. The cryptocurrency has since suffered a decline and is currently trading at $0.031 per token.
Despite this, PENGU’s total market cap now stands at around $1.93 billion, placing it among the top 100 most valuable digital assets. At the time of launch, the token was listed on several major cryptocurrency exchanges, including Binance, Bybit, OKX, and Bitget.
A total of 23.5% of the PENGU supply was distributed through airdrops, while another 22% was allocated to the Solana and Ethereum communities. Additionally, 12.3% of the supply will be used as liquidity on decentralized exchanges.🔥
Prior to the launch of PENGU, the price of Pudgy Penguins NFTs saw a significant increase, reaching a low of 34.1 ETH (around $135,000) at one point.🔥
However, the price of the NFTs has since dropped by more than 52%, with the cheapest NFT in the collection now trading at 15.75 ETH ($62,400), suggesting that traders are liquidating their NFTs to take advantage of the rising price and the long-awaited airdrop.$PENGU 🔥$SOL