Whale spent 30 million TWD to buy $PENGU
On-chain analyst Lookonchain observed that on December 24, an investor holding a large number of $PENGU tokens (commonly referred to as a whale) demonstrated strong buying intent.
The whale, after receiving 116 million $PENGU (valued at about 3.52 million USD) from the airdrop, did not choose to cash out but instead invested an additional 5,250 $SOL, purchasing an extra 34 million $PENGU, valued at about 1 million USD, equivalent to about 30 million TWD.
As of the time of writing, the whale holds a total of 150 million $PENGU, with a total value of 5.4 million USD, and has not sold any.
Image source: Solscan Whale spent 30 million TWD to buy $PENGU
Researcher: 16% holding ratio after $PENGU airdrop
Notable DeFi researcher Ignas pointed out that as of December 25, 91% of eligible addresses have claimed $PENGU (about 1.1 million addresses).
Among these addresses, 74% of users sold all their airdrops or transferred tokens to other wallets (such as centralized exchanges), 16% of users are still holding the received airdrops, and 3.5% of users chose to increase their holdings.
Image source: X/Ignas Researcher: 16% holding ratio after $PENGU airdrop
Notably, the number of $PENGU holders is 2.4 times that of the well-known meme coin $WIF, with 70% of the token supply currently circulating. The next unlocking period will not be until a year later.
Ignas believes this is a large-scale airdrop event that connects the Ethereum Virtual Machine (EVM) with the Solana ecosystem, and it is an important attempt to extend Web3 native cultural assets to Web2.
As of today's writing, $PENGU has shown a strong rebound, with intraday gains exceeding 30%, peaking at $0.039488, and currently retreating to around $0.035.
Such price trends, combined with news of the whale continuing to increase positions, may indicate that market confidence in $PENGU is gradually recovering.
$PENGU airdrop has caused market turbulence
(Crypto City) Previously reported that the native token of Pudgy Penguins NFT, $PENGU, started its airdrop on December 17, reaching a market value of up to $4.3 billion at the beginning of its listing, but shrank to about $2 billion within just a few hours.
In terms of airdrop distribution, the Pudgy Penguins team allocated about half of the 89 billion $PENGU to the community, with 26% allocated to NFT holders. Before the listing of $PENGU, the floor price of Pudgy Penguins NFT had climbed to a historical high of 36 ETH (approximately 140,000 USD).
This airdrop caused some chaos. Mask Network founder Suji Yan revealed that speculators maliciously damaged Pudgy Penguins toy boxes in a New York store to steal QR Codes for airdrop eligibility, calling for condemnation of such behavior.
[Disclaimer] The market carries risks, and investments should be made with caution. This article does not constitute investment advice; users should consider whether any opinions, views, or conclusions herein align with their specific circumstances. Invest at your own risk.
'Christmas week shopping spree! Whale spent 30 million on 'this coin,' which has risen by 30%. Will it continue to rise?' This article was first published in 'Crypto City'
