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.
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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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