PENGU, the native token of the popular Non-Fungible Token (NFT) project Pudgy Penguins, launched with a market value of $312 million. The token was given out through an airdrop to current NFT holders, attracting interest in the crypto market. In the first hour of trading, according to data from CoinMarketCap, PENGU reached a trading volume of $90 million.
Pudgy Penguins PENGU Token Popularity Soaring
The airdrop gave 23.5% of PENGU’s total supply to holders of Pudgy Penguins NFTs.
It also set aside 22% of the token’s supply for the Solana and Ethereum communities, strengthening its presence on multiple blockchains. To support easy trading, 12.3% of the total supply is reserved for decentralized exchanges. Meanwhile, the PENGU token trades at $0.03875, a 675% increase within 24 hours.
PENGU’s successful launch has made Pudgy Penguins very popular, making it the second most valuable NFT collection after CryptoPunks. This launch highlights the growing trend of adding native tokens to existing NFT projects to create larger ecosystems and improve community engagement.
PENGU Tokens Soars Following CoinMarketCap Listing
Penguiana, the penguin-themed meme coin on the Solana blockchain, witnessed a 70% market valuation surge after CoinMarketCap’s June listing. This significant achievement underscores growing investor confidence. It also marked a pivotal advancement in Penguiana’s journey within the cryptocurrency landscape.
$PENGU has broadened its accessibility through listings on prominent decentralized exchanges such as Raydium and Birdeye. These exchanges have facilitated the token’s swift uptake and trading. As Penguiana continues to evolve, the team remains focused on enlarging its ecosystem and deepening community engagement.
Safety in the NFT Industry
The NFT industry has witnessed significant growth and adoption in recent years. Some digital firms have also leveraged the platform to expand their offerings. For instance, Sony, a maker of gaming consoles, has filed a patent application to move NFTs between different games and platforms.
However, with NFTs’ popularity, safety worries have surfaced, especially the safety of the platform used to produce, store, and trade NFTs. Recall that one Ethereum wallet suffered massive losses after selling 500 Moonbirds NFTs. Therefore, prioritizing safety in the NFT industry is critical to protecting users’ investments, preventing hacking or theft of valuable assets, and preserving the industry’s reputation.
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