Binance has resolved the data issue affecting the listing of Pudgy Penguins PENGU token, which led to inconsistencies in market data. The issue stemmed from CoinMarketCap's delayed update of token information, affecting the token's market capitalization and fully diluted valuation.
However, the platform quickly addressed the issue and announced an airdrop of 135 million PENGU tokens to eligible users. This move aims to compensate users who faced challenges due to the issue.
Binance resolves PENGU token data issue through airdrop
On December 18, Binance announced that it had resolved the data issue concerning the listing of Pudgy Penguins (PENGU) token on the exchange. The problem originated from a delay in updating critical data points provided by CoinMarketCap, such as market capitalization and fully diluted valuation. This led to discrepancies in the displayed information for Pudgy Penguins. The exchange quickly identified the problem and notified CoinMarketCap, which subsequently updated the data.
To address user inconvenience, Binance announced an airdrop of 135 million PENGU tokens to users who purchased Pudgy Penguins (PENGU) between 14:00 and 14:37 UTC on December 17. The airdrop will be distributed based on the number of PENGU tokens purchased by each eligible user during the snapshot period. It emphasizes that blockchain transparency makes on-chain data the most reliable and utilizes third-party data for convenience.
The swift action of this top cryptocurrency exchange highlights its commitment to user satisfaction. By quickly resolving the issue, the exchange not only addressed the problem but also provided compensation to affected traders. The airdrop is a gesture of goodwill that reinforces the exchange's reputation as a responsive, customer-centric platform.
PENGU Token price surge and market context
The price of the PENGU token surged significantly after its listing on Binance, increasing by 500% in 24 hours. At the time of writing, the token is trading at $0.029. Its all-time high reached $0.05, reflecting strong investor interest and market enthusiasm following the listing. The rapid rise in PENGU prices underscores the growing interest in the Pudgy Penguins project. As more users discover the token, it may rise further.
In contrast, the price of the Simon Cat (CAT) token, which is also listed on Binance, has fallen. The CAT token is trading at $0.000043, down 31% in the past 24 hours. Despite the drop, the token's market capitalization remains at $290 million, with a trading volume of $600 million.
The surge in PENGU prices highlights the excitement of a new listing. This potential price movement has caught the attention of traders. The performance of a single token can influence the trend of the entire cryptocurrency market.
