PENGU erupts! Christmas market recovery boosts a 30% surge, did you catch this wave?
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In the recovery of the crypto market on the eve of Christmas, Solana's on-chain activity reached new highs, and the blue-chip NFT project Pudgy Penguins' native token PENGU became the focus of attention, with its price soaring by 30% at one point.
Solana helps PENGU become a dark horse
Pudgy Penguins airdropped PENGU to 7 million eligible wallets, with a total issuance of up to 88 billion tokens. Among them, 23.5% (about 20.6 billion) will be gradually distributed over 88 days.
PENGU's initial market capitalization was about $3.5 billion, with the issuance price climbing to a high of $0.06.
After experiencing a price adjustment, it has currently retraced to $0.03 but still maintains a 30% increase.
On-chain data shows that this surge is attributed to the overall increase in Solana's activity. On December 24, Solana's daily trading volume hit an all-time high, driving up on-chain trading heat and promoting the growth momentum of PENGU and other meme coins.
Meme coin craze: Solana's strong ecological support
Solana's on-chain activity not only made PENGU successful but also ignited other popular meme coin projects like Bonk and CapDog. According to DEX Screener data, these tokens attracted significant capital inflows, boosting the overall activity of Solana's DeFi ecosystem.
In addition, DefiLlama data shows that Solana continues to rise in total value locked (TVL) and user participation. The strong correlation and community support of meme coins are becoming a key force driving on-chain activities.
Looking ahead: Solana's central position in DeFi and meme coins
As on-chain trading volume continues to hit new highs, Solana's ecological heat will deepen, especially with its strong performance in the meme coin sector, further highlighting its decentralized finance potential.
Whether it's DeFi applications or community tokens, Solana is consolidating its position as a significant growth engine in the crypto space. Are you ready for the next wave of price increase?
Click on the avatar to go live and catch the bull market!
