Introduction
PENGU/USDT is quickly gaining traction in the ever-evolving cryptocurrency space. This trading pair represents the conversion between Pudgy Penguins (PENGU) and Tether (USDT), a stablecoin pegged to the US Dollar. As both the NFT and cryptocurrency markets continue to grow, the PENGU/USDT pair stands as an exciting opportunity for traders, investors, and NFT enthusiasts. Let’s dive deep into what makes PENGU/USDT unique and explore its recent performance and potential future.
Core Details of PENGU/USDT
What Makes PENGU Unique?
• Utility: PENGU is closely tied to the Pudgy Penguins NFT collection, a popular project in the NFT space. The token enables several in-ecosystem activities like NFT transactions, staking, and rewards distribution.
• Roadmap: Pudgy Penguins has an ambitious development plan to grow its ecosystem further. New features, integrations with other blockchain networks, and better user experience enhancements are all part of the vision.
• Partnerships: Strategic collaborations with major blockchain projects and exchanges such as Binance, OKX, and Bybit are boosting the token’s liquidity and mainstream adoption.
Recent Performance Insights
Price Surge and Events
• Price Surge: Recently, PENGU/USDT saw an impressive price surge, reaching $0.030244 as market sentiment improved, and trading volumes increased. This surge is a result of positive community sentiment and strategic developments within the Pudgy Penguins ecosystem.
• Airdrop: Pudgy Penguins executed a massive PENGU airdrop, distributing tokens to NFT holders and community members. This move significantly increased the project’s visibility and engagement in the NFT space.
• Exchange Listings: Following the airdrop, PENGU was successfully listed on top-tier exchanges like Binance, OKX, and Bybit, which enhanced liquidity and made it more accessible for global traders.
Chart Analysis and Key Levels
• Support Levels: The immediate support level is around $0.030200, followed by stronger support at $0.030100. These levels are crucial for holding the price above key thresholds.
• Resistance Levels: The first resistance lies at $0.030300. A breakout here could push the price towards $0.030400 and potentially $0.030500, marking further growth.
Technical Indicators
• Moving Averages: Close monitoring of the 50-day and 200-day moving averages will be essential to determine whether the price is in a bullish or bearish trend.
• Volume Spikes: Significant volume changes often precede major price shifts, either upwards or downwards. Traders should watch for spikes to gauge market sentiment.
Future Outlook for PENGU/USDT
The future of PENGU/USDT looks promising, driven by several key factors:
1. Increased Adoption: As Pudgy Penguins continues to develop its ecosystem, more people are likely to adopt and engage with the PENGU token. Expect the project to reach a wider audience, boosting token demand.
2. Technological Advancements: Ongoing updates to the Pudgy Penguins platform will likely enhance the token's utility, attracting more users and long-term investors.
3. NFT and Blockchain Market Growth: The growing acceptance and expansion of the NFT sector and blockchain technology as a whole will positively impact PENGU/USDT as it benefits from increased market visibility and liquidity.
Conclusion
PENGU/USDT offers unique opportunities within the cryptocurrency space, driven by its deep ties to the Pudgy Penguins NFT ecosystem. With growing adoption, technological advancements, and promising market sentiment, the PENGU token looks poised for significant growth. Whether you're a trader or an investor, staying updated on PENGU’s performance could be a strategic move in the ever-evolving world of NFTs and cryptocurrencies.
________________________________________
Disclaimer & Copyright
• Disclaimer: The information provided in this post is for informational purposes only and does not constitute financial advice. Always conduct thorough research and consider your risk tolerance before making investment decisions. Cryptocurrency investments carry inherent risks, and you should seek professional financial advice before proceeding with any investments.
• Copyright: All information and insights presented in this post are based on publicly available data, and any third-party references are credited appropriately. Please refrain from copying or distributing the content without proper acknowledgment or permission.
#PENGU #Cryptocurrency #NFT #CryptoNews $PENGU

The price of PENGU, the newly launched governance and utility token tied to the popular NFT collection Pudgy Penguins, crashed 60% after it was listed on numerous major exchanges post-token launch.

On Tuesday, Pudgy Penguins kicked off its PENGU token on the Solana network following a Dec. 5 announcement from the team. The launch, confirmed by CEO Luca Netz, came with initial compatibility with the Ethereum network and plans for future support on Abstract Chain.

Many traders sold large amounts of tokens shortly after acquisition and capitalized on quick profits. Big falls are common with airdrops. Absent any inherent demand, these tokens move all over the place.

Airdrop Madness

Four cryptocurrency exchanges, including Binance, OKX, Bybit, and KuCoin, listed PENGU shortly after its launch. Despite the initial hype surrounding the token airdrop, PENGU saw a dramatic decline, which also affected the NFT collection.

According to data from CoinGecko, PENGU traded at around $0.068 upon being listed on exchanges. The token quickly fell to around $0.031 amid intense selling activity.

PENGU is now trading at $0.027, down over 60% in the last 24 hours.

The token’s market cap dropped from an initial $4.3 billion to around $1.6 billion as trading volume surged to $2 billion less than 12 hours of launch. This volatility was exacerbated by traders seemingly seeking quick profits, with many offloading large quantities of tokens shortly after acquiring them.

Pudgy Penguins
PENGU Price

Meanwhile, the floor price of Pudgy Penguins NFTs fell by over 50% over the past 24 hours, dropping from approximately 30 ETH, or around $120,000, to about 15.9 ETH shortly after the airdrop before recovering slightly to $16.4 ETH.

Ahead of the anticipated PENGU token launch, the NFT’s floor price broke through the $100,000 threshold and established a new all-time high of approximately $102,600, surpassing Bitcoin’s price of $101,000 at the time.

Last week’s achievement brought it to the top two NFT collections, just behind CryptoPunks. However, due to the recent decline, it now ranks as the fourth-largest NFT collection, outpaced by Infinex Patrons, Bored Ape Yacht Club (BAYC), and CryptoPunks.

Cashing In

The airdrop itself left mixed reactions among the Pudgy Penguins community members. Many NFT holders faced issues when trying to claim their PENGU tokens. Some users claimed they got less than the supposed amount of tokens.

Website functionality was another problem. Users reported that crypto wallets flagged the Pudgy Penguins claim website as a potential security threat. Moreover, the website experienced high traffic causing overload and potential display issues.

There were also transaction issues reported. Solana network limitations might be causing some larger claims to be split into multiple transactions, leading to confusion. All led to frustration among users and added negative sentiment to the token’s launch.

The rapid sell-off and continued price drops have raised concerns about the long-term viability of both PENGU and Pudgy Penguins NFTs, as many traders appear focused on short-term gains rather than holding.

The situation surrounding the PENGU token and its launch shares many similarities with the earlier experiences of ApeCoin (APE).

APE, the ERC-20 token launch as part of a major airdrop to holders of BAYC and Mutant Ape Yacht Club (MAYC), also experienced a steep drop from its all-time high, falling approximately 94% as investors cashed out following initial hype.

In late October, Yuga Labs announced the launch of ApeChain, an Ethereum-based Layer 3 network, designed to enhance scalability for its metaverse project, Otherside.

Following the news, APE’s price rose dramatically, closing at approximately $1.50, marking a 71% increase on the day of the launch and continuing to rise by an additional 15% shortly thereafter, according to CoinGecko data.

However, the token is still 94% away from its record high of $26.7 set over two years ago. Huge losses are possible, and happen when speculation runs wild.

The post PENGU Plummets 60% Post-Airdrop, Pudgy Penguins NFT Market Drops appeared first on Blockonomi.

A cryptocurrency trader has managed to make around $8.36 million with the recent airdrop of the native token of the popular non-fungible token (NFT) project Pudgy Penguins, all in less than 20 minutes.

According to on-chain data analysis service Lookonchain, the trader spent 23,742 SOL to buy 239.6 million PENGU tokens as soon as they were launched, meaning they bet $5.36 million on the newly launched cryptocurrency moving up.

The bet turned profitable nearly immediately, with the trader then offloading their PENGU holdings for 60,726 SOL, or around $13.72 million.

https://twitter.com/lookonchain/status/1869013028236410900

The PENGU token was airdropped to holders of Pudgy Penguins NFTs and saw an initial surge at launch from around $0.05 per token to a $0.07 high, before those who received the airdrop started selling en masse. The cryptocurrency has since seen a drop, and is now trading at $0.031 per token.

Nevertheless, PENGU’s total market capitalization is now hovering around $1.93 billion, making it one of the top 100 digital assets by the metric. The token, at launch, was listed on various major cryptocurrency trading platforms including Binance, Bybit, OKX, and Bitget.

A total of 23.5% of PENGU’s supply was distributed through an airdrop, while another 22% was allocated to the Solana and Ethereum communities. Furthermore, 12.3% of the supply will be utilized as liquidity on decentralized exchanges.

Ahead of the launch of PENGU, the floor price of Pudgy Penguin NFTs has experienced a significant increase. The lowest-priced NFT in the collection trading at 34.1 ETH (approximately $135,000) at one point. 

The price of the NFTs has since plunged by more than 52%, with the lowest-priced NFT in the collection now trading for 15.75 ETH ($62,400), seemingly as traders dump their NFTs to lock in gains from the price appreciation and the widely-anticipated airdrop.

Featured image via Pexels.

One luckless trader lost $10,000 buying Pudgy Penguins’ PENGU tokens shortly before the NFT-tied airdrop.

Let it snow, or so an unlucky trader thought when they tried to front run the Pudgy Penguins crypto airdrop on Dec. 17. While the Pudgy Penguins (PENGU) token surged over $3 billion in market cap just hours after debuting, one investor bought the coin at a ridiculous $14 trillion capitalization. 

Their initial $10,000 investment turned into less than $3 within minutes, according to on-chain data and community observers.

somebody bought $PENGU @$14T mc turning his $10k to $5 in seconds lmfao pic.twitter.com/R9X9tOu2fn

— bx1 (@bx1core) December 17, 2024

From $10k to $3, PENGU trader sunk by iceberg

Following the on-chain data, an unknown trader appeared to have placed a large PENGU order on Jupiter shortly before the token went live.

Such traders, often referred to as “snipers,” use advanced trading tools to quickly scoop up newly launched tokens. However, a glitch in Jupiter’s decentralized exchange directed this would-be PENGU sniper to a low liquidity pool.

You might also like: Binance to list PENGU and CAT on Dec. 17

DEX aggregators like Jupiter calculate crypto prices using a system that autonomously adjusts price tags based on demand, known as a bonding curve.

Tech-savvy bad actors sometimes manipulate this system to create highly volatile liquidity pools. Since anyone can set up a liquidity position, traders occasionally purchase tokens from incorrect contracts and suffer significant losses.

In this case, the trader likely bought into one of these manipulated liquidity pools without verifying the contract address or token market cap. After swapping 45 wrapped Solana (SOL), the buyer received just 78 tokens valued at under $5 at the time of reporting. Unshaken by the error, the trader eventually acquired 62,585 PENGU coins worth about $2,000.

Pudgy Penguins roadmap

Launching a token crowned Pudgy Penguins’ recent recovery in a broad non-fungible token renaissance. The NFT collection owned by Iglo Inc. was one of the top three NFT projects by market cap. A single Pudgy NFT cost more than a Bitcoin at a point.

The Penguin-themed blockchain art pieces traded for $60,000 on average after the airdrop, as a 50% correction adjusted its floor price to 15.63 Ether (ETH).

Looking ahead, Igloo Inc.’s roadmap includes activating PENGU features on Ethereum’s blockchain. The company also plans to launch its layer-2 Abstract Chain network. Pudgy Penguins’ PENGU token has a total supply of 88.88 billion tokens, with seven million eligible addresses for the airdrop.

You might also like: Pudgy Penguins firm secures $11m to build new L2 project

Yesterday, the team of the well-known NFT project Pudgy Penguins officially released the airdrop of the new token PENGU, debuting with an FDV of 4.4 billion dollars.

The launch encountered quite a few problems, but the supporters of the digital penguin collection still celebrated a prize of 92,000 dollars.

However, right after the airdrop, the price of Pudgy Penguins dropped by 50%.

Let’s see all the details below.

Pudgy Penguins releases the long-awaited airdrop of the PENGU token

Pudgy Penguins, fourth NFT project in terms of market cap, debuted yesterday on the crypto market with its native token PENGU.

The launch of the new resource was used to celebrate the success of the digital avatar community experienced in the last 3 years.

Since the introduction of the collection of 8,888 items that represent unique and adorable penguins, the ecosystem has grown significantly, attracting extraordinary attention.

The group led by CEO Luca Netz has garnered over 50 billion views across various social media platforms, becoming entrenched in the collective imagination of virtual animation.

Consider even that at Walmart and other 10,000 stores, over 1.5 million toys of this brand have been sold.

The design of penguins, which appear cute and cuddly, has made them highly desirable as profile pictures (PFP) on various social platforms, driving significant speculative activity in the NFT market.

To recognize all the milestones achieved up to today, the Pudgy Penguins team has decided to reward its community by inaugurating PENGU.

Introducing $PENGU, the official coin of Pudgy Penguins.

Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6

— Pudgy Penguins (@pudgypenguins) December 6, 2024

PENGU has a circulating supply of 62.41 billion tokens, with a maximum supply of 88.88 billion units. It was launched on the blockchain of Solana, famous for the solid trading activity in the memecoin sector.

The tokenomics of the new currency is presented as shown in the figure, with the Pudgy community enjoying 25.9% of the supply.

Other groups connected to Pudgy Penguins receive an allocation equal to 24.12%, while the initial liquidity for the crypto exchanges is met with 12.35% of PENGU tokens.

The digital penguins company is allocated 11.48%, while the NFT project team earns 17.8%, both with a one-year cliff and three years of vesting.

A sum of 4% is also allocated for charity works, 4% for marketing purposes, and 0.35% for the holders of FTT.

Source: https://x.com/pudgypenguins/status/1864852026212983067

92,000 dollars in tokens to the holders of the NFTs: the price of the collection plummets after the launch of PENGU

The airdrop of the PENGU token involved a wide range of users, with over 783,000 addresses claiming the coin. Several people involved in the NFT sector were rewarded, such as holders of the Pudgy Penguins and Lil Penguins collections.

The “Original Gangster” (OG) of the blockchain of Ethereum and Solana have also received the incentive, meaning those people who have been active for years in the respective chains.

Here is the link to check eligibility: https://claim.pudgypenguins.com

What stands out the most, however, is the allocation set aside for each individual item of the Pudgy Penguins collection, as at launch it corresponded to a monetary value of 92,000 dollars.

At the moment, the holders amount to about 394,000 addresses, highlighting that almost half of the eligible subjects sold PENGU on the first day of trading.

Curious to note how according to Dune Analytics data, 85% of current holders have less than 10,000 PENGU, or about 330 dollars.

Check your Pudgy Penguin airdrop allocation

The site is a bit buggy at the moment

Deadline: 88 days from now

Claim link:https://t.co/DXmRmmW5MM

– Connect your ethereum and phantom wallets to check
– Even Ethereum OG users are eligible

Let me know in the comments if you… https://t.co/W9gTVJ41R9 pic.twitter.com/OXI3bE4H8R

— Airdrop Official (@its_airdrop) December 17, 2024

Equally interesting to observe how the value on the market of the NFT collection Pudgy Penguins has collapsed, despite the juicy prize received.

While in the last 3 months the price of such virtual penguins had skyrocketed, going from a floor price of about 10 ETH up to 35 ETH, yesterday the value dropped by 50%.

In a few hours, the users who redeemed the PENGU airdrop chose to sell the NFT en masse, reflecting its low utility in the market.

It is evident that a large portion of its previous holders had purchased it during the year solely and exclusively to be eligible for the airdrop.

Source: https://www.coingecko.com/en/nft/pudgy-penguins

Analysis and forecasts of the price of the new token

PENGU was launched with a FDV of 4.4 billion dollars at a price per token of approximately 0.05 dollars.

The selling pressure was strong in the early hours of trading, enough to bring the value of the new cryptographic asset to 0.027 dollars.

Now PENGU has stabilized around 0.033 dollars, with a market cap of 2 billion dollars and an FDV of 3 billion dollars.

Since the first minutes after the launch, it has been listed by the major centralized exchanges like Bybit, Bitget, Okx, and Gate.io. The asset is also present on the DEX of the Solana blockchain, such as Raydium and Orca.

At this moment PENGU represents the 74th currency in the crypto market by market capitalization, just below Worldcoin and Floki.

All in all, we can state that the launch was a success, even considering some bugs in the claim platform and the bear price action.

Source: https://www.coingecko.com/en/coins/pudgy-penguins

Regarding the forecasts, it is possible that PENGU may suffer from a further bear push in the coming weeks. 

The high valuation at launch and the limited utility of the token contribute to diluting the shares on the market, increasing its negative volatility.

In the future, it will be necessary to understand how PENGU can fit into market logic and become a useful and attractive currency in the eyes of investors.

For the moment, we do not find any particular reason to be bullish, except for the possibility of a future airdrop recognition for the token holders by the Pudgy Penguins team.

According to BlockBeats, a report by Galaxy Research on December 18 indicates that the non-fungible token (NFT) market is showing signs of recovery. The report highlights that NFT trading volumes had been declining for most of the year. However, with the U.S. elections and the subsequent rebound in the cryptocurrency market, trading volumes began to reverse in November. At the beginning of November, weekly NFT trading volumes exceeded $100 million for the first time since May, reaching $172 million by December 2.

Analyst Gabe Parker noted that this recovery is primarily driven by increased activity among the top 25 NFT collections by market capitalization. Additionally, major marketplaces such as OpenSea, Blur, and Magic Eden have seen increased engagement. Notably, Blur and OpenSea accounted for 60% and 27% of the total trading volume, respectively, over the past 30 days. This resurgence in trading activity suggests a renewed interest in NFTs, potentially signaling a broader market recovery.

PENGU, the newly-launched cryptocurrency of the Pudgy Penguins ecosystem, suffered a sharp decline in value a day after it went live.

At the time of writing, data from CoinGecko showed that the token had fallen by 57.8% within 24 hours to settle at $0.02892.

Airdrop Aftermath

The highly-anticipated airdrop launched on December 17 saw about 62.8 billion PENGU tokens distributed to millions of qualified NFT holders, traders, and team members.

However, following an initial surge that catapulted the token into the top 100 cryptocurrencies by market cap, it suffered a swift sell-off that saw its value plummet by more than 60%, falling from a high of $0.06845 to a low of $0.027.

Interestingly, the damage wasn’t limited to the cryptocurrency, with Pudgy Penguins’ NFT collection suffering a similar fate. Within a single day, it saw its floor price plunge by more than 48% to 17.1 ETH,  about $64,450, a stark contrast to its all-time high (ATH) level of 36.33 ETH.

The downtrend notwithstanding, information from CryptoSlam showed an increase in trading activity, with the collection’s daily sales volume skyrocketing 258% to $21.7 million. While some investors cashed out their holdings, others used the opportunity to buy the dip, with the average sale price currently sitting at 19.89 ETH.

A Pattern of Post-Airdrop Volatility

While the rapid drop in PENGU’s market value may have raised some eyebrows, the phenomenon is not particularly new, with several other cryptocurrency giveaways leading to a market frenzy.

Some observers have attributed this to an emerging trend among airdrop recipients who quickly cash out their holdings, leading to a marked price instability at the beginning of a coin’s post-distribution trading.

For example, NFT marketplace Magic Eden’s ME token and Movement Network’s MOVE also experienced similar patterns following their respective airdrops. Both of them registered sharp divestment, with ME in particular losing 80% of its value as thousands of claimants exited their positions.

However, regardless of the turbulence, PENGU still retains a market cap just shy of $2 billion, placing it at #78 among the largest cryptocurrencies in the market. Additionally, as of this writing, its price had made some marginal recoveries and was 10.5% above its lowest level recorded only hours ago.

The post Pudgy Penguins’ PENGU Token, NFTs Suffer Major Price Dip Post-Airdrop appeared first on CryptoPotato.

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The Pudgy Penguins ecosystem token, PENGU, launched on Solana this Tuesday, soaring into the top 100 cryptocurrencies by market cap. Millions of NFT holders and traders qualified for the airdrop.

Despite the initial excitement, PENGU’s price has fallen sharply throughout the day. 

Pudgy Penguins NFT Suffers From the PENGU Airdrop Craze

At the time of reporting, PENGU had dropped 57% from its launch price of $0.068, reflecting a significant sell-off. Surprisingly, the Pudgy Penguins NFT collection also experienced a similar decline.

According to CoinGecko, the collection’s floor price fell to 17.2 ETH, even as daily sales spiked by 258%. Many users had aggressively bought Pudgy Penguins NFTs in recent weeks to qualify for the PENGU airdrop. Now, these buyers appear to be offloading their NFTs.

Pudgy Penguins NFT Floor Price on December 17. Source: CoinGecko

The sell-off has been widespread. Following PENGU’s launch on Binance, over 20% of the token supply has already been liquidated, amounting to approximately $9.3 million. The remaining tokens hold a value of $37.7 million.

“The project’s associated wallets (or early investors) are selling large amounts on the chain! So far, $8.74 million worth of PENGU has been sold. The address HoTdB…YL8YZ received 888 million tokens from the token deployment address yesterday (before the airdrop claim), and sold 169 million tokens at $0.05164 in the past hour,” an on-chain analyst wrote on X (formerly Twitter).

Airdrop sell-offs are common, as recipients often cash out profits quickly. However, PENGU’s decline has been unusually fast. If the sell pressure reduces and trading stabilizes, the price could eventually find a floor.

This rapid drop mirrors a similar trend with Movement Network’s MOVE token, which fell by 50% last week after launching on Binance. 

Magic Eden’s ME token, also released recently, faced comparable challenges. Following a swift airdrop, 80% of claimers sold their entire allocation, causing a sharp price drop.

Despite the decline, PENGU retains a market cap of over $1.8 billion. In contrast, Magic Eden’s ME token has a significantly smaller market cap of around $400,000.

Meanwhile, Binance has been facing intense scrutiny for listing low-cap airdrop tokens and meme coins. The initial large-scale sell-offs from these tokens often lead to pump-and-dump concerns, and the largest crypto exchange has been criticized in the past few months for enabling such scenarios. 

Shiba Inu (SHIB) is struggling at $0.000026, facing uncertainty amid market shifts, Bitcoin dominance, and rising competition from Pudgy Penguins (PENGU). However, some investors remain hopeful for a meme coin revival and potential 10x gains.

Shiba Inu Struggles as Pudgy Penguins Token Grows

SHIB’s recent slump coincides with the rise of Pudgy Penguins (PENGU), driven by its strong NFT brand. This has sparked speculation that PENGU may challenge or surpass SHIB’s market cap, causing FUD in its community. On the technical side, the meme coin has fallen below its 21-day moving average. There are concerns about a dip to the 50-day DMA around $0.000025. However, it remains in an upward trend channel, leaving room for a rebound if buyers step in.

Shiba Inu Struggles as Pudgy Penguins Token Grows

As Whales Return, Is a Big Rally Coming?

Adding to the buzz, SHIB has seen an 850% increase in transactions by large holders, according to blockchain analysts. This surge in whale activity points to growing confidence among major investors, with Whales HQ suggesting it signals an attractive risk-reward ratio. Historically, whale movements often precede significant market shifts, fueling speculation that a rally could be on the horizon.

SHIB Eyes 10x Gains Amid Market Momentum and Innovation

SHIB has dropped around 20% from its recent highs, with more short-term declines possible. However, broader market trends, driven by optimism from a Bitcoin-led rally, suggest a potential meme coin comeback by late 2024 or early 2025. In the meantime, the community’s commitment to deflationary goals is evident, as demonstrated by the recent burn of 17 million SHIB tokens, worth about $500. Additionally, speculation about a Bitcoin reserve under a potential Trump administration and the Department of Government Efficiency (D.O.G.E.) creation could further spark interest in meme coins like SHIB.

Analysts Predict a Potential Parabolic Surge

 

The meme coin also benefits from its expanding ecosystem with ShibaSwap and NFT integration. Furthermore, its development in the Metaverse, Shiba Eternity game, and Shibarium Layer 2 could boost its utility and drive the next wave. Despite market fluctuations, SHIB remains resilient, with analysts expecting a rally if it breaks previous highs, potentially leading to a parabolic move surpassing $DOGE in the next bull run.

According to their forecast, it could rally to Fibonacci extension levels, delivering 10x gains and pushing its market cap above $150 billion. Renowned crypto trader Astekz recently commented, “The $SHIB is showing parabolic potential from here.”

Is SHIB Ready for a Parabolic Surge?

If SHIB recovers from its recent losses, analysts believe it could reach its 2024 highs and potentially revisit its all-time high of $0.000090. With strong market momentum, this meme coin could even see a parabolic move, rising to 10x its current price and pushing its market cap beyond $150 billion. While this growth may seem ambitious, it would represent just 4% of Bitcoin’s projected $4 trillion market cap if BTC hits $200,000. This highlights SHIB’s position as a leading meme coin with significant growth potential in a bullish market.

Conclusion:

Although Shiba Inu’s recent slump raises concerns, its long-term potential remains tied to the evolving meme coin industry. Whether it can overcome current challenges and surge to new highs depends on market trends, investor sentiment, and the broader adoption of its ecosystem initiatives. For investors willing to weather the volatility, the coming months could be critical for SHIB’s trajectory.

Stay tuned to The BIT Journal and watch Crypto’s updates. Follow us on Twitter and LinkedIn, and join our Telegram channel to be instantly informed about breaking news!

Frequently Asked Questions (FAQs)

Why is Shiba Inu struggling?
SHIB is struggling at $0.000026 amid market shifts and competition from Pudgy Penguins.

How is Pudgy Penguins affecting Shiba Inu?
Pudgy Penguins’ rise threatens SHIB’s market cap, driven by its strong NFT brand.

What does the surge in whale activity mean for SHIB?
Whale activity signals confidence, hinting at a potential SHIB rally.

How could Shiba Inu benefit from market trends?
SHIB may gain from Bitcoin-led optimism and its ecosystem’s growth.

Is SHIB ready for a parabolic surge?
SHIB could see a 10x price jump, potentially reaching a $150 billion market cap.

In order to keep your crypto safe, you need to consider using a reliable and secure wallet. Among many great options, Phantom Wallet stands out, especially if you work with Solana or NFTs. Phantom Wallet has features like storing NFTs, staking SOL, and accessing decentralized apps (dApps).

No matter how experienced you are regarding crypto, Phantom Wallet offers a simple method for managing your Solana-based assets. Let’s see what its characteristics are, how to set it up, and what makes it unique.

 

What Is a Phantom Wallet?

A Phantom Wallet is a non-custodial wallet built particularly for the Solana blockchain. What’s great with any non-custodial solution is that users have complete control over their private keys, as opposed to custodial wallets. Solana (SOL) and Solana NFTs can be safely stored, sent, and received with Phantom. It also enables you to stake SOL and communicate with dApps to earn rewards.

This browser-based wallet, compatible with Chrome, Firefox, and other browsers, also supports mobile devices. Its user-friendly design ensures seamless navigation, even for those new to cryptocurrency.

 

Key Features of Phantom Wallet

Here are the standout features of this popular Solana wallet:

Solana and NFT Support

Easily store and transfer SOL and Solana NFTs.

Manage your digital collectibles in a visually appealing interface.

dApp Access

Interact with various decentralized applications built on Solana.

Enjoy fast, low-cost transactions within the Solana ecosystem.

Staking SOL

Stake your SOL tokens directly from the wallet.

Earn rewards for staking and build the network’s security with your money.

User-Friendly Interface

Clean, intuitive design ideal for beginners and experts alike.

Includes features like token search, transaction history, and account balance tracking.

Secure and Non-Custodial

Private keys are stored locally, ensuring your funds remain under your control.

Built-in phishing protection for added security.

Cross-Platform Compatibility

Available as a browser extension and mobile app.

Sync your wallet across devices for convenience.

Setting Up Phantom Wallet

Getting started with Phantom Wallet is simple. Follow these steps:

Install the Wallet

Visit the Phantom Wallet website.

Download the browser extension or mobile app.

Create a New Wallet

Click on “Create New Wallet.”

Set a strong password and back up your recovery phrase (12 words).

Access Your Wallet

Use your password to log in.

Save the recovery phrase in a safe, offline location to avoid loss.

Add Funds

Transfer SOL to your wallet using your unique wallet address.

Go to “Deposit,” then copy the address and start the transfers.

Explore dApps and NFTs

Connect your wallet to dApps for trading, gaming, or NFT marketplaces.

View and manage NFTs in the wallet’s “Collectibles” tab.

Managing Solana NFTs with Phantom Wallet

Phantom Wallet is highly optimized for managing Solana NFTs. Here’s how you can make the most of its NFT features:

Receive NFTs: Share your wallet address to receive NFTs from marketplaces or friends.

View Collectibles: Open the “Collectibles” section to see your NFTs displayed neatly.

Sell NFTs: List NFTs on Solana-based marketplaces like Magic Eden or Solsea.

Secure Your Assets: Since Phantom is non-cutodial, ensure your recovery phrase is stored securely.

How to Stake SOL with Phantom Wallet

Staking SOL is one of the most popular ways to generate passive income while supporting the network. Here is how:

Access your Phantom Wallet and click “Staking.”

Choose a validator from the list provided.

Type the number of SOL to be staked.

Confirm the transaction and start earning rewards.

Staking SOL directly within Phantom is simple and requires no additional tools or services.

 

Phantom Wallet vs. Other Wallets

Here’s a comparison to see how Phantom stacks up against other wallets:

Feature

Phantom Wallet

MetaMask

Ledger Wallet

Blockchain Support Solana Ethereum, BSC Multi-blockchain NFT Management Yes (Solana NFTs) Yes (Ethereum NFTs) Limited Staking Options Yes (SOL) No Yes dApp Access Extensive Extensive Limited Device Compatibility Browser, Mobile Browser, Mobile Hardware Only Security High (Non-custodial) High (Non-custodial) Very High (Cold Storage)

Tips for Using Phantom Wallet Safely

Backup Your Recovery Phrase

Write your recovery phrase on paper and keep it somewhere offline.

Avoid saving it digitally to prevent hacking risks.

Enable Auto-Lock

Lock the wallet automatically after inactivity for some time.

This ensures no unauthorized access if you step away.

Beware of Phishing Sites

Always double-check URLs before entering sensitive information.

Use the official Phantom Wallet website or app.

Use Trusted dApps

Connect only to reputable decentralized apps to avoid scams.

Update Regularly

Keep your Phantom Wallet updated to the latest versions to support new features and security patches.

Why Choose Phantom Wallet?

Phantom Wallet allows smooth management of Solana assets and interaction with the blockchain. The NFT support, combined with integrated dApps and staking of SOL, makes Phantom Wallet an all-in-one solution for users of the Solana network. If you are new to crypto or an already experienced investor, this wallet makes otherwise complicated blockchain interactions much simpler.

Non-custodial by nature, it allows you total control over your funds. Besides, it is browser- and mobile-friendly, making it convenient.

Phantom Wallet combines the essential features of staking SOL, managing NFTs, and accessing dApps in one place for both beginners and experts. With proper security in place, you can confidently use Phantom to explore the growing Solana world.

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.

The post Pudgy Penguins Launches PENGU Token, Market Cap Soars appeared first on TheCoinrise.com.

Binance, the largest cryptocurrency exchange by trading volume, is set to list Pudgy Penguins’ native token $PENGU today, December 17, 2024. The Pudgy Penguins NFT team announced plans to launch their native token “PENGU’ earlier last week. In this article, we shall exclusively explore all that you need to know starting from $PENGU’s official launching time, airdrop, and tokenomics.

Tomorrow. $PENGU. pic.twitter.com/80LHuf9vZj

— Pudgy Penguins (@pudgypenguins) December 16, 2024

What Is Pudgy Penguins’ $PENGU?

By description, $PENGU is the official token of the Pudgy Penguins, the globally acknowledged non-fungible token collection, which features a limited edition of 8,888 unique cartoons of cute penguins. The Pudgy Penguins NFT collection was launched in July 2021 exclusively on the Ethereum blockchain and has grown into one of the biggest NFT projects in the NFT market.

The Pudgy Penguins team announced their native token on December 06, 2024. In a blog post on X (formerly Twitter), the Pudgy Penguins stated that the native token would offer millions of its fans the chance to align with the brand’s vision. The introduction of the PENGU token is part of Pudgy Penguins’ broader strategy to grow its ecosystem. PENGU is set to launch today Dec 17, at 14:00 UTC on the Solana blockchain network.

Though the $PENGU token will first launch on the Solana blockchain network, it will eventually expand to Ethereum and Abstract, the consumer-focused Ethereum layer-2 scaling network being built by Igloo Inc. Unveiled in June 2024, Igloo is the parent company for the Pudgy Penguins. By launching PENGU on the Solana blockchain network, the Pudgy Penguins NFT team aims to reach an entirely new audience.

$PENGU Tokenomics

Based on the Pudgy Penguins tokenomics table, the $PENGU token will feature a limited supply of 88 billion. The Pudgy Penguin team has allocated 25.9% of the Pengu tokens for the Pudgy Penguins community, which is likely to include Pudgy Penguins and Lil Pudgy holders, and potentially holders of other pudgy digital assets like Pengu Pins (commemoration soulbound tokens) and Pudgy Rods.

PENGU will have a total supply of 88,888,888,888 and will launch on Solana.

Check out our tokenomics and distribution below: pic.twitter.com/I8WFBBa3mW

— Pudgy Penguins (@pudgypenguins) December 6, 2024

The Pudgy Penguins team has allocated It has also allocated 24.12% of the total supply to other communities to expand the size of the Pudgy Penguins community, bringing an estimated five million new huddle members on board. It has also reserved 12.35% of the total supply to create liquidity pairs on decentralized exchanges and grow a thriving market for PENGU after launch.

Furthermore, the Pudgy Penguins team has also reserved 17.8% of the total supply to the project team and subject, at a 1-year cliff and 3 years vesting. It has also reserved 11.48% of the total supply for the company, which will be used for development and marketing ventures. Lastly, the team has reserved 0.35% to the FTX exchange token holders and 4% of the token supply to the public good, in line with the Pudgy Penguins’ motto of “Spreading good vibes across the meta.”

Related NFT News:

NFT Collection Floor Prices Rise on Ethereum – $BLUR, $ME

Pudgy Penguins x Mythical Games’ NFT Game Is Coming In 2025

NFTs Weekly Sales Jump 12% To Reach +$200M – InsideBitcoins

Coinbase's Galaxy Research recently released a report indicating that the NFT market is showing signs of recovery, with a noticeable increase in trading volume since November. This positive trend suggests that the NFT market may be rebounding from its recent downturn, potentially signaling a shift towards stability and growth in the coming months.