The launch of $PENGU , a Solana-based memecoin tied to the Pudgy Penguins NFT collection, created a storm of activity this week with some traders making huge profits.
The token reached a fully diluted market cap of over $3.5 billion within just two hours of its launch today and generated $290 million in trading volume.
But not every investor was able to capitalize on this. On-chain data reveals that one unlucky investor saw $10,000 plummet to less than $5 in just a few seconds due to a costly mistake involving low liquidity and price inflation.
Approximately five minutes before PENGU’s official launch, a trader attempted to exchange 45 Solana (wSOL) for $PENGU tokens via Jupiter, a popular decentralized exchange (DEX) aggregator. Instead of capturing a suitable price, the exchange was redirected to an unofficial liquidity pool on Raydium, resulting in the trader receiving only 78 PENGU tokens, currently valued at less than $3.
