PENGU Explosion! Solana soared 30% during the event, are you keeping up with this wave?
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With the market recovery ahead of Christmas, on-chain activity on Solana reached a new visual high, while the original token of the blue-chip NFT project Pudgy Penguins, PENGU, surged 30%, becoming one of the market focal points.
PENGU's rise driven by Solana
The Pudgy Penguins distributed PENGU cryptocurrency to 7 million eligible wallets, with a total issuance of 88 billion tokens, 23.5% (about 20.6 billion) donated to users for collection over 88 days. Among them, PENGU's fully credited valuation was initially $3.5 billion, and later the price sharply climbed to a peak of $0.06 at issuance.
However, after a period of adjustment, the price of PENGU tokens corrected to $0.03, but still recorded a significant increase of 30%. According to data from crypto.news, the market recovery and the surge in Solana's on-chain trading volume drove this change. Artemis data further shows that Solana's daily trading volume hit a historical high on December 24, boosting overall on-chain activity and PENGU's rebound.
The strong correlation between Meme coins and Solana
Solana's on-chain activity not only boosted PENGU but also propelled the prosperity of other Meme coins, such as Bonk and CapDog. According to DEX Screener data, these tokens attracted a significant influx of funds, with the underlying narratives and community support contributing greatly to the trading activity in Solana's decentralized financial ecosystem.
As a second decentralized financial ecosystem, Solana has shown significant growth in terms of users and total value locked (TVL). Data from DefiLlama further proves that Meme coins on Solana have become one of the core driving forces of activity.
The rise of Meme coins and market recovery
Market Outlook
As Solana's on-chain trading volume continues to rise, the popularity of Meme coins has also deepened. This not only showcases the potential of decentralized finance but also highlights the importance of driving community tokens within the ecosystem. In the future, Solana may continue to solidify its position as a center for DeFi and Meme coin activities with its strong on-chain performance.
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