A trader lost nearly $10,000 while trying to capitalize on the Pudgy Penguins (PENGU) token airdrop. The PENGU token surged to a $3 billion market cap shortly after launch, but the trader mistakenly purchased tokens from a manipulated low-liquidity pool at an inflated $14 trillion valuation. Their $10,000 investment dwindled to under $3 within minutes.
This error stemmed from a glitch in the Jupiter decentralized exchange and the trader's failure to verify the contract address. They later acquired 62,585 PENGU coins worth about $2,000, mitigating some losses.
Pudgy Penguins has been a top NFT project, with NFTs trading as high as $60,000 each. The PENGU token launch is part of its broader roadmap, which includes activating features on Ethereum and launching a new layer-2 Abstract Chain network. The token has a total supply of 88.88 billion and was airdropped to seven million eligible addresses.
