The Pudgy Penguins ecosystem has launched its new token, PENGU, on the Solana blockchain. PENGU quickly gained popularity and reached a market capitalization of nearly $2.1 billion. However, its debut was marked by volatility, with a sharp decline of around 51% on its first day of trading.
The associated airdrop is significant, with over 88.88 billion tokens available. The airdrop is open to various participants, including Pudgy Penguins NFT holders, owners of NFTs from partnered collections, and traders on Ethereum and Solana. Even holders of the FTX utility token, FTT, can claim their share. The total value of the airdrop is estimated at $1.5 billion. Users faced challenges during the claiming process due to heavy traffic, potentially caused by DDoS attacks. Users have until March 15, 2025, to claim their tokens, after which any unclaimed tokens will be locked in the smart contract.
The launch of PENGU had a significant impact on the market, particularly on the value of Pudgy Penguins NFTs. Prices surged before the airdrop but dropped significantly afterward. Pudgy Penguins NFTs are currently starting at just over $63,000, reflecting a 48% decrease from the previous day.
PENGU had a trading volume of nearly $1.5 billion on its launch day, making it the 14th most-traded token among the top 100 cryptocurrencies. The performance of PENGU will be closely monitored as the Pudgy Penguins ecosystem evolves, highlighting the risks associated with investing in new cryptocurrencies and NFTs.