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This Tuesday, the team behind the renowned NFT project, Pudgy Penguins, launched its long-awaited airdrop of the PENGU token, which is now up over 851%. Although the currency lost 50% of its value a few hours after its launch, it has been recovering its pace.
The latter is related to the listing on the Binance Cryptocurrency exchange. Although the launch had some problems, owners of images of that collection celebrate the distribution of PENGU through airdrop.
It should be noted that the launch of this token and its airdrop occur as a way to celebrate the successful 3 years of the collection. During that period, the collection has been gaining ground to become one of the most important in the blockchain-based collectibles sector. Over the past month, this collection has comfortably dominated the NFT market.
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According to data from the Cryptoslam.io portal, in 30 days the collection shows a growth of more than 1,165% in sales, with $105 million. Its closest competitor, the undetermined Bitcoins, with $57 million and a growth of 17.97% in the same period.
It is in the midst of this positive context that the PENGU token exceeds 851% in performance despite the shakeup of the crypto sector this Wednesday. Either way, it seems early to have a map drawn of the possible outcome of the price of this new penguin coin.
The listing on Binance allows the PENGU token to enjoy enormous momentum. Source: CoinMarketCap
PENGU Token Becomes the Sensation of the Crypto World
Below we present some features of the PENGU tokenomic. First of all, the fact that the coin has a circulating supply of 62.41 billion tokens is highlighted. Furthermore, its total supply amounts to 88.88 billion coins.
On the other hand, it stands out that the currency came to life on the Solana blockchain. The latter is of great importance, as the team behind it wants to capitalize on the strength of this network in terms of trading in the meme coin sector. In fact, Solana is the main market for memecoins, in terms of issuance and trading.
Notably, the tokenomic shows that the Pudgy community owns 25.9% of the supply. Likewise, other groups related to Pudgy Penguins receive 24.12% of the supply. Meanwhile, liquidity for trading on exchanges consists of 12.35% of the PENGU token supply.
The support for the Penguins NFT project positions the token as a potential big reveal in the memecoin sector. However, as mentioned above, it is still early to have a clear vision about the future of this currency.
Listing on Binance and other major exchanges appears to reach straight into the big leagues of cryptocurrency trading. The latter can translate into strong momentum in the coming months.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.
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