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PENGU is a token linked to a collection of non-fungible tokens (NFT).
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On the day of its release, PENGU rose more than 500%.
The Solana network recorded a record daily transactions thanks to the launch of the Pudgy Penguins (PENGU) token.
As CriptoNoticias already reported, Binance-precio-500/” target=”_blank” rel=”noreferrer noopener”>PENGU debuted on the market on December 17 with a price increase of more than 500%. This is the native token of the collection of NFTs Pudgy Penguins, a set of 8,888 animated penguins that was released in 2021 in theEthereum-eth/” target=”_blank” rel=”noreferrer noopener”> Ethereum network.
Despite the latter, the token operates on Solarium and has a supply set at 88,888,888,888 PENGU. The repetition of the number 8 is not only the emission limit, but is a characteristic of the project currently directed by Luca Netz.
The premiere of PENGU was the main driver of activity in Solana. According to browser data Artemisthe network, that day recorded a total of 66.9 million daily transactions, the highest level since its creation in 2020.
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Daily transactions in Solana throughout its history. Source: Artemis.
Solana also stood out that day above other networks in terms of daily volume on Bitcoin-criptomonedas/” target=”_blank” rel=”noreferrer noopener”>decentralized exchanges (DEX), reaching a total of 4.9 billion dollars. Additionally, the number of active addresses rose to 7.7 million on December 17.
Active addresses on the Solana network from the end of May to December 17, 2024. Source: Artemis.
The rapid adoption of the asset on its first day invites us to analyze the factors that really drove its price and activity in Solana.
What’s behind the PENGU price rise?
In principle, it should be noted that Pudgy Penguins is the third largest project on the NFT market. The total value of this collection exceeds 613 million dollars, according to data from CoinGecko.
The holders of the Pudgy Penguins NFTs make up a community called “The Huddlers”, whose translation is “to get together in a group”. Under that motto, the CEO of the collection, Luca Netz, decided to create the PEGUN token with the aim of expanding the number of members.
The asset debuted with a market capitalization of $2 billion and its price soared above $0.05. At the time of publishing this note, the price of PENGU is $0.30.
PENGU is trading above $0.03. Source: CoinMarketCap.
The marketing campaign carried out by the Pudgy Penguins team and the promotion they did Binancethe largest exchange in the world, were key for the asset to have this outstanding performance in its market debut.
In the days before its launch, Binance offered leverage of up to 75x on your future contracts and an airdrop program for HODLers. In this way, a trader who had $100 in his account was able to open a position valued at $7,500.
On the other hand, BNB holders who were part of the Simple Earn program during the qualification period received tokens before the official opening of trading, boosting market liquidity.
Such was the demand that it had to be difficulties were reported to claim the tokens and the Binance support team issued a release to bring peace of mind. “In response to these issues, Luca Netz, the CEO of Pudgy Penguins, has advised token holders to be patient. Netz emphasized that there is an 88-day window to claim the tokens and urged users not to rush the process,” the text highlights.
Simultaneously, the Pudgy Penguins team had set a period of 88 days for holders of the Pudgy Penguins Lil Pudgys, Rogs, and Pudgy Toys NFTs. Again, there is a reference to the number 8.
As reported, unclaimed tokens were burned, increasing PENGU scarcity. Looking ahead, that could boost the price of the digital asset.
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