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PENGU’s market capitalization exceeds $2 billion.
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In its first hour of launch, over $150 million was traded on PENGU.
The Pudgy Penguins token (PENGU) had an outstanding performance at its market launch and its price rose more than 500% in less than a day. It is, at the time of this publication, the digital asset with the highest percentage increase in the last 7 days.
PENGU is the native token of the collection NFT-non-fungible/” target=”_blank” rel=”noreferrer noopener”>NFTs Pudgy Penguins, a set of 8,888 animated penguins that was released in the Ethereum-eth/” target=”_blank” rel=”noreferrer noopener”>Ethereum network in 2021. Each of these hand-drawn drawings has specific features such as bodies, striking beaks, shirts, accessories and backgrounds.
According to data from CoinGecko, Pudgy Penguins is one of the largest NFT projects on the marketwhose value exceeds 613 million dollars.
The holders of these NFTs are part of a collective called “The Huddlers”, which in that context the word “huddle” means “to get together in a group”. This same community spirit was what motivated Luca Netz, CEO of Pudgy Penguins, to create the PENGU token, with the goal of further expanding its member network.
The asset operates in the Solana network (although the NFT collection originates from Ethereum) and has a total supply of 88,888,888,888 PENGU. The number 8 is a hallmark in this project and not only defines the limited size of the NFT collection.
In their tokenomics It is highlighted that the 25.9% is allocated to NFT holders of the Pudgy Penguins collectionwhile the remaining percentage is divided into other Solana and Ethereum communities, and project members among others.
The total sum of these percentages adds up to 88%, a clear example of the inclination there is for that number. The remaining 12% was allocated as liquidity in Bitcoin-criptomonedas/” target=”_blank” rel=”noreferrer noopener”>decentralized exchanges.
Upon its market debut on December 17, its price soared above $0.052.
At the time of publication of this note, its price is $0.032.
PENGU price on the day of its market launch. Source: CoinMarketCap
For its part, PENGU’s market capitalization, meanwhile, is more than $2 billion.
In addition to the great marketing campaign and the expectation that was generated in its community, There were other factors that drove this price increase on its first day on the market.
One of the main factors was that the token was listed on Cryptocurrency exchanges such as OKX and Binance” target=”_blank” rel=”noreferrer noopener”>Binance. The latter offered several strategies to support the launch of PENGU. Initially, it offered leverage of up to 75x on your future contracts and an airdrop program for HODLers. That is to say, A trader with only $100 in his account could open a position worth $7,500..
Participants, 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.
Lastly, the Pudgy Penguins team had set a period of 88 days (another reference to the number 8) for holders of the Pudgy Penguins Lil Pudgys, Rogs, and Pudgy Toys NFTs that met certain requirements. how to have your wallets linked to Ethereum and Solana and have at least 10 SOLthe equivalent of $2,100, to cover transaction fees.
Unclaimed tokens were burned by the developer team, which increased the shortage of PENGU and, consequently, could boost the price of the asset in the future.
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