Binance Resolves Pudgy Penguins Token Issues and Announces 135 Million Airdrop
Binance addressed technical issues affecting the listing of Pudgy Penguins (PENGU) tokens, caused by a delay in data updates from CoinMarketCap. This resulted in inconsistencies regarding the token's capitalization and valuation.
Binance Announces Compensation Plan
Upon user reports of discrepancies, Binance collaborated with the market insights provider to rectify the issue and update the data. Additionally, Binance announced a 135 million PENGU token airdrop as compensation for affected users, aimed at restoring trust in the platform. The airdrop targets users who traded the token between 14:00 and 14:37 UTC on December 17, with distribution proportional to trading volume during that period, reflecting Binance’s commitment to transparency and user satisfaction.
PENGU Token Surges as Record Profit Steals the Spotlight
In the first 24 hours post-listing, the PENGU token surged over 500% to an all-time high of $0.05, subsequently settling at $0.029. A notable trade involved one trader earning $8.36 million profit in just 20 minutes by purchasing 239.6 million PENGU tokens using 23,742 Solana (#SOL), before selling them for 60,726 SOL, worth $13.72 million, marking a significant event in crypto trading history.
Conversely, Simon Cat (#CAT), another token listed on Binance, experienced a 31% price drop within 24 hours despite a trading volume of $600 million. This contrast in price movements illustrates the volatile nature of the cryptocurrency market, where different tokens can exhibit varying performance under similar conditions.