PENGU Becomes Largest Solana Memecoin by Market Capitalization
The newly launched PENGU token has become the largest Solana-based memecoin by market capitalization. Its recent rally has attracted significant interest from large-scale investors.
New Solana Token Steals The Spotlight
On December 17, the Pudgy Penguins NFT project launched its official token, PENGU, on the Solana Blockchain. Within nine days, the token has gained considerable attention and surpassed other Solana tokens.
Pudgy Penguins features 8,888 unique cartoon penguins and boasts a market capitalization of 205,757 ETH. It is currently the second-largest NFT collection, trailing only CryptoPunks.
Since its inception three years ago, Pudgy Penguins has expanded its community significantly. While the specific use case for PENGU remains unannounced, it is expected to play a role in governance.
The cryptocurrency aims to broaden its community reach, allowing users to align with the penguin brand.
According to CoinGecko data, PENGU debuted with a 500% surge, reaching a market capitalization of $3.5 billion but experienced volatility shortly thereafter.
Hours post-launch, PENGU's price retraced over 50%, dropping to a $1.4 billion market cap by December 20. The token stabilized between $0.025 and $0.037, settling around the upper end on Christmas Eve.
Whales Fill Their Bags As PENGU Flips BONK
On Christmas Day, PENGU broke its previous range, climbing to $0.042 and achieving a $2.6 billion market cap. During this 18% rally, it surpassed dogwifhat (WIF) and BONK to become the largest Solana memecoin by market cap.
PENGU is now the fourth-largest memecoin overall, behind Dogecoin, Shiba Inu, and PEPE. In the last 24 hours, trading volume reached $1.92 billion, reflecting a 25% increase in market activity.
On-chain analysis firm Lookonchain reported that crypto whales have invested heavily in PENGU over the past week.
On December 24, a whale that received an airdrop of 116.7 million PENGU, valued at $3.52 million, made an additional purchase of $1 million. This wallet now holds 151.12 million PENGU, worth $5.08 million.
Another whale exchanged 500,000 ai16z for PENGU, spending $2.47 million to acquire 79.9 million PENGU in eight days, realizing profits of approximately $835,000.
Currently, PENGU is trading at $0.038, reflecting a 4.8% increase over the daily timeframe.
