PENGU Token Surges to $0.43 Amid Whale Accumulation
On Thursday, Pudgy Penguins' cryptocurrency #PENGU experienced significant social media attention due to a sharp price increase, reaching $0.43 and achieving a market cap of $2.5 billion. This surge allowed PENGU to briefly surpass competitors like #BONK and #WIF, becoming the fourth-largest memecoin by market cap according to CoinMarketCap.
Recent on-chain activity indicated that a major whale traded 500,000 ai16z tokens valued at $412,000 for PENGU. Over the past eight days, this investor has invested $2.47 million in acquiring 79.9 million tokens, yielding unrealized profits of $835,000.
A whale who made $9.5M on $ai16z exchanged 500K $ai16z($412K) for $PENGU again 2 hours ago.
This whale initially spent $1.15M to buy 14.08M $ai16z and sold 7.87M $ai16z for $5.57M, leaving 6.21M $ai16z($5.08M). #ai16z
Over the past 8 days, the whale has spent $2.47M to buy… pic.twitter.com/IDZt5VeAQ1
— Lookonchain (@lookonchain) December 26, 2024
Another whale, who received an airdrop of 116.7 million PENGU tokens at launch, increased their holdings on December 24. Initially valued at $394,000, these tokens are now worth $4.4 million after a 670% price increase since launch. This investor also bought an additional 34.42 million tokens for $1 million in Solana #SOL, raising their total to over 151 million tokens.
PENGU’s recent listing on Bithumb has further stimulated demand, especially among South Korean investors anticipating an upcoming airdrop event.
PENGU Price Volatility
Since its launch on December 17, PENGU has exhibited volatile price movements. The token peaked at $0.05738 after a nearly 500% rise, followed by a decline to $0.031 within 24 hours, representing a 55% drop. Traders reported significant profits, with some earning up to $8.36 million in minutes.
In the past week, PENGU's price stabilized between $0.033 and $0.039. A whale-driven rally on Thursday pushed the price up 18% to $0.043 before a correction. Currently, PENGU is trading at $0.03899, reflecting a 3% increase in the last 24 hours.
Luca Netz, CEO of the Pudgy Penguins NFT project, hosted “Pudgy Penguins Christmas Huddles” across Asia, including Malaysia, South Korea, Indonesia, and Oceania, highlighting the project's expanding community engagement.
PENGU surpassed 500,000 holders as of December 22, despite broader market declines, with top memecoins experiencing a 5% drop in market cap to $94.5 billion and a 20% decrease in trading volume.