Trader Makes $8.36 Million Profit in 20 Minutes Trading $PENGU
A crypto trader gained attention by making an $8.36 million profit in 20 minutes trading Pudgy Penguins ($PENGU) tokens shortly after PENGU debuted on Binance. Two hours before the token's launch, the trader purchased 239.6 million PENGU tokens for 23,742 Solana (SOL), valued at $5.36 million, across eight transactions, as reported by Lookonchain.
A trader made an incredible 36,984 $SOL($8.36M) profit by trading $PENGU in less than 20 minutes.
As soon as $PENGU launched, the trader spent 23,742 $SOL($5.36M) to buy 239.6M $PENGU and later sold it for 60,726 $SOL($13.72M).
A massive profit!😱https://t.co/hIpkzxZjES pic.twitter.com/z5ZDKL3cfn
— Lookonchain (@lookonchain) December 17, 2024
Within 20 minutes, the trader sold the PENGU stake for 60,726 SOL, worth $13.72 million, after the token increased by 780.62% within a day, generating nearly $9 million in profit.
Trader Claims 500 Trades in Hour
An X user named Nakasintos has claimed responsibility for the trade, but verification is pending. The trader reportedly completed 500 transactions within an hour, leading experts to suspect the use of automated trading systems.
PENGU was listed on Binance at 14:00 UTC, paired with USDT, BNB, FDUSD, and TRY. Binance also initiated a HODLer airdrop, rewarding BNB holders who participated in the Simple Earn program from December 9 to 12. Eligible participants received PENGU tokens one hour before trading began, significantly increasing market liquidity.
The launch of PENGU has sparked excitement and debate among traders. Some have pursued alternative profit strategies, such as investing $20,000 in Pudgy Penguins merchandise to redeem linked NFTs, with claims that this could potentially double investments to $50,000. Critics, however, argue that NFTs may hold minimal value, possibly around $0.50 each, which could diminish expected returns. Ethical concerns have been raised about large-scale purchases and returns creating artificial scarcity, limiting access for genuine buyers.
PENGU’s Meteoric Rise and Fall
Despite ongoing debates, PENGU has experienced remarkable price performance. Since its listing, the token surged by 450%, attracting global trader interest. Shortly after launch, its market cap increased by 715% to $4.36 billion, with trading volume reaching $1.67 billion, according to CoinMarketCap.
However, the token has since lost over 43% of its value. While some community members view PENGU's rise as a significant opportunity, others express caution regarding the sustainability of such rapid growth. The involvement of trading bots and automated systems raises questions about whether the upward trend can continue or if corrections are imminent.
The swift success of PENGU underscores the crypto market's volatility and unpredictability. While one trader profited millions in minutes, many others remain uncertain about entering the market, aware that extraordinary price surges often carry substantial risks alongside potential rewards.