The PENGU token from Pudgy Penguins witnessed an impressive price increase of over 800% following its launch and airdrop distribution. This Solana 
$226-based token demonstrated strong demand from NFT holders and the broader cryptocurrency market shortly after going live, as indicated by its high trading volume.
Pudgy Penguins Airdrop Commences
CEO Luca Netz announced that users need to connect both Ethereum 
$3,956 and Solana wallets to claim the token. Additionally, users must ensure their wallets contain at least $1-2 worth of SOL tokens to cover transaction fees. The claim period will last 88 days, with any unclaimed tokens being burned at the end of this duration.
Netz emphasized that the token claiming process requires users to operate across two different blockchains.
PENGU Token Price Soars by 800%
In its first hour, the PENGU token achieved a strong start with approximately $90 million in trading volume. Within 24 hours, the token price surged by 870% to reach $0.05 before declining to $0.0485. Its market capitalization rose to $3 billion, making PENGU one of the top 200 cryptocurrencies by market value.
One trader capitalized on the rapid price increase, gaining $8.36 million in just 20 minutes.
The launch of PENGU positively impacted the Pudgy Penguins NFT market. The floor price of the Pudgy Penguins collection increased by 2.6% to 34.1 ETH, making it the second most expensive NFT collection after CryptoPunks.
The project connects digital collectibles with physical products like Pudgy Toys available at retailers such as Walmart and Target, and plans are in place for cross-chain compatibility between Ethereum and Solana via LayerZero technology.
Binance has integrated PENGU into its offerings, providing 75x leverage for PENGU/USDT futures contracts, while OKX has added the token to its spot trading market, signaling increased institutional interest in NFT-based tokens.
The launch of the PENGU token is viewed as a strategic move for the Ethereum-based NFT project and contributes to the growth of the ecosystem.
The introduction of the PENGU token facilitates the expansion of the Pudgy Penguins ecosystem in both digital and physical realms. The project aims to enhance integration across blockchain networks, allowing users to utilize their tokens more easily.
With the token launch and airdrop, Pudgy Penguins has established a significant presence in the NFT market. The project expands its audience through both digital and physical products while increasing institutional interest by listing on centralized exchanges.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
