The Pudgy Penguins NFT project successfully launched its own token, PENGU, on the Solana 
$209 blockchain, significantly boosting the network’s activity. Solana, recognized as a cost-effective alternative to Ethereum 
$3,668, reached its highest transaction volume since 2020 by December 2024.
Solana Volume
The number of transactions on Solana surpassed the total of all other major blockchains, showcasing the network’s high activity level. According to data from Artemis, this figure markedly highlighted Solana’s performance.
The network also outperformed others in terms of daily decentralized exchange (DEX) trading volume and daily active addresses. However, it lagged behind Base, Ethereum, and Tron concerning stablecoin transfer volume. The substantial increase in volume was fueled by the excitement surrounding the launch of PENGU, with many participants receiving airdrops valued above $150, an occurrence that is rare.
PENGU Token Launch
The launch of the PENGU token began with Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) holders participating in the PENGU airdrop. The project garnered over 100,000 requests in the first hour, and the website received 4.7 million views.
Initially, PENGU entered the market with a market cap of $2.3 billion, but according to Coingecko, its value declined to $2 billion. Solana’s native token, SOL, rose by 3.2% to $229 on Tuesday but could not sustain this momentum, falling back to $217.
Following Bitcoin 
$101,220‘s increase in market leadership, SOL’s rise was anticipated, but cautious activity was observed ahead of the FED’s interest rate decision. Since the beginning of last year, Solana has become a popular option for individual investors seeking quick gains through meme coins, NFTs, and other small tokens.
Solana’s high transaction volume and trading activity have enhanced the impact of projects and new tokens on the platform, contributing to the ecosystem’s growth. The introduction of the PENGU token not only increased interest in the Solana ecosystem but also supported investor confidence and blockchain utilization.
Solana’s ongoing growth potential and its hosting of diverse projects signal positive indicators for the network’s future performance.
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.
