A mystery trader bagged an insane $8.36 million in profits by trading PENGU tokens just a few hours after the token launched on Binance.
According to Lookonchain, the trader spent an initial 23,742 SOL worth $5.36 million to buy 239.6 million PENGU tokens. 20 minutes later, he sold them for 60,726 SOL ($13.72 million) for a profit of 36,984 SOL.
Binance listed PENGU today at 14:00 UTC, paired with USDT, BNB, FDUSD, and TRY. The exchange also launched a HODLer Airdrop, distributing PENGU tokens to BNB holders who participated in the Simple Earn program during the qualifying period of December 9–12. Those users who met the criteria received the tokens an hour before the market opened and thus provided more initial liquidity.
However, PENGU’s launch has brought broader interest, and some in the community have been looking for ways to capitalize on the token airdrop.
One method circulating online claims that $20,000 spent on Pudgy Penguins merchandise like plushies, figurines, etc. can be flipped for $50,000 via connected redeemable NFTs.
The approach involves scanning 1,000 different product QR codes and returning said items for a refund, implying an estimated $30,000 profit.
But, critics are worried whether the plan can really work, or not. Some users, like X user @Deroidz, said each NFT might be worth much less, around $0.50 instead of the claimed $50, making the profit negligible.
Others brought up ethical issues with buying in bulk and then returning just as many items, saying it could harm the Pudgy Penguins community by creating artificial demand and limiting access for real buyers.
Meanwhile, PENGU saw a big price boom after the launch. Right now, the token has recorded over 716% surge in price. The market cap has also surged by 715% to a massive $2.5 billion with a trading volume of $655 million.
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