A crypto trader turned a $6 investment into $87,000 with the PENGU token, a cryptocurrency linked to the well-known Pudgy Penguin NFT system. This came after the token was launched yesterday, December 17, with a lot of demand reflecting inflated price change on exchanges like Binance and Solana-based platforms.
According to Arkham Intelligence, a trader bought $6 of PENGU before the official liquidity pool was set up. He combined his tokens with a total of $1,100 worth of SOL to create a special liquidity pool on Raydium when PENGU’s launch was announced.
Excited traders rushed into buying what they thought were the new tokens, unaware that this was a token swap into his pool. The trader earned an astonishing 14,500x return thanks to all this.
PENGU saw its first listing on Binance with a boom. It was listed for spot trading with pairs like USD, BNB, FDUSD, and TRY. Binance also gave away almost half of PENGU’s total supply through a big airdrop campaign. Also, the already popular Pudgy Penguin NFT collection made the token more attractive.
Within the first few hours, PENGU’s price went up to 800%, reaching the high of $0.04989. However, it soon encountered problems that included a drop in value by 30%.
Early holders cashed out, and volatility from the airdrop caused the price to stabilize at $0.03336 as of now, according to CoinMarketCap. But despite the drop, PENGU is up by 567% in the last 24 hours.
Also, the launch on Binance had some problems. A technical error in the airdrop system made users unhappy. However, PENGU still has a lot of market activity, with a current market value of $2.08 billion.
Also Read: Trader makes $8.36M Fortune in 20 Minutes Trading $PENGU
