Pudgy Penguins: PENGU Jumps 30% on Record Solana Activity
Date: 2024-12-25 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The PENGU token, created for the popular Pudgy Penguins NFT series, has approached half of its all-time high, driven by increased activity on the Solana network and a rebound in the cryptocurrency market ahead of Christmas 2024.
Pudgy Penguins recently issued the PENGU token to 7 million eligible wallets. Wallet holders were given 88 days to claim 23.5% of the total supply of 88 billion tokens, or 20.6 billion coins.
The token was valued at $3.5 billion in fully diluted market cap at launch, reaching $0.06 per coin. However, a correction followed, bringing the price down to $0.03. However, a 30% surge on Christmas Eve brought the token back to that mark.
A significant increase in Solana activity on December 24 was a major factor in the rise in PENGU’s value. According to Artemis, the network saw a new record number of transactions on that day.
The main driver of this activity was meme tokens, which play a key role in the Solana ecosystem, the second-largest DeFi platform by total value locked (TVL), according to DefiLlama.
According to DEX Screener, significant investment was directed towards Solana’s leading meme tokens, Bonk, Dogwifhat, and Fartcoin. The latter two projects are leading the pack of crypto AI-related tokens, which are rapidly gaining popularity.
Of particular note is Fartcoin, a content-focused token that has returned to the $1 billion+ market cap club. Its price has increased by 50%, reaching $1.12 per token.
The rise of PENGU and record activity of Solana highlight the powerful influence of meme tokens and AI-related projects on the development of the cryptocurrency market.
