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Pudgy Penguins' Solana-Based $PENGU Token Debuts at $312M Market Cap, Sees $90M Trading Volume

Dec 17, 2024, 02:01 PM

The $PENGU token, launched by the NFT project Pudgy Penguins, debuted with a market capitalization of $312 million. The Solana-based token, with a total supply of 88.88 billion, saw $90 million in trading volume within its first hour of trading. The airdrop of $PENGU tokens was distributed to holders of Pudgy Penguins NFTs, with 23.5% of the total supply allocated for this purpose. Additionally, 22% of the token supply was set aside for the Solana and Ethereum communities, and 12.3% was designated for liquidity on decentralized exchanges. The launch of $PENGU led to a 2.6% increase in the floor price of Pudgy Penguin NFTs, which are now trading at 34.1 ETH, equivalent to approximately $136,000, making it the second most expensive NFT collection after CryptoPunks.