Solana Memecoin PENGU Flips BONK Amid Whale Accumulation
The newly launched PENGU token has attracted attention as it becomes the largest Solana-based memecoin by market capitalization. The coin’s rise has generated huge interest from large investors, who have invested heavily in the coin over the past few days.
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New Solana Token Steals the Show
On December 17, the Pudgy Penguins non-fungible token (NFT) project launched its official token PENGU on the Solana blockchain. The token has already stood out in the rankings, flipping other Solana-based tokens and attracting a lot of attention in 9 days.
Chunky penguin, one of the largest penguins NFT A collection consisting of 8,888 unique cute penguin cartoons with a market value of 205,757 ETH. In anticipation of the token’s launch, the project surged to become the second-largest NFT collection, behind CryptoPunks.
The project team said the project’s community has grown significantly since its launch three years ago and has “cemented its place in daily life and culture”. Additionally, although specific use cases have not yet been announced, it is expected to contribute to the project’s governance.
Therefore, the newly launched cryptocurrency It aims to “grow the community and further expand the reach of the project” by allowing new and existing users to “align” with Penguin.
The Solana-based memecoin surged 500% on its debut, reaching a market capitalization of $3.5 billion, but saw huge swings in the days that followed, according to CoinGecko.
Just hours after launch, PENGU’s price retraced more than 50% before falling to a market cap of $1.4 billion on December 20. The coin hovered within a range of $0.025 to $0.037 for a few days, settling near the upper end of the range on Christmas Eve.
Whale fills the bag when PENGU flips BONK
On the back of a brief Christmas market rally, the coin broke out of this range on Thursday morning and climbed to the $0.042 mark, taking the market cap to $2.6 billion. During this 18% rally, the coin flipped Dogwifhat (WIF) and BONK to become the largest Solana Meme Coin In terms of market capitalization, it currently maintains its leading position in the industry.
By this metric, PENGU becomes the fourth largest memecoin, behind Dogecoin, Shiba Inucoin, and PEPE. Additionally, the token has seen a 25% increase in market activity over the past 24 hours, with a daily trading volume of $1.92 billion.
Crypto whales have also taken notice of PENGU’s rise, with several large investors taking positions in the past week, according to on-chain data analytics firm Lookonchain.
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December 24, a whale Received Airdropped 116.7 million PENGU, worth US$3.52 million, and purchased it for US$1 million to increase holdings. The post shows that the wallet spent 5,250 SOL to purchase an additional 34.42 million PENGU, holding a total of 151.12 million PENGU worth $5.08 million.
Likewise, another whale exchanged 500,000 ai16z, another popular Solana-based memecoin, is being offered to PENGU today. Over the past eight days, the investor spent $2.47 million to buy 79.9 million shares of PENGU, representing an unrealized profit of approximately $835,000.
As of writing, PENGU is trading at $0.038, up 4.8% on the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com
