PENGU is "going crazy"!
Last night at 22:00, multiple well-known exchanges rushed to PENGU, skyrocketing by 440%, with the price reaching as high as $0.07 at one point. The fully diluted valuation (FDV) soared to an astonishing $6.2 billion, before subsequently plummeting by 50% to around $0.03.
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Topics related to PENGU quickly climbed the hot rankings on AICoin (aicoin.com), attracting broader attention.
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A Crazy Price Roller Coaster
If the launch of the PENGU token was a market celebration, the subsequent price fluctuations felt like a roller coaster ride. At the opening, the price of the PENGU token surged to $0.07, with the fully diluted valuation (FDV) reaching an astonishing height of $6.2 billion. However, the token price quickly reverted, dropping over 50%, with the market cap falling to about $2 billion.
This rapid rise and fall in price appears to be a typical reaction to market sentiment, but on a deeper level, it reflects the high volatility and unpredictability of the crypto market.
On-Chain Trading Volume Crushes CEX
The debut of the PENGU token was nothing short of spectacular, with its on-chain trading volume surpassing $1 billion in less than 12 hours. This figure even exceeded the total trading volume of all centralized exchanges (CEX), including Binance. The on-chain protocol Raydium emerged as the biggest winner, capturing over 50% of the trading share.
Community Celebration Ignites NFT Ecosystem
The rapid rise of the Fat Penguin is closely tied to its "borderless" airdrop strategy.
47.87% of the total PENGU token supply was directly distributed to the community, including holders of the Fat Penguin series NFTs and active users in the Ethereum and Solana ecosystems. This precise targeting ignited market enthusiasm. Unlike traditional projects that require a snapshot to determine airdrop eligibility, PENGU adopted a more flexible approach—users could apply for tokens after the launch, with a full 88 days to claim them.
This clever design not only aligns with market habits but also directly boosted the prices of the Pudgy Penguins series NFTs. The linkage effect from NFTs to tokens makes one marvel: this is not just a token airdrop, but more like a community celebration.
Arbitrage Speculation and Selling Concerns
While PENGU is on fire, it has also attracted a large number of speculators. Arbitrage trading surged during this period: some users capitalized on the price differences between on-chain and CEX, making substantial profits. For instance, one trader earned 36,984 SOL, approximately $8.36 million, in less than 20 minutes by trading PENGU.
However, beneath the speculation, there are also undercurrents. According to on-chain analyst Ai Yi's detection, wallets associated with the PENGU project team (or early investors) have already begun large-scale sell-offs, with cumulative sales amounting to $8.74 million.
This dual pressure of speculation and selling has caused a rapid correction in PENGU's price, leading many trend-following investors to "buy high." For PENGU, balancing market speculation with long-term value has become a significant issue that cannot be ignored.
Future Market Script: Can the Fat Penguin Support "The First On-Chain Community"?
Despite the dramatic price fluctuations of the PENGU token, the market still holds hope for its future development. The multi-chain deployment strategy of the Pudgy Penguins team is undoubtedly a highlight—they plan to launch the PENGU token on Solana, Ethereum, and the L2 network Abstract Chain, aiming to create a cross-chain super community.
Additionally, the PENGU token has been endowed with governance and ecological construction functions, providing more possibilities for its future. For the team, how to attract new users while solidifying the cohesion of the existing community will be key to determining whether PENGU can achieve long-term success.
The Revelation of the Fat Penguin
The success of the Fat Penguin project is inseparable from its excellent community operation and innovative multi-chain strategy.
Regardless of where PENGU goes in the future, it has already become a classic case in the crypto market, providing us with many insights worth contemplating.
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