The memecoin craze is crazy in the 2024 crypto market, where various tokens filled investors’ pockets. One such token was Pudgy Penguin’s native token, which went live with a massive PENGU airdrop, and with that airdrop, a crypto whale earned $5M.
Crypto Whale Made Earned $5M With PENGU Airdrop
The crypto market is full of opportunities to make heavy profits, and airdrops bring that to another level, as people can receive free cryptos and turn that into profits. Interestingly, a crypto whale took it to another level, as it received 116.7M PENGU from the PENGU airdrop and earned a heavy profit with that. Initially, these tokens were worth $394K, per the listing price of $0.003375. However, the same is worth $4.2M today, after the PENGU price grew 630% since its launch on December 18, 2024.
Interestingly, the crypto whale realized the Pudgy Penguin token’s worth as it is a famous NFT product and gained an instant listing on Binance. Such listing on popular crypto exchanges increases the possibility of gains. Regardless, the whale spent 5,250 SOL, worth $1M, and bought an additional 34.42M PENGU, bringing his total holdings to $5.49M.
A whale who received an airdrop of 116.7M $PENGU($3.52M) spent 5,250 $SOL($1M) to buy an additional 34.42M $PENGU today!
The whale hasn’t sold any $PENGU and now holds a total of 151.12M $PENGU($5.08M).https://t.co/p5JEeH6nUs pic.twitter.com/ZgYm5vm7Wv
— Lookonchain (@lookonchain) December 24, 2024
Similarly, another crypto trader made 14,500x returns on his Pudgy Penguin token investment. He turned $6 into $87k within a few days as he invested before the liquidity pool launched the token. Many similar incidents have amazed investors and increased the demand for Solana meme coins.
PENGU Price Surged 40% Today
When Binance listed PENGU, its price surged 800% within a day, bringing heavy returns to the investors. Today, the popular Korean exchange Bithumb listed the Pudgy Penguin token, leading to the PENGU price surging 40%. With that, it currently trades at $0.03364, with a market capitalization of $2.6B. This happened as the trading activity increased 211% to $1.16B, clearly explaining its rising demand. However, this is just the beginning, as the token has achieved a much higher target in the past, as it is 38% away from its ATH of $0.05738, set just seven days ago.
Further analysts believe the PENGU market cap could hit $10B due to the success of PENGU airdrop and listing by various crypto exchanges. She revealed that more than 70% of airdrop tokens were claimed within 24 hours, which explains users’ interest, and the same interest is likely to push PENGU’s market cap to $10B.
Final Thoughts
Pudgy Penguin token has taken the crypto market by storm, as PENGU price rallied more than 630% in just a week. More importantly, it grabbed investors’ instant attention, as the PENGU airdrop was successful, with more than 70% of the tokens getting claimed within the first 24 hours. With that, a crypto whale earned $5M after receiving 116.7M PENGU in the airdrop and grabbing heavy profits over this period. Interestingly, analysts believe that the PENGU coin has high potential and could hit a $10B market cap in the future.
The post How A Crypto Whale Earned $5M from PENGU Airdrop? appeared first on CoinGape.