PENGU, the Pudgy Penguins ecosystem token on Solana, launched Tuesday and rapidly leapt into the highest 100 cryptocurrencies by market cap, with doubtlessly hundreds of thousands of NFT holders and merchants eligible to assert tokens within the airdrop.
The Pudgy Penguins token is at the moment buying and selling for a value of about $0.0335, with a market cap of just about $2.1 billion. That makes it the 76th greatest cryptocurrency by market cap, based on information from CoinGecko.
Newly launched tokens are famously unstable, and CoinGecko exhibits that the token debuted at a value of $0.068 earlier than rapidly falling, ensuing within the value plunging roughly 51% on the day.
PENGU has a complete provide of simply over 88.88 billion tokens, and based on a tokenomics breakdown offered earlier than the launch, simply over half of that’s going in the direction of the airdrop.
Meaning holders of varied Pudgy Penguins NFTs, individuals who personal NFTs from varied partnered collections, merchants of NFTs throughout Ethereum and Solana, and even holders of FTT—the ill-fated utility token of collapsed crypto change FTX.
With roughly 44.8 billion tokens provided to doubtlessly hundreds of thousands of whole eligible claimants, that places the dimensions of the airdrop at $1.5 billion based mostly on the present value of PENGU. Customers have till March 15, 2025 to assert PENGU, in any other case any unclaimed tokens will probably be completely locked, successfully eradicating them from circulation.
Claims opened at roughly 8am ET on Tuesday, however many customers reported difficulties going by means of the method—both claiming tokens in any respect, or in some circumstances, suggesting that they acquired fewer tokens than indicated.
A member of the Pudgy Penguins staff tweeted that the mission had seen over 100,000 claims within the first hour or so, together with 4.7 million visits to the web site. The staff member recommended that distributed denial-of-service assaults, or DDOS assaults, had led to difficulties. In addition they wrote that anybody who acquired fewer tokens than allotted can full the declare course of once more to get the remainder of the PENGU.
Almost $1.5 billion price of PENGU has already been traded as we speak, based on CoinGecko, making it the 14th most-traded token inside the prime 100 cryptocurrencies by market cap.
Pudgy Penguins NFT costs surged in latest days in anticipation of the airdrop, breaking the $100,000 mark for the primary time and coming near flipping probably the most useful profile image (PFP) assortment, CryptoPunks.
However with some holders dumping their NFTs after claiming the tokens, Pudgy costs are plummeting. As of this writing, the NFTs are beginning at a value of simply over $63,000 price of Ethereum (ETH) on marketplaces—down 48% from yesterday, per information from NFT Value Ground.
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