PENGU, the Pudgy Penguins ecosystem token on Solana, launched Tuesday and rapidly leapt into the highest 100 cryptocurrencies by market cap, with doubtlessly thousands and 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 worth of about $0.0335, with a market cap of just about $2.1 billion. That makes it the 76th greatest cryptocurrency by market cap, in response to information from CoinGecko.
Newly launched tokens are famously risky, and CoinGecko exhibits that the token debuted at a worth of $0.068 earlier than rapidly falling, ensuing within the worth plunging roughly 51% on the day.
PENGU has a complete provide of simply over 88.88 billion tokens, and in response to a tokenomics breakdown offered earlier than the launch, simply over half of that’s going in direction of the airdrop.
Meaning holders of assorted 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 alternate FTX.
With roughly 44.8 billion tokens supplied to doubtlessly thousands and thousands of whole eligible claimants, that places the dimensions of the airdrop at $1.5 billion based mostly on the present worth of PENGU. Customers have till March 15, 2025 to assert PENGU, in any other case any unclaimed tokens will likely be completely locked, successfully eradicating them from circulation.
Claims opened at roughly 8am ET on Tuesday, however many customers reported difficulties going by way of the method—both claiming tokens in any respect, or in some instances, suggesting that they obtained fewer tokens than indicated.
A member of the Pudgy Penguins crew tweeted that the venture had seen over 100,000 claims within the first hour or so, together with 4.7 million visits to the web site. The crew member urged that distributed denial-of-service assaults, or DDOS assaults, had led to difficulties. In addition they wrote that anybody who obtained fewer tokens than allotted can full the declare course of once more to get the remainder of the PENGU.
Practically $1.5 billion value of PENGU has already been traded right now, in response to CoinGecko, making it the 14th most-traded token throughout the prime 100 cryptocurrencies by market cap.
Pudgy Penguins NFT costs surged in current days in anticipation of the airdrop, breaking the $100,000 mark for the primary time and coming near flipping probably the most worthwhile 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 worth of simply over $63,000 value of Ethereum (ETH) on marketplaces—down 48% from yesterday, per information from NFT Value Ground.
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