Uk news
- Elephantine Penguins’ PENGU token has viewed wild designate swings airdrop start.
- PENGU shopping and selling volume hit $90M in hours, with merchants making millions and others losing.
- Fundamental exchanges record PENGU as NFT prices surge, then drop after token claim promote-offs.
The Elephantine Penguins NFT venture has made waves within the cryptocurrency world with the start of its native token, PENGU, on the Solana blockchain via a wide $1.5 billion token airdrop.
Announced on December 5, the PENGU token is designed to deepen the connection between the Elephantine Penguins designate and its rising world community.
Uk news PENGU airdrop tiny print and eligibility
The PENGU airdrop, which went are residing at 8:00 a.m. ET is start to holders of Elephantine Penguins, Lil Pudgys, Rogs, and soulbound tokens (SBTs). Additionally, house owners of Elephantine Toys, plush collectibles linked to the Elephantine World metaverse, are also eligible.
Claiming the tokens requires users to hyperlink their Solana and Ethereum wallets and protect now not much less than $10 worth of SOL for gasoline charges. With a claim period of 88 days, any unclaimed tokens will probably be completely burned, cutting again the circulating supply.
Penguins and eligible parties can claim their $PENGU now.
The claim website will remain are residing for 88 days and the unclaimed PENGU will probably be functionally locked within the dapper contract, ad infinitum.
Content here: https://t.co/EADJ17nCOS pic.twitter.com/WZYWUEFWmc
— Elephantine Penguins (@pudgypenguins) December 17, 2024
Of the 88.88 billion PENGU tokens minted, 25.9% is allocated to the Elephantine Penguins community, 24.12% to a host of NFT holders and “Huddle” individuals, and 17.8% to the venture group underneath a one-year cliff and three-year vesting period. One other 11.forty eight% is reserved for the company with identical vesting conditions.
Irrespective of its preliminary success, PENGU’s start used to be marred by technical complications. Claimants reported difficulties, in conjunction with receiving fewer tokens than allocated. A member of the PENGU group attributed this to disbursed denial-of-service (DDoS) attacks, which precipitated delays and errors and reassured users that unclaimed tokens might possibly well well aloof be retrieved.
Pushed fresh Content patches / updates ✅
Refresh and restart your claim. What you claimed beforehand must picture up as Claimed and could goal picture you treasure to personal you might possibly well well goal personal final to negate.
Ledger fix/updates must follow rapidly afterwards.
Admire everyone’s persistence. We’ve had an…
— Chef (@chefgoyardi) December 17, 2024
Uk news Elephantine Penguins ecosystem sees explosive market exercise
Within hours of its start, PENGU generated a shopping and selling volume of $90 million, soaring by bigger than 870% in designate to an all-time high of $0.06845. Its market capitalization also surged above $3 billion, incomes it a situation among the pinnacle 200 cryptocurrencies.
Nevertheless, the token’s debut used to be now not without setbacks. After hitting the ATH at $0.06845, PENGU’s designate plunged by 51% to around $0.03232 at press time, highlighting the volatility frequently viewed with fresh token launches.
A savvy trader took attend of the worth surge and supplied 239.6 million PENGU using 23,742 SOL forward of cashing it out for 60,726 SOL, pocketing a staggering $8.36 million profit in appropriate 20 minutes.
A trader made a lovely 36,984 $SOL($8.36M) profit by shopping and selling $PENGU in much less than 20 minutes.
As soon as $PENGU launched, the trader spent 23,742 $SOL($5.36M) to aquire 239.6M $PENGU and later supplied it for 60,726 $SOL($13.72M).
A wide profit!😱https://t.co/hIpkzxZjES pic.twitter.com/z5ZDKL3cfn
— Lookonchain (@lookonchain) December 17, 2024
On the flip aspect, a trader making an are attempting to snipe early trades misplaced $10,000 due to low liquidity, receiving only 78 PENGU tokens worth $3. This mishap underscores the dangers of shopping and selling in low-liquidity pools.
anyone supplied $PENGU @$14T mc turning his $10k to $5 in seconds lmfao pic.twitter.com/R9X9tOu2fn
— bx1 (@bx1core) December 17, 2024
The airdrop has also influenced the Elephantine Penguins NFT market. The collection’s ground designate briefly surged to 34.1 ETH (approximately $136,000), cementing its position because the second most costly NFT collection after CryptoPunks. Nevertheless, post-airdrop selloffs resulted in a designate decline, with some NFTs shedding below $63,000.
Uk news Binance, OKX, and Bybit record PENGU token
The PENGU token is now listed on important exchanges treasure Binance, OKX, and Bybit.
Binance has even added PENGU/USDT perpetual contracts with as a lot as 75x leverage. These trends underscore the token’s rising prominence and market doable.
Making an are attempting forward, PENGU plans to develop functionality via Ethereum and the Abstract Chain Layer 2. A LayerZero bridge is also in trend, allowing Elephantine Toy house owners to negate tokens seamlessly.
As the ecosystem matures, the PENGU token’s future will hinge on its potential to protect person engagement and navigate the volatile crypto panorama.
