A cryptocurrency trader achieved an extraordinary 14,500-fold return on their investment in PENGU tokens. This occurred as the token reached new milestones, offering investors an optimal trading experience. Let’s examine how this Pudgy Penguin token provided such substantial returns for one trader.
PENGU Token Introduction Transforms $6 to $87,000 for Crypto Trader
Binance, a cryptocurrency exchange, recently launched the PENGU token, stimulating demand with a substantial token distribution. The exchange listed the token for spot trading with various currency pairs and distributed nearly half of the total supply. The Pudgy Penguin token had already garnered interest due to the success of its associated NFT collection. One trader capitalized on this demand, turning a $6 investment into $87k.
According to Arkham Intelligence, the trader invested only $6 in PENGU coins before the main liquidity pool launched the token on the Solana network, pairing it with $1,100 worth of SOL. The trader managed to acquire the token at an exceptionally low price, which subsequently increased dramatically, resulting in an 800% rise in the PENGU price. Consequently, the initial $6 investment yielded a profit of $87,000.
PENGU Price Decreased 30% Following Token Distribution
PENGU is now available for trading on various cryptocurrency exchanges, including Binance. The token’s price peaked shortly after launch, reaching an all-time high of $0.04989. However, a widespread sell-off by early investors and volatility induced by the token distribution affected the PENGU price. Additionally, a token glitch in the Binance distribution, which has since been resolved, contributed to a challenging start for the token.
Currently, the PENGU price stands at $0.03336, with a market capitalization of $2.08 billion, according to CoinmarketCap. Despite a 33% decrease from its peak, it has increased by 567% in 24 hours. This period represents a consolidation phase for the token, driven by sudden demand around the listing time. Once this phase concludes, the PENGU coin may resume an upward trajectory, supported by exchange listings and market demand.
Implications for Investors
PENGU serves as the native token for the popular Pudgy Penguin NFT ecosystem, which comprises 8,888 penguin-themed NFTs. The NFT project recently introduced its official cryptocurrency to the market with a significant token distribution through Binance, initially driving the token price up by 800% before experiencing a mass sell-off. During this period, a cryptocurrency trader achieved a 14,500-fold return on their PENGU tokens, transforming $6 into $87,000. Many users had profitable trading experiences, while others sold early due to uncertainty, missing potential gains.
