On December 17, 2024, the token PENGU from the Pudgy Penguins NFT collection saw one of the largest airdrops in NFT history. The event attracted many traders, one of whom managed to earn $8.36 million in just 20 minutes after trading began. Below, we highlight the standout moments of the airdrop and its potential implications for the crypto market.
As part of the event, the developers distributed approximately 36.8% of all tokens. Recall that the total supply is 88.88 billion PENGU. Around 7 million wallets received the airdrop, with each receiving an average of 6,000 PENGU. This makes the airdrop one of the largest in terms of the number of participants.
Key Highlights:
- According to Solscan, right after PENGU trading started, one trader spent 23,742 SOL (about $5.14 million) to purchase 239.6 million tokens. Within 20 minutes, he sold them for 60,726 SOL ($13.15 million), earning $8.36 million in profit.
- Not all traders were so fortunate: one major player spent $3.46 million to buy 65.47 million PENGU at $0.053 per token, but ended up losing over $1.6 million after selling some tokens at a lower price.
- Another user claimed 177 million PENGU ($5.9 million at the time of writing) and transferred them to Binance. At the peak price of $0.04989, those coins were worth $8.9 million. Had they claimed and sold the token in time, they could have made an additional $3 million.
- Another trader attempted to purchase PENGU tokens immediately after their listing on the Jupiter decentralized exchange, investing $10,000. However, due to low liquidity, he received only 78 tokens, equivalent to just $3.
- Eleven wallets received a total of 991.36 million PENGU (~$49.4 million at the all-time high). Seven of those wallets sold 351 million PENGU, or 35.5% of the total they held, while the other addresses continue to hold their tokens.
Not everything went smoothly. After PENGU was listed on exchanges, Binance announced a distribution of 135 million tokens as compensation for technical issues related to the listing. Previously, there were issues during the listing of Magic Eden's native token (ME).
Users can apply to claim PENGU for 88 days. Tokens can be sold on decentralized exchanges such as Jupiter, as well as on major centralized platforms including ByBit and OKX. At this time, the exact criteria for distributing these rewards remain unknown, leaving room for speculation.
It also became known that the Stakeland platform partnered with Pudgy Penguins to provide a platform for PENGU burning. Additionally, the team noted that MEME token stakers received an average of 5,664 PENGU.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.