In an impressive series of events, a crypto trader made 14,500x returns over his PENGU token investment. This happened with new milestones set by the token, giving holders a perfect crypto trading experience. Let’s see how this Pudgy Penguin token equipped a trader with heavy returns.
PENGU Token Launch Turned Crypto Trader’s $6 Into 87K
The crypto exchange Binance went through PENGU token launch yesterday, fueling its demand with a massive crypto airdrop. The exchange has listed the token for spot trading with pairs like USD, BNB, FDUSD, and TRY and distributed almost half of the total supply. Interestingly, the Pudgy Penguin token was already in demand due to the impressive success of the Pudgy Penguin NFT collection. And this one crypto trader utilized the same demand, turning $6 into $870k.
As per Arkham Intelligence, the crypto trader invested only $6 to buy the PENGU coin before the main liquidity pool launched the token on the Solana network and paired it with $1100 of SOL. During the same period, the trader succeeded in snipping the token at an unreasonably low price. However, that grew multiple folds, resulting in the PENGU price soaring 800%. With that, the same $6 made a profit of $87K.
THIS GUY BOUGHT $6 OF PENGU AND TURNED IT INTO $87,000
Someone purchased $6 worth of PENGU before the main liquidity pools launched on Solana, then added it to Raydium paired with $1100 of SOL.
Multiple users trying to snipe PENGU’s launch swapped into his pool, and bought… pic.twitter.com/IW66bpyoe0
— Arkham (@arkham) December 17, 2024
PENGU Price Plummeted 30% After The PENGU Airdrop
PENGU’s crypto trading is now live on various crypto exchanges, including Binance. The token formed a massive peak right after the launch, setting an ATH at $0.04989. However, a mass sell-off from the early holders and the PENGU airdrop-induced volatility has affected the PENGU price. More importantly, a now-fixed token glitch in the Binance airdrop put an unsatisfactory beginning for the token.
Fast forward to now, the PENGU price is $0.03336, with a market capitalization of $2.08B, per CoinmarketCap. Despite a 33% drop from the peak, it is up by 567% in 24 hours. This is the consolidation period for the token induced by the sudden demand around the listing time. Once this is over, the PENGU coin can re-enter a bullish trajectory with the support of exchange listings and market demand.
What’s In There For You?
PENGU is the native token for the popular Pudgy Penguin NFT ecosystem, which includes 8,888 penguin-themed NFTs. The NFT project has recently listed its official crypto asset in the market with a major PENGU airdrop through Binance, which first pumped the token price to 800% before facing a mass sell-off. Within this period, a crypto trader made 14,500x returns with his PENGU tokens, turning $6 into $87K. Many similar users have had profitable crypto trading experiences, but a few sold early in fear, missing the opportunity.
The post How PENGU Allowed This Crypto Trader to 14,500x His Investment? appeared first on CoinGape.
