A trader managed to turn just $6 into $87,000 with the PENGU token, linked to the popular Pudgy Penguin NFT system, following its launch.
How It All Started
According to Arkham Intelligence, the trader acquired PENGU tokens before the official liquidity pool was set up. The trader combined his tokens with $1,100 in SOL to create a special liquidity pool on the Raydium platform when the PENGU launch was announced.
Boom on Binance
PENGU token saw its first listing on Binance with high demand. It was listed for spot trading with pairs such as USD, BNB, FDUSD, and TRY. Binance held a large airdrop, distributing almost half of PENGU's total supply, which increased its appeal within the already notable Pudgy Penguin NFT collection.
Current Market Situation
PENGU's price skyrocketed by 800% in the first hours after launch, reaching $0.04989. However, it soon dropped by 30%. Early holders cashed out, and the volatility from the airdrop led to price stabilization at $0.03336. Despite the drop, the token has seen a 567% increase in the past 24 hours.
The trader's success with PENGU highlights the volatility and opportunity for quick profits in the cryptocurrency industry. However, launch issues and pitfalls serve as a reminder of the risks present in this market.
