PENGU Token Surges After Launch, Hitting $3B Market Cap – NFT Plazas

Pudgy Penguin‘s recently launched $PENGU token rose over 800% to $0.05 after its debut, reaching a market capitalization of $3 billion within the first hour.
The token went live on the Solana with an airdrop that rewarded holders of various Pudgy Penguins assets, including Pudgy Penguins, Lil Pudgys, Rogs, and soulbound tokens (SBTs). In addition to digital asset holders, Pudgy Toys—physical plush collectibles sold through major retailers like Walmart and Target—are also connected to the airdrop. Over 7 million wallets outside the Pudgy Penguins ecosystem were also reported to be eligible for the rewards including OG Ethereum and OG Solana wallets.
The claim window will remain open for 88 days, and any unclaimed tokens are set to be burned at the end of the window reduce the token supply.
The $PENGU token saw immediate price movement following its launch with its value sharply rising to $0.05 before stabilizing at approximately $0.0485. Trading volume exceeded $90 million within the first hour, pushing the token’s market capitalization to $3 billion and placing it among the top 200 cryptocurrencies.
Several major centralized exchanges, including Binance, OKX, and Bybit, quickly listed the $PENGU token which further increased accessibility and trading activity.
The token’s release initially boosted the Pudgy Penguins NFT collection, with the floor price climbing to over 34.1 ETH, a 2.6% increase according to CoinGecko. However, the price later fell following claims from the airdrop, with the floor price sitting at 16.07 ETH at the time of writing.
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