Pudgy Penguins has launched its official token, and it’s already valued at over $2 billion. Analysts believe that PENGU could find its place between Dogecoin and Shiba Inu in the market.
Here’s what happened: A trader took advantage of the token launch and made a whopping $8.4 million in under 20 minutes. They invested 23,742 SOL, which is about $5.36 million, to buy 239.6 million PENGU tokens. Later, they sold those tokens for 60,726 SOL, or $13.72 million. That’s a massive gain of 36,984 SOL!
On the flip side, another trader faced a tough loss. They jumped into a poorly timed trade and turned a $10,000 investment into just $5 in a matter of seconds.
Cryptocurrency Price Market Cap 24-Hour Trend 7-Day Trend
Pudgy Penguins PENGU/USD $0.03354 $2.09 billion +570% NA
Dogecoin DOGE/USD $0.3981 $58.6 billion -2.2% +3.9%
Shiba Inu SHIB/USD $0.00002688 $15.8 billion -2.6% +5.7%
Trader Wizard of SoHo pointed out PENGU's potential, predicting it could sit nicely between Dogecoin and Shiba Inu. In a tweet, he praised Pudgy Penguins’ strategy, saying they can attract “millions of wallets into a fun meme that will become a top 10 coin.”
Another trader, Kaleo, is feeling optimistic too. He speculates that PENGU's market cap could grow from $2.1 billion to $8.5 billion, closing the gap with the major meme coins.
Cold Blooded Shiller, a well-known crypto trader, recently invested in PENGU at a discount. He plans to hold it for 12 months, waiting for developments in “Abstract and DeFi.” He’s also been accumulating PENGU on spot markets for long-term holding.
The Pudgy Penguins team celebrated the successful launch of PENGU on major exchanges like Binance, OKX, and ByBit, following its initial release on December 6.