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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

New Solana Memecoin Leader? PENGU Flips BONK Amid Whale Accumulation

Rubmar Garcia
Rubmar Garcia
5 months ago
3 mins read
solana, memecoin

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Este artículo también está disponible en español.

The newly launched PENGU token has stolen the spotlight after becoming the largest Solana-based memecoin by market capitalization. The token’s rally has gathered massive interest from large-scale investors, who have heavily invested in the token over the last few days.

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5 months ago

New Solana Token Steals The Spotlight

On December 17, the Pudgy Penguins Non-Fungible Token (NFT) project launched its official token, PENGU, on the Solana Blockchain. The token has moved through the ranks, flipping other Solana-based tokens and gathering massive attention in nine days.

Pudgy Penguins, one of the largest NFT collections, consists of 8,888 unique cartoons of cute penguins and has a market capitalization of 205,757 ETH. In anticipation of the token launch, the project surged as the second-largest NFT collection, only falling behind CryptoPunks.

Since its launch three years ago, the project has seen its community significantly grow and “cemented itself in the hearts and minds of everyday people and culture,” according to the project’s team. Additionally, it is expected to contribute to the project’s governance despite not having a specific use case announced yet.

As such, the newly launched cryptocurrency aims to “expand its community and further widen the reach” of the project by allowing old and new users “to align” themselves with the penguins.

According to CoinGecko data, the Solana-based memecoin debuted with a 500% surge to a market capitalization of $3.5 billion but registered massive volatility in the following days.

Just hours after launching, PENGU’s price retraced over 50% before descending to a $1.4 billion market cap on December 20. The token hovered between the $0.025-$0.037 range over a few days, stabilizing around the range’s upper zone on Christmas Eve.

Whales Fill Their Bags As PENGU Flips BONK

Amid the market’s momentary Christmas Day gains, the token broke above this range and climbed to the $0.042 mark on Thursday morning, hitting a $2.6 billion market cap. During this 18% rally, the token flipped dogwifhat (WIF) and BONK to become the largest Solana memecoin by market cap, currently holding its position as the sector’s leader.

PENGU became the fourth largest memecoin by this metric, just behind Dogecoin, Shiba Inu, and PEPE. Additionally, in the last 24 hours, the token has seen a 25% increase in market activity, with a daily trading volume of $1.92 billion.

Solana
PENGU becomes the largest Solana memecoin. Source: CoinGecko

According to on-chain data analysis firm Lookonchain, Crypto whales have also noticed PENGU’s rally, with several large-scale investors filling their bags over the past week.

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5 months ago

On December 24, a whale that had received an airdrop of 116.7 million PENGU, worth $3.52 million, increased its holding with a $1 million purchase. According to the post, the wallet spent 5,250 SOL to buy an additional 34.42 million PENGU, holding a total of 151.12 million PENGU, valued at $5.08 million.

Similarly, another whale exchanged 500,000 ai16z, another trending Solana-based memecoin, today for PENGU. In the past eight days, this investor has spent $2.47 million to buy 79.9 million PENGU, having unrealized profits of around $835,000.

As of this writing, PENGU is trading at $0.038, a 4.8% increase in the daily timeframe.

Solana, Pengu, PENGUUSDT
PENGU’s performance in the one-week chart. Source: PENGUUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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