As a seasoned analyst with years of experience in the crypto market, I’ve seen my fair share of trends come and go. However, the recent surge in Solana’s on-chain activity and the subsequent rise of Pudgy Penguins token Pengu is a sight to behold.
The activity on the Solana blockchain hit an unprecedented peak, aligning with a 30% increase in the value of Pudgy Penguins’ token, Pengu.
On December 24th, 2024 (Christmas Eve), the value of Pengu (PENGU), the token associated with the popular NFT series Pudgy Penguins, surged to nearly match its prior high, thanks in part to a rise in Solana (SOL) and a general market recovery.
Last week, the digital platform Pudgy Penguins unveiled its PENGU cryptocurrency to approximately 7 million qualified digital wallets. Over the course of the next 88 days, users have the opportunity to secure 23.5% (equivalent to 20.6 billion tokens) of the total supply of 88 billion tokens.
Initially valued at $3.5 billion when it first launched, PENGU saw a quick spike to 0.06 cents per coin. However, information from crypto.news showed that there was a market adjustment following an airdrop. Despite this, a 30% surge in the value of PENGU brought the coin back up to $0.03.
On December 24th, the value of the asset experienced a significant increase in excess of 10 units within a 24-hour period, coinciding with Solana reaching a record number of daily transactions, as per information from Artemis.
It’s likely that meme coins, playing a key role in Solana’s on-chain activities, significantly contributed to transaction volume on the decentralized finance platform with the second most users or assets locked, according to DefiLlama.
According to the data from DEX Screener, there’s been significant investment into Solana-based meme coins such as Bonk (BONK), Dogwifhat (WIF), and Fartcoin (FARTCOIN). The investments in a16z also increased, which is associated with top tokens in the cryptocurrency artificial intelligence sector. This area is gaining momentum due to its compelling narrative.
Restored to the billion-dollar market value club, Fartcoin – yet another trending AI-based entertainment token – soared following a 50% surge. Currently, one FARTCOIN is being traded at approximately $1.12.
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2024-12-24 23:04