As a seasoned researcher who has witnessed numerous crypto market fluctuations and trends, I must admit, I’m both intrigued and slightly skeptical about this PENGU saga. The rapid surge in price and trading volume within hours of its Binance listing is certainly unprecedented. The idea of capitalizing on the token airdrop through merchandise flipping seems like an interesting strategy, albeit one that raises ethical concerns.
A mystery trader bagged an insane $8.36 million in profits by trading PENGU tokens just a few hours after the token launched on Binance.
At 14:00 UTC today, PENGU was added to Binance’s listings, with trading pairs available against USDT, BNB, FDUSD, and TRY. Simultaneously, Binance initiated a HODLer Airdrop, awarding PENGU tokens to users who held BNB during the eligibility period of December 9-12 and participated in the Simple Earn program. Users satisfying the conditions received their tokens an hour prior to the market’s opening, thereby boosting initial liquidity.
Yet, the debut of PENGU has ignited wider curiosity, prompting certain members within the community to explore means of benefiting from the token airdrop.
A popular suggestion found online posits that investing $20,000 in collectibles from Pudgy Penguins such as plush toys and figurines could potentially be resold for an estimated $50,000 through the means of interconnected, tradeable NFTs (Non-Fungible Tokens).
The method entails scanning 1,000 various product QR codes, then returning those items to get a refund. This suggests a potential profit of around $30,000.
However, there’s a growing concern among critics as to whether the plan will actually be effective or not. For instance, user X user @Deroidz expressed doubt, suggesting that each NFT might only be valued at approximately $0.50 instead of the suggested $50, resulting in minimal profit.
Some people have raised concerns about purchasing large quantities of goods with the intention of returning an equal number, arguing that this practice might negatively impact the Pudgy Penguins community by artificially inflating demand and potentially restricting genuine shoppers from acquiring the products.
Currently, PENGU’s token is experiencing an impressive growth following its launch, with a staggering 716% increase in value. This surge has significantly boosted the market cap as well, reaching a whopping $2.5 billion. The daily trading volume also stands at a substantial $655 million.
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2024-12-17 20:37