One lucky crypto trader made a gigantic return after investing early in the new native asset of a non-fungible token (NFT) project built on Solana (SOL).
Market analysis platform Arkham Intelligence notes that someone bought just $6 worth of PENGU, the new utility token for NFT project Pudgy Penguins, and then paired it with Solana-based decentralized exchange (DEX) Raydium (RAY). with $1100 worth of SOL added.
Arkham explains,
“Several users trying to get hold of PENGU’s launch moved into his pool and purchased tokens at extremely unfavorable prices – giving him a profit of $87,000 in SOL and PENGU from this position.”
Binance listed PENGU for trading on Tuesday following the project’s airdrop on Monday. The token, already ranked 68th among crypto assets by market capitalization, is trading at $0.0383 at the time of writing and is up nearly 12% in the last 24 hours.
Pudgy Penguins announced earlier this month that it plans to launch PENGU on the Solana network.
“With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of the crypto world who watch and share Pudgy Penguin every day finally have the opportunity to join the character…
PENGU will have a total supply of 88,888,888,888 and will launch on Solana.”
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