Solana on-chain activity hit a new all-time high, coinciding with a 30% increase in Pudgy Penguins token Pengu.
Pengu (PENGU), the native token of the blue-chip NFT series Pudgy Penguins, rallied to up to 50% of its previous high price, buoyed by a rise in Solana (SOL) and a broad market rally on Christmas Eve 2024.
Pudgy Penguins released its PENGU cryptocurrency to 7 million eligible wallet addresses last week. Users have 88 days to claim 23.5% of 88 billion tokens or 20.6 billion coins.
PENGU debuted with a fully diluted valuation of $3.5 billion and quickly peaked at 0.06 cents after launch. Price data from crypto.news showed a market correction after the airdrop, but a 30% PENGU porpoise brought the coin back to $0.03.
The asset’s double-digit increase in 24 hours came as Solana hit a new all-time high for daily transactions on December 24, according to data from Artemis.
Meme coins, a cornerstone of on-chain SOL activity, have likely driven transactions in the second-largest decentralized finance ecosystem by user deposits or total value locked per DefiLlama.
DEX Screener trading information showed significant inflows into Solana meme leaders such as Bonk (BONK), Dogwifhat (WIF), Fartcoin (FARTCOIN), and a16z. The latter two projects are top tokens in the field of cryptographic artificial intelligence agents, a sector that is gaining momentum behind its narrative.
Fartcoin, another viral AI agent with a focus on entertainment, also rejoined the billion-dollar market cap club after a 50% surge. The meme coin traded for $1.12 per FARTCOIN.
