From $6 to $87,000: Early PENGU Holder Scores Big on Solana-Based Memecoin: Arkham

A lucky crypto trader scored a gigantic return after investing early in the new native asset of a non-fungible token (NFT) project built on Solana ( SOL ).

The market analytics platform Arkham Intelligence notes that someone bought only $6 worth of PENGU , the new utility token for the NFT project Pudgy Penguins, then added it to the Solana-based decentralized exchange (DEX) Raydium ( RAY ) paired with $1100 worth of SOL.

Explains Arkham,

“Multiple users trying to snipe PENGU’s launch swapped into his pool, and bought tokens at highly unfavorable prices – earning him a profit of $87,000 in SOL and PENGU from this position.”

Binance listed PENGU for trading on Tuesday after the project’s airdrop on Monday. The token, which is already the 68th-ranked crypto asset by market cap, is trading at $0.0383 at time of writing and is up nearly 12% in the past 24 hours.

Pudgy Penguins announced earlier this month that it planned to launch PENGU on the Solana network.

“With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto that see and share the Pudgy Penguin every day finally have the opportunity to align themselves with the character…

PENGU will have a total supply of 88,888,888,888 and will launch on Solana.”

Generated Image: Midjourney