Christmas week shopping spree! Whale smashed 30 million to buy 'this currency', which has risen by 30%, will it continue to rise?

Whale spent 30 million New Taiwan Dollars to buy $PENGU coin

On-chain analyst Lookonchain observed that on December 24th, an investor holding a large amount of $PENGU tokens (commonly known as Whale) showed strong buying interest.

After receiving an airdrop of 116 million $PENGU (worth about 3.52 million US dollars), the Whale did not choose to cash out, but instead made an additional investment of 5,250 $SOL, purchased an additional 34 million $PENGU, worth about 1 million US dollars, equivalent to about 30 million New Taiwan dollars.

As of the time of writing, the Whale holds a total of 150 million $PENGU tokens, with a total value of $5.4 million, and has not been sold yet.

Image source: Solscan Whale bought $PENGU coin for 30 million New Taiwan dollars

Researcher: The proportion of $PENGU holdings after the airdrop is still 16%.

Renowned DeFi researcher Ignas pointed out that as of December 25th, 91% of eligible addresses have claimed $PENGU (approximately 1.1 million addresses).

Among these addresses, 74% of users sold all airdrops or transferred the tokens to other wallets (such as centralized exchanges), 16% of users are still holding the airdrops they received, and 3.5% of users chose to increase their holdings.

Image source: X/Ignas Researcher: $PENGU still holds a 16% position after the airdrop

It is worth noting that the number of $PENGU holders is 2.4 times that of the well-known meme coin $WIF, with 70% of the token supply currently in circulation, and the next unlock period will not be until one year later.

Ignas believes that this is a widespread airdrop activity that connects the Ethereum Virtual Machine (EVM) with the Solana ecosystem, and it is also an important attempt to extend Web3 native cultural assets to Web2.

As of the time of writing, $PENGU has seen a strong rebound, with an intraday gain of more than 30%, reaching a high of $0.039488. Currently, it has dropped back to around $0.035.

Such price movements, coupled with news of continued Whale buying, may indicate that market confidence in $PENGU is gradually recovering.

$PENGU Airdrops have caused market shocks

"Cryptopolis" previously reported that the native token $PENGU of Pudgy Penguins NFT started airdropping on December 17th, with a market value reaching as high as $4.3 billion in the early stages of listing, but shrunk to around $2 billion within a few hours.

In terms of airdrop distribution, the Fat Penguin team will allocate approximately 44.5 billion $PENGU tokens to the community, with 26% allocated to NFT holders. Prior to the listing of $PENGU, the floor price of Fat Penguin NFTs reached a historical high of 36 Ether (approximately $140,000).

The airdrop has caused some chaos. Suji Yan, the founder of Mask Network, revealed that speculators maliciously destroyed the fat penguin toy box at a New York market to steal the QR code in order to obtain the airdrop qualification, calling on everyone to condemn such behavior.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are suitable for their specific circumstances. Investing based on this article is at your own risk.

Christmas week shopping spree! Whale spent 30 million to buy 'this currency', which has risen by 30%. Will it continue to rise?

PENGU-8.74%
SOL-2.17%
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