A Crypto Trader Turned a $6 Investment into $87,000 with the PENGU Token, a Cryptocurrency Linked to the Well-Known Pudgy Penguin NFT System

This came after the token was launched yesterday, December 17, with a lot of demand reflecting inflated price change on exchanges like Binance and Solana-based platforms.

A crypto trader has made a massive profit of $87,000 from an initial investment of just $6 in the PENGU token, a cryptocurrency linked to the popular Pudgy Penguin NFT collection.

The token was launched on December 17 with huge demand, which was reflected in the inflated price changes on exchanges like Binance and Solana-based platforms.

According to data from Arkham Intelligence, a trader bought $6 of PENGU before the official liquidity pool was created. When PENGU’s launch was announced, the trader combined his tokens with a total of $1,100 in SOL to create a special liquidity pool on Raydium.

As a result of this move, other traders were tricked into buying the new tokens when they were actually performing a token swap into his pool. Thanks to this, the trader earned an incredible 14,500x return on his initial investment.

PENGU made its debut listing on Binance with a bang. It was listed for spot trading with pairs like USD, BNB, FDUSD, and TRY. Binance also distributed nearly half of PENGU’s total supply through a large airdrop campaign. The token also gained additional hype from the already popular Pudgy Penguin NFT collection.

Within the first few hours, PENGU’s price surged by 800%, hitting a high of $0.04989. However, it quickly encountered difficulties, which included a 30% drop in value.

According to CoinMarketCap, early holders cashed out, and volatility from the airdrop caused the price to stabilize at $0.03336 at the time of writing. Despite the drop, PENGU is still up by 567% over the last 24 hours.

The launch on Binance also encountered some problems, with a technical error in the airdrop system causing some frustration among users. Nevertheless, PENGU continues to generate substantial market activity, boasting a current market capitalization of $2.08 billion.