Pudgy Penguins Token Pengu Surges 30% to Within 50% of ATH as Solana (SOL) Activity Reached a New All-Time High

Pengu (PENGU), the native token of blue chip NFT series Pudgy Penguins, bounced to within 50% of its previous peak price

Solana (SOL) enjoyed a massive day of on-chain activity, setting a new all-time high in daily transactions on Christmas Eve.

The SOL uptick also coincided with a 30% surge in Pudgy Penguins token (PENGU), which recently saw a 30% porpoise after an airdrop.

Solana (SOL) transaction activity reached a new peak on Dec. 24.

Solana (SOL) enjoyed a massive day of on-chain activity, setting a new all-time high in daily transactions on Christmas Eve. The SOL uptick also coincided with a 30% surge in Pudgy Penguins token (PENGU), which recently saw a 30% porpoise following an airdrop.

Solana transaction activity hit a new high on Christmas Eve. Source: Artemis

Solana transaction activity reached a new peak price, setting a new record for the second-largest decentralized finance (DeFi) chain by user deposits or total value locked (TVL) per DeFiLlama.

At the time of writing, Solana had processed 1.2 million transactions over the past 24 hours, surpassing the previous high of 1.1 million transactions set on Dec. 12. The asset’s double-digit surge also came as the average transaction fee on Solana dropped to a new low of 0.000007 SOL ($0.00017).

Solana NFT, meme coin activity likely drove on-chain activity

A glance at the top gainers and losers on Solana DEX Screener showed that meme coins, a cornerstone of on-chain SOL activity, appeared to be leading the charge in terms of transaction volume.

Several meme coins, including Bonk (BONK), Dogwifhat (WIF), and Fartcoin (FARTCOIN), saw double-digit gains and large inflows on the decentralized exchange (DEX) aggregation platform. Notably, the latter two projects are among the leading tokens in the nascent sector of crypto artificial intelligence (AI) agents.

Meme coins like BONK, WIF, and FARTCOIN saw large inflows on Solana DEXes on Dec. 24. Source: DEX Screener

Among the tokens designed to integrate with crypto AI models, Fartcoin, a meme coin focused on entertainment, also rejoined the club of billion-dollar market caps after surging by over 50% on Dec. 24. The meme coin traded at $1.12 per FARTCOIN.

Solana meme coin Bonk enjoys Christmas Eve pump, targeting $0.0015

Related: Solana meme coin enjoys Christmas Eve pump, targeting $0.0015

Solana meme coin Bonk (BONK) enjoyed a massive Christmas Eve pump, targeting $0.0015 after a new listing on MEXC. Several other meme coins also rallied on Dec.24.

Solana NFT, meme coin activity likely drove on-chain activity. Source:Artemis, CryptoSlate

The bullish activity in Solana meme coins and NFTs largely contributed to the record-breaking transaction volume on the network.

Solana NFTs also saw a strong day of trading activity on Dec. 24. Several NFTs from the DeGods, y00ts, and abc123 collections enjoyed double-digit gains in terms of floor price and trading volume on leading Solana NFT marketplace Magic Eden.

Solana NFTs also enjoyed a strong day of trading activity on Dec. 24. Source: Magic Eden

A recent analysis by CryptoSlate highlighted how the launch of Pudgy Penguins token (PENGU) and the subsequent airdrop to seven million eligible wallets sparked a massive wave of activity on the Solana network.

The asset enjoyed double-digit gains on Dec.24, rising by 30% to trade at $0.029 after a 50% price drop following its debut at a $3.5 billion fully diluted valuation.