A savvy cryptocurrency trader has reportedly made an astonishing $8.36 million in under 20 minutes by leveraging the airdrop of PENGU, the native token of the popular NFT project Pudgy Penguins.

Trader Profits from PENGU Airdrop Surge

According to data from on-chain analysis platform Lookonchain, the trader invested 23,742 SOL to acquire 239.6 million PENGU tokens immediately after their launch. This bold move, equivalent to a $5.36 million investment, paid off handsomely as the trader quickly sold the tokens for 60,726 SOL, or approximately $13.72 million.

The PENGU token experienced a meteoric rise upon launch, jumping from an initial price of $0.05 to a peak of $0.07. However, as airdrop recipients began selling their tokens, the price corrected and is now trading around $0.031 per token.

PENGU Token Gains Momentum in the Crypto Market

Despite the price dip, PENGU’s market capitalization has reached approximately $1.93 billion, securing its position among the top 100 digital assets. The token’s debut was marked by listings on major cryptocurrency exchanges such as Binance, Bybit, OKX, and Bitget.

Key details about PENGU’s distribution include:

23.5% of the total supply was allocated via airdrop to Pudgy Penguins NFT holders.

22% was reserved for the Solana and Ethereum communities.

12.3% is designated as liquidity for decentralized exchanges.

Impact on Pudgy Penguins NFT Floor Prices

The excitement surrounding PENGU’s launch caused a significant surge in the floor price of Pudgy Penguins NFTs. At one point, the lowest-priced NFT in the collection was trading for 34.1 ETH (approximately $135,000). However, post-airdrop, the floor price has dropped by over 52%, with the cheapest NFT now listed at 15.75 ETH (around $62,400).

This decline appears to result from traders cashing in on the price appreciation and profits generated from the airdrop.

The Crypto Community Reacts

The PENGU airdrop and subsequent trading activity have highlighted the lucrative opportunities in the NFT and cryptocurrency space. The trader’s rapid profit exemplifies how timely moves can yield significant gains. With PENGU now firmly established in the market, the token and the Pudgy Penguins ecosystem continue to draw attention from investors and enthusiasts alike.