Pudgy Penguins' $PENGU Airdrop: A Hit or Miss on Day 1?

Popular NFT collection, Pudgy Penguins’ $PENGU airdrop went live yesterday, but despite all the hype, some traders suffered significant losses on the $PENGU sales. On the flipside, the project is being hailed for its inclusive ecosystem, which saw huge numbers of claimers on boarding its club. Was the day 1 of PENGU a hit or miss.? Here’s a closer look.

Pudgy Penguins’ $PENGU: A Somewhat Cold Show?

Reports indicate that the value of the airdrop portion has decreased by $5.164 million from the highest point of the OKX coin price last night. Another instance of loss surfaced when a whale purchased 138.92 million $PENGUs at an average price of $0.041 and deposited them into Binance.

Currently, these $PENGUs are worth $4.146762 million, considering the trading value of $0.02981 after a gain of over 497% in the past day.

If the whale hasn’t sold any tokens, the loss amounts to nearly $1.55 million. Despite these losses, Pudgy Penguins has undeniably made a notable impact on the crypto ecosystem, signaling that the battle is far from lost.

Here’s one incident where a trader made a huge profit in the airdrop launch:

A trader made an incredible 36,984 $SOL($8.36M) profit by trading $PENGU in less than 20 minutes.

As soon as $PENGU launched, the trader spent 23,742 $SOL($5.36M) to buy 239.6M $PENGU and later sold it for 60,726 $SOL($13.72M).

A massive profit!😱https://t.co/hIpkzxZjES pic.twitter.com/z5ZDKL3cfn

— Lookonchain (@lookonchain) December 17, 2024

$PENGU Airdrop Launch: A Milestone for Ecosystem

Building a crypto ecosystem is a massive and significantly challenging task, and the Pudgy Penguins $PENGU airdrop is just a small part of a much larger story.

The Pudgy Penguins team executed a successful marketing strategy that saw numerous crypto executives and firms tweeting or posting about the airdrop launch, helping elevate $PENGU’s reputation. Moreover, many praised CEO Luca Netz’s decision not to gatekeep the $PENGU airdrops. He also allowed holders of Pudgy Penguins, Lil Pudgys, Rogs, and Soulbound Tokens (SBTs) to be eligible to claim their share of the $PENGU tokens.

the $PENGU airdrop was one of the best airdrops out there in terms of onboarding masses

instead of gatekeeping the airdrop only to Pudgy Penguins and Lil Pudgy owners

even people who never engaged with the Pudgy ecosystem were able to receive a nice airdrop simply for being a…

— Jeremy (@Jeremyybtc) December 17, 2024

According to FlipsideCrypto data, a total of 15.3 billion $PENGUs have been claimed, with 25.2 billion $PENGU remaining unclaimed. A total of 745,200 addresses have applied for the $PENGU airdrop tokens, accounting for 37.7% of the total airdrop tokens. Note that each eligible address can apply for an average of 20,500 $PENGUs. At the time of writing, PENGU has a market cap of over $1.9 billion and a 24 hour market volume of over 2.1 billion.