The newly launched PENGU token has attracted attention by becoming the largest Solana-based memecoin by market capitalization. The token’s growth has attracted huge interest from huge investors who have invested heavily in the token over the past few days.

The novel Solana token is attracting attention

On December 17, the Pudgy Penguins Non-Fungible Token (NFT) project launched its official token, PENGU, on the Solana blockchain platform. The token rose through the ranks, toppling other Solana-based tokens and attracting massive attention within nine days.

Pudgy Penguins, one of the largest NFT collections, consists of 8,888 unique cartoons of cute penguins and has a market capitalization of 205,757 ETH. In anticipation of the token’s release, the project has become the second largest NFT collection, second only to CryptoPunks.

According to the project’s team, since its launch three years ago, the project’s community has grown significantly and “established itself in the hearts and minds of ordinary people and culture.” Additionally, it is expected to contribute to project management, although no specific employ case has been announced yet.

As such, the newly launched cryptocurrency aims to “expand its community and further expand the reach” of the project by allowing elderly and novel users to “adapt” to the penguins.

According to CoinGecko data, Solana-based memecoin debuted with a 500% escalate to a market capitalization of $3.5 billion, but experienced huge volatility in the following days.

Just hours after launch, PENGU’s price dropped by more than 50%, dropping to a market capitalization of $1.4 billion on December 20. The token fluctuated between the $0.025-$0.037 range for several days, stabilizing around the upper end of the range on Christmas Eve.

The whales fill their bags as PENGU knocks over the BONK

Amid the market’s momentary gains on Christmas Day, the token breached this range and climbed to $0.042 on Thursday morning, reaching a market capitalization of $2.6 billion. During this 18% growth, the token overtook dogwifhat (WIF) and BONK to become Solana’s largest memecoin by market capitalization, currently maintaining its industry leadership position.

PENGU became the fourth largest memecoin in this respect, behind Dogecoin, Shiba Inu and PEPE. Additionally, the token has seen a 25% escalate in market activity over the last 24 hours, with a daily trading volume of $1.92 billion.

According to on-chain data analytics firm Lookonchain, Crypto whales have also noticed PENGU’s growth, with several huge investors filling their bags last week.

On December 24, the whale that had received airdrop of 116.7 million PENGU worth $3.52 million increased holdings through a purchase worth $1 million. The post shows that the wallet spent 5,250 SOL to purchase an additional 34.42 million PENGU, which contained a total of 151.12 million PENGU worth $5.08 million.

Likewise another whale replaced 500,000 ai16z, another popular Solana-based memecoin, today for PENGU. Over the last eight days, this investor spent $2.47 million to purchase PENGU 79.9 million, making unrealized profits of approximately $835,000.

At the time of writing, PENGU is trading at $0.038, up 4.8% on the daily time frame.

Featured image from Unsplash.com, chart from TradingView.com