A savvy trader has made headlines by transforming a modest $6 investment in PENGU tokens into an extraordinary $87,000 profit. This massive gain came shortly after the official launch of the Pudgy Penguins (PENGU) token, which saw a rush of traders eager to capitalize on the hype surrounding its release.
According to Arkham Intelligence, the trader strategically purchased $6 worth of PENGU tokens before the main liquidity pools launched on Solana. Understanding the potential, they added the PENGU tokens to Raydium, pairing them with $1,100 worth of Solana (SOL) to create a liquidity pool. As the official launch date of the PENGU token approached, a surge of users flooded the market to trade the token. However, in their haste to swap PENGU, several traders unknowingly swapped their tokens into the trader’s pool at less favorable prices. This created a windfall for the trader, who walked away with a stunning $87,000 in both SOL and PENGU tokens.
THIS GUY BOUGHT $6 OF PENGU AND TURNED IT INTO $87,000
— Arkham (@arkham) December 17, 2024
Someone purchased $6 worth of PENGU before the main liquidity pools launched on Solana, then added it to Raydium paired with $1100 of SOL.
Multiple users trying to snipe PENGU’s launch swapped into his pool, and bought… pic.twitter.com/IW66bpyoe0
PENGU Token: A Volatile Launch
While the trader’s success story is a highlight, the PENGU token’s official launch has been met with intense volatility. Following its release, Binance announced the listing of coin for spot trading, with pairs including USD, BNB, FDUSD, and TRY. The exchange also revealed plans for an upcoming airdrop to users who participate in its HODLer Airdrops program, further fueling excitement around the token.
However, despite the initial excitement and a staggering 500% price increase in just 24 hours, the PENGU token has seen heavy sell-offs. Many early investors and wallet holders are reportedly cashing out, exerting downward pressure on the token’s price. This selling activity raises concerns about the token’s future price movement, even as it continues to trade around $0.03016, with a market cap of $1.88 billion.
Also Read: Binance Fixes PENGU Token Data Glitch, Announces 135M Token Airdrop Amid 500% Price Surge
In conclusion, while some traders, like the one who turned $6 into $87,000, are reaping the rewards of their foresight, others are faced with the uncertainty of a volatile market. As PENGU continues to attract attention, only time will tell if its current surge is sustainable or if it will fall victim to the forces of heavy sell-offs.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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