A lucky crypto trader got a gigantic return after investing early in the new native asset of a non-fungible token (NFT) project built on Solana (SOL).
Market analysis platform Arkham Intelligence notes that someone purchased just $6 worth of PENGU, the new utility token from NFT project Pudgy Penguins, and then added it to Solana-based decentralized exchange (DEX) Raydium (RAY) associated with $1,100 of SOL. .
Explains Arkham,
“Several users trying to snipe the PENGU launch traded into his pool and purchased tokens at very unfavorable prices, resulting in him making a profit of $87,000 in SOL and PENGU from this position.”
Binance listed PENGU for trading on Tuesday after the project was released on Monday. The token, which is already the 68th largest crypto asset by market capitalization, is trading at $0.0383 at the time of writing and is up almost 12% in the last 24 hours.
Pudgy Penguins announced plans earlier this month to launch PENGU on the Solana network.
“With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto who see and share Pudgy Penguin every day finally have the opportunity to align with the character…
PENGU will have a total supply of 88,888,888,888 and will launch on Solana.
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