The post Market volatility rocks Pudgy Penguins’ $1.5B PENGU airdrop on Solana appeared on BitcoinEthereumNews.com.

Pudgy Penguins’ PENGU token has seen wild price swings airdrop launch. PENGU trading volume hit $90M in hours, with traders making millions and others losing. Major exchanges list PENGU as NFT prices surge, then drop after token claim sell-offs. The Pudgy Penguins NFT project has made waves in the cryptocurrency world with the launch of its native token, PENGU, on the Solana blockchain through a massive $1.5 billion token airdrop. Announced on December 5, the PENGU token is designed to deepen the connection between the Pudgy Penguins brand and its growing global community. PENGU airdrop details and eligibility The PENGU airdrop, which went live at 8:00 a.m. ET is open to holders of Pudgy Penguins, Lil Pudgys, Rogs, and soulbound tokens (SBTs). Additionally, owners of Pudgy Toys, plush collectibles linked to the Pudgy World metaverse, are also eligible. Claiming the tokens requires users to link their Solana and Ethereum wallets and maintain at least $10 worth of SOL for gas fees. With a claim period of 88 days, any unclaimed tokens will be permanently burned, reducing the circulating supply. Penguins and eligible parties can claim their $PENGU now. The claim page will remain live for 88 days and the unclaimed PENGU will be functionally locked in the smart contract, forever. Claim here: https://t.co/EADJ17nCOS pic.twitter.com/WZYWUEFWmc — Pudgy Penguins (@pudgypenguins) December 17, 2024 Of the 88.88 billion PENGU tokens minted, 25.9% is allocated to the Pudgy Penguins community, 24.12% to other NFT holders and “Huddle” members, and 17.8% to the project team under a one-year cliff and three-year vesting period. Another 11.48% is reserved for the company with similar vesting conditions. Despite its initial success, PENGU’s launch was marred by technical issues. Claimants reported difficulties, including receiving fewer tokens than allocated. A member of the PENGU team attributed this to distributed denial-of-service…

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Filed under: News - @ December 17, 2024 8:14 pm