This Trader Made Over $8M in 15 Minutes on $PENGU

A savvy trader reportedly earned a staggering profit of around $8.36 million within just 15 minutes by leveraging the launch of the PENGU token.

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

At the token’s debut, the trader invested roughly $5.36 million (23,742 SOL) to acquire 239.6 million PENGU tokens. Shortly after, the price soared, and the trader swiftly sold the tokens for approximately $13.72 million (60,726 SOL), locking in a considerable profit in record time.

Trader Loses $10,000 on PENGU

While one trader capitalized on the token’s launch to secure massive profits, not all investors shared the same success. Blockchain data revealed that another investor suffered a significant loss after attempting to gain an early edge by purchasing the token before its official launch.

The trader reportedly spent $10,000 but ended up with just $3.56. According to an X user, the loss occurred because the trader bought tokens directly from liquidity provided by another party, resulting in an inflated valuation of 14 trillion market cap and causing them to pay an excessively high price.

The PENGU’s Launch

The PENGU token officially launched today as the native token for the Pudgy Penguins NFT collection. Pudgy Penguins, known for their 8,888 unique cartoon penguin NFTs, originally debuted on the Ethereum blockchain and have since grown into one of the largest NFT projects.

Major exchanges, including Binance, Bybit, and OKX, announced support for PENGU ahead of its listing. While the token initially launched on Solana, plans are in place to expand to Ethereum and Abstract, an Ethereum layer-2 solution developed by Igloo Inc. The Pudgy Penguins team believes PENGU will enable the project to connect with broader audiences, particularly crypto enthusiasts.

The launch of PENGU reflects a broader trend among NFT-based projects exploring ecosystem tokens. Recently, Solana’s Magic Eden NFT marketplace introduced its ME token, while the Bored Ape Yacht Club (BAYC) launched Apecoin to bolster its ecosystem.