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Reading: Pudgy Penguins NFT Launch Sparks Unprecedented Activity on Solana Blockchain
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COINTURK NEWS > Solana (SOL) > Pudgy Penguins NFT Launch Sparks Unprecedented Activity on Solana Blockchain
Solana (SOL)

Pudgy Penguins NFT Launch Sparks Unprecedented Activity on Solana Blockchain

In Brief

  • PENGU token's launch resulted in record transaction volumes on Solana.

  • The airdrop attracted over 100,000 requests within the first hour.

  • Solana remains a leading player in decentralized finance despite fluctuating token values.

Ömer Ergin
Ömer Ergin 5 months ago
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On Tuesday, the launch of Pudgy Penguins’ local token, PENGU, triggered extraordinary network activity on the Solana $179 blockchain. During the launch, transactions peaked at 9 million, marking the highest daily total recorded since Solana’s inception in 2020. Data from Artemis revealed that this transaction volume surpassed the combined totals of all other major blockchains.

Contents
PENGU Airdrop Attracts Significant AttentionNoteworthy Developments in the Solana Ecosystem

PENGU Airdrop Attracts Significant Attention

The airdrop event for the PENGU token commenced on Tuesday, December 19, at 8:00 AM ET. This event included holders of Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens. Within the first hour, over 100,000 requests were made, and the project garnered 4.7 million website visits. However, the token’s market value dropped by over 50% within the first 24 hours, raising concerns among participants.

The high demand during the airdrop process highlighted the scalability of Solana’s blockchain infrastructure. Additionally, this situation demonstrated that NFT projects still appeal to a large user base.

Noteworthy Developments in the Solana Ecosystem

Solana ranks at the top for daily decentralized exchange (DEX) trading volume and active addresses. However, it lags behind Ethereum $2,611, Base, and Tron in stablecoin transfer volume. Conversely, the total value locked (TVL) is approaching $8.8 billion, indicating a return to peak levels seen in 2021.

A new opportunity has emerged for European investors, presented by Bitwise, which announced a new Solana Staking ETP traded on Deutsche Börse AG. The company stated this product offers a low-cost, liquid, and transparent investment vehicle, designed to expand its digital asset staking solution portfolio.

According to CoinMarketCap data, Solana’s native token, SOL, has decreased by 8.2% over the past week, settling at $208. However, the locked value in Solana’s decentralized applications remains near its 2021 peaks. Solana continues to stand out in the crypto world with its large user base and innovative ecosystem.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 19 December, 2024 - 9:44 am 19 December, 2024 - 9:44 am
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