Catenaa, Thursday, January 2, 2024 – PENGU, the newly launched token, has become the largest memecoin in the Solana network, reports said last week.
The leap of PENGU has dropped BONK to second place within the Solana network.
Reports said that the token has secured a $2.25 billion market capitalization.
The PENGU token, backed by the ETH NFT project Pudgy Penguins, was onboarded on early December 17.
During Christmas Eve, PENGU has gained over 30% within 24 hours, and that has resulted in the heyday of PENGU.
CoinGecko data showed that a diversified memecoin portfolio on Solana has notably grown, amounting to $18.2 billion of total valuation.
The value of the new token has declined on the day after it launched by 57.8%.
Approximately 62.8 billion tokens have been distributed to qualified traders and NFT holders during its airdrop, another report said.
The affordable price limit of PENGU and easier investment in Pudgy Penguin have made the investors and traders attentive to PENGU tokens, heading the new token to the right track.
On the other hand, BONK, the previous leading memecoin on Solana, showed a significant dip with 17% of losing its value.
It is reported that several other memecoins have emerged to battle with PENGU.
