The post Savvy Trader Turns $6 Into $87,000 Trading Newly launched PENGU Token appeared first on Coinpedia Fintech News
A savvy trader made headlines by turning a small $6 investment in PENGU tokens into a massive $87,000. This happened as users rushed to trade PENGU after its official launch, unknowingly swapping into the trader’s pool. Meanwhile, the recently launched Pudgy Penguins (PENGU) token is seeing heavy sell-offs despite an explosive 500% rise
How Trader Turned $6 Into $87K
According to Arkham Intelligence, a trader bought $6 worth of PENGU tokens ahead of the main liquidity pools launching on Solana. With strategic planning, the trader added the PENGU tokens to Raydium, pairing them with $1,100 worth of SOL to create their liquidity pool.
However, when the official launch date for the PENGU token was announced, many users hurried to trade it. In their rush, several ended up swapping into the trader’s pool at unfavorable prices.
This allowed the trader to make an impressive profit of $87,000 in SOL and PENGU tokens from their position.
PENGU Token Launch Record Massive Sell-Off
Shortly after the token launch, Binance announced that it would list PENGU for spot trading with pairs including USD, BNB, FDUSD, and TRY. Additionally, Binance revealed plans for a PENGU airdrop, which will be distributed to users participating in its HODLer Airdrops program.
Perhaps the recently launched Pudgy Penguins (PENGU) token is seeing heavy selling activity, particularly from early investors and associated wallets. This selling pressure, combined with large token holdings, suggests there could be further downward pressure on the price.
Despite this, PENGU is currently trading around $0.03016, reflecting a massive 500% rise in the last 24 hours and boasting a market cap of $1.88 billion.
