A crypto trader has achieved significant gains by investing early in a new utility token developed on the Solana blockchain.
According to market analysis from Arkham Intelligence, the trader initially invested just $6 in PENGU, the token associated with the Pudgy Penguins project. They then combined it with $1,100 worth of SOL and added it to the Raydium decentralized exchange (DEX) on Solana.
As the token was introduced, other users trying to purchase PENGU at higher prices ended up inflating the pool’s value, leading to the original trader making a profit of $87,000.
PENGU was listed for trading on Binance on Tuesday, following a successful airdrop on Monday. Currently ranked 68th in market capitalization, the token is priced at $0.0383 and has experienced a 12% increase in the last 24 hours.
Earlier this month, Pudgy Penguins announced intentions to launch PENGU on the Solana network, offering its large fanbase, both within and outside the crypto community, an opportunity to participate in the project.