Trader Loses $10K Buying PENGU at a $14 Trillion Market Cap

Quick Summary:

The Pudgy Penguins NFT project has launched its native token, PENGU, on the Solana blockchain to expand its ecosystem.

The token distribution comprised an airdrop for the eligible NFT holders.  However, the token launch also spotted adverse trading, highlighting the risks of participating in early liquidity pools.

The low liquidity in this pool inflated the market cap of the token to $14 trillion, resulting in an unrealistic price swap.

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Article Details

Author / Journalist: Sarayu Krishna

Category: Crypto

Markets: United Arab Emirates

Topics: Altcoin News Cryptocurrency Airdrop Pudgy

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-18 @ 07:19:48 (16 hours ago)

News Timezone: GMT +0:00

News Source URL: thenewscrypto.com

Language: English

Article Length: 469 words

Reading Time: 3 minutes read

Sentences: 31 lines

Sentence Length: 16 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TheNewsCrypto

News ID: 24536131

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About TheNewsCrypto

Main Topics: Crypto

Official Website: thenewscrypto.com

Update Frequency: 26 posts per day

Year Established: 2020

Headquarters: United Arab Emirates

News Last Updated: 12 hours ago

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