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Lucky Trader Earns $8.36M in 20 Minutes Trading $PENGU
12/18/2024 06:30
Crypto trader makes $8.36 million in 20 minutes by flipping Pudgy Penguins tokens after their launch on Binance.
Key Notes
- Trader makes $8.36M profit in 20 minutes by flipping $PENGU tokens after debut on Binance.
- PENGU token surges by 780.62% in a day, boosting its market cap to $4.36 billion.
- Automated trading suspected as trader claims 500 trades within an hour, verification pending.
A crypto trader has gained significant attention after making an extraordinary $8.36 million profit in just 20 minutes by trading Pudgy Penguins ($PENGU) tokens, only hours after PENGU debuted on Binance. Roughly two hours before the token debate, the trader spent 23,742 Solana (SOL)—worth $5.36 million—to purchase a staggering 239.6 million PENGU tokens across eight separate transactions, according to Lookonchain.
— Lookonchain (@lookonchain) December 17, 2024
Within 20 minutes, the trader flipped the PENGU stake for 60,726 SOL, valued at $13.72 million, after the token skyrocketed by 780.62% in just a day. This single transaction generated a profit of approximately $9 million in a remarkably short period.
Trader Claims 500 Trades in Hour
Interestingly, an X user under the pseudonym Nakasintos has claimed responsibility for the trade, but verification of the claim remains pending. The situation grew more intriguing after it emerged that the trader had completed 500 transactions within an hour. Experts suspect the involvement of an automated trading system.
Binance listed PENGU on its platform at 14:00 UTC, pairing it with USDT, BNB, FDUSD, and TRY. Simultaneously, Binance initiated a HODLer airdrop, rewarding BNB holders engaged in the Simple Earn program between December 9 and 12. Eligible participants received PENGU tokens one hour before trading began, injecting substantial liquidity into the market.
PENGU’s launch has ignited both excitement and debate. While many traders seized opportunities created by the price surge, others pursued alternative profit strategies. A prominent method involves purchasing $20,000 worth of Pudgy Penguins merchandise, such as plush toys and figurines, to redeem linked NFTs. Advocates claim this approach can potentially double investments to $50,000.
However, critics question the strategy’s practicality. Users like X member @Deroidz argue the NFTs might hold minimal value, possibly as low as $0.50 per unit, significantly reducing expected returns. Others highlight ethical concerns, suggesting that large-scale purchases and returns could artificially create scarcity, restricting access for genuine buyers and potentially harming the community.
PENGU’s Meteoric Rise and Fall
Despite the debate, PENGU’s price performance has been phenomenal. Since its listing, the token has recorded a whopping 450% price surge, catching the attention of traders worldwide. Soon after the launch, the token’s market cap skyrocketed by 715% to an impressive $4.36 billion, while trading volume surged to $1.67 billion, according to CoinMarketCap.
However, the token has lost momentum, declining over 43%. Many in the community see PENGU’s rise as a golden opportunity, while others remain cautious about the sustainability of such explosive growth. With trading bots and automated systems seemingly at work, the spotlight remains on whether this trend can continue or if corrections lie ahead.
The rapid success of PENGU highlights the crypto market’s intense volatility and unpredictable nature. While one trader made millions in minutes, thousands of others remain on the sidelines, wondering whether to dive in or stay out. Such extraordinary price surges often bring as much risk as reward.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
