Bittime - Pudgy Penguin has just launched their token, namely $PENGU. There is an interesting story behind the launch of this token, especially for traders. Listen ktell the story of $PENGU traders from profit to loss in this article!
$PENGU token launch of NFT project Pudgy Penguins brings with it two very contrasting stories. On the one hand, there are traders who are successful in making extraordinary profits in just a matter of minutes. Meanwhile, on the other hand, there are those who have to suffer huge losses.
How could this happen? In this crypto world full of volatility, luck or error can happen in an instant. So, what makes PENGU traders so lucky or even down? Let's explore these two interesting stories here.
PENGU Token Trader Story
The launch of the $PENGU token on December 17, 2023 was met with great enthusiasm. This token becomes part of the ecosystem Pudgy Penguins, one of the NFT projects on the rise.
In a short time after its launch, the $PENGU token immediately attracted the attention of many crypto traders. Fast trading and abundant liquidity make the $PENGU market very dynamic.
However, not all traders are lucky. While some make huge profits, there are also those who fall into the trap of a very volatile market.
In a short time, the price of this token soared to 450%, and its market capitalization reached $4.36 billion (around IDR 70.3 trillion). But, as usual in the crypto world, this price spike was followed by a fairly significant drop.
Read also: Pudgy Penguins Launches $PENGU Token, Here's the Price Analysis!
The Story of a Lucky PENGU Trader
Not all stories about PENGU traders end tragically. One of the stories that stole attention was a trader who managed to make a fortune $8.36 million (around IDR 134.3 billion) in just 20 minutes. How could that be?
According to on-chain data from Lookonchain, this trader buys as much as 239.6 million PENGU tokens using approx 23,742 Solana (SOL). This figure is equivalent to $5.36 million (around IDR 86.3 billion).
Shortly after the token launch, the price of $PENGU shot up 780% in a day. In less than 20 minutes, this trader managed to sell the PENGU tokens they bought, earning 60,726 SUN, which at that time was worth approx $13.72 million (around IDR 221.6 billion).
This extraordinary success is clearly in the spotlight of many parties, considering the profits obtained in only a very short time.
Read also: When is the Stellar (XLM) Network Launching?
Sad Story of a PENGU Trader
However, not all traders feel the same happiness. There is also a tragic story of a trader who bought $PENGU tokens just minutes before the token was launched.
The trader hopes to make a profit by buying the token before the price skyrockets. Unfortunately, this strategy turned out to be a disaster.
This trader invested approx $10,000 (around IDR 161 million) to buy PENGU tokens at Jupiter. However, due to a technical error in the system, this trader bought tokens from the liquidity pool the wrong one—one that doesn't have enough liquidity.
As a result, the trader only receives tokens that have a very low value. In an instant, their $10,000 investment was in freefall for only $3 (around Rp. 48,300).
This is a clear example of how risky crypto trading can be, especially for those who lack experience or have not properly verified the contracts and markets they trade in.
Read also: What is the PENGU Airdrop on the Solana Blockchain?
Conclusion
The story of these $PENGU traders shows how unpredictable the crypto world can be. On the one hand, there is the opportunity for extraordinary profits, as experienced by successful traders $8.36 million (around IDR 134.3 billion) in just 20 minutes.
However, on the other hand, there are also big risks that must be faced, such as those experienced by traders who lost almost their entire investment in a matter of seconds.
For traders, the lesson to be learned is important mature plans, transaction verification, and risk management. Crypto trading can be very profitable, but it can also be very detrimental if not done carefully.
For beginners who are new to the crypto market, it is highly recommended to start with small investments and learn constantly about market dynamics, as well as using the right strategy. Remember, in this world there are those who make big profits, but there are also those who have to butt crying in the corner.
FAQ About PENGU Token
What is PENGU?
PENGU is the official token of Pudgy Penguins, which will first launch on Solana in late 2024. Claims for PENGU open at 8am AST on December 17, 2024.
When will the PENGU token be released?
Although a specific release date has not been confirmed, PENGU is expected to launch in late 2024.
Who will receive the PENGU airdrop?
This airdrop will primarily target members of the Pudgy Penguins community, including Pudgy Penguins, Lil Pudgys, and Pudgy Rods NFT holders.
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Reference
Binance Square, PENGU Trader Flipped $10k to $3 on Pudgy Penguins Tokens, accessed December 18, 2024.
Coinspeaker, Lucky Trader Earns $8.36M in 20 Minutes Trading $PENGU, accessed December 18, 2024.
Cryptoglobe, Crypto Trader Makes Over $8 Million in 20 Minutes from Pudgy Penguins’ PENGU Airdrop, accessed December 18, 2024.
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