Pudgy Penguins PENGU bounced 30% amid Solana activity ATH

Solana’s on-chain activity has reached a new all-time high, coinciding with a 30% increase in Pudgy Penguins’ Pengu token.

Pawn (COMMITMENTS), the native token of the Pudgy Penguins blue-chip NFT series, has rebounded to less than 50% of its previous all-time high price, supported by a Solana (GROUND) a slight increase and a broad recovery in the market on the eve of Christmas 2024.

Pudgy Penguins released its PENGU crypto last week to 7 million eligible wallet addresses. Users have 88 days to claim 23.5% of the 88 billion tokens or 20.6 billion coins.

PENGU debuted with a fully diluted valuation of $3.5 billion, quickly peaking at 0.06% post-launch. Price data from crypto.news revealed a market correction after the airdrop, but a 30% PENGU porpoise brought the coin back to $0.03.

The double-digit 24-hour surge in assets occurred as Solana set a new record for daily trading on Dec. 24, according to data of Artemis.

Meme Coins, the cornerstone of on-chain SOL activity, likely drove transactions on the second largest decentralized finance ecosystem in terms of user deposits or total value locked by DefiLlama.

DEX Screener trading insights showed substantial inflows to Solana meme leaders like Bonk (BONK), Dogwifhat (Wi-Fi), Petcoin (FARTCOIN), and a16z. The latter two projects are the main tokens for cryptographic artificial intelligence agents, a sector that is gaining momentum behind its narrative.

Fartcoin, another entertainment-focused viral AI agent, also joined the billion-dollar market cap club after a 50% drop. The meme coin was trading for $1.12 per FARTCOIN.