The launch of PENGU, the native token of the Pudgy Penguins NFT collection, caused a massive spike in Solana’s network activity, with transaction volumes surpassing those of all other major blockchains combined.
On Tuesday, Solana hit a new milestone with a total of 66.9 million transactions, the highest ever recorded since its inception in 2020, according to data from Artemis. The surge in activity was largely driven by the launch of PENGU, which led to a significant increase in transactions across the Solana network. The volume eclipsed that of all other leading blockchains combined, showcasing the overwhelming demand for the token.
Beyond transactions, Solana also outperformed other networks in daily decentralized exchange volume and daily active addresses. However, it trailed behind Ethereum, Base, and Tron in stablecoin transfer volumes.
This activity comes amid a broader crypto bull market in 2024, with Solana emerging as a preferred blockchain for retail investors looking to profit from NFTs, memecoins, and smaller tokens. On the launch day, holders of Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) flocked to claim their airdrop, with the Pudgy Penguins community reporting over 100,000 claims within the first hour and more than 4.7 million views on the official website.
At launch, PENGU’s market cap was valued at $2.3 billion but has since adjusted to around $2 billion, as per Coingecko data.
Meanwhile, Solana’s native token, SOL, gained 3.2% on Tuesday, reaching $229, in line with Bitcoin’s bullish movement. However, by Wednesday, SOL’s price dropped to $217, reflecting investor caution as the market awaits the Federal Reserve’s upcoming rate decision.
