A Savvy Trader Turns $6 Into $87,000 Trading Newly launched PENGU Token
A trader has turned a small $6 investment in PENGU tokens into a massive $87,000, sparking interest across the crypto world.This remarkable profit came after users rushed to trade PENGU following its official launch—many unknowingly swapping into the trader’s liquidity pool at the perfect moment. But while some are celebrating massive gains, the newly launched Pudgy Penguins (PENGU) token is facing its own challenges, including heavy sell-offs despite a jaw-dropping 500% price surge.Here’s the full story.Turning a Tiny Investment into GoldArkham Intelligence reports that the trader’s success was the result of careful planning. Before PENGU’s official liquidity pools launched on Solana, the trader bought $6 worth of the token. They then paired it with $1,100 worth of SOL to create a custom liquidity pool on Raydium.THIS GUY BOUGHT $6 OF PENGU AND TURNED IT INTO $87,000Someone purchased $6 worth of PENGU before the main liquidity pools launched on Solana, then added it to Raydium paired with $1100 of SOL.Multiple users trying to snipe PENGU’s launch swapped into his pool, and bought… pic.twitter.com/IW66bpyoe0— Arkham (@arkham) December 17, 2024When PENGU’s official launch was announced, traders flocked to buy and sell the token. In their rush, many unknowingly swapped their tokens into the trader’s pool at less favorable rates. This clever positioning allowed the trader to earn a massive $87,000 in profits, split between SOL and PENGU tokens.Binance Is Boosting the HypeAdding to the token’s initial momentum, Binance announced it would list PENGU for spot trading with pairs including USD, BNB, FDUSD, and TRY. The exchange also revealed plans for a PENGU airdrop through its HODLer Airdrops program, aiming to reward active participants and attract more investors.Beware, PENGU Traders!Despite its impressive debut, PENGU is now seeing substantial sell-offs, particularly from early investors and wallets linked to the project. This selling pressure, combined with the concentration of large token holdings, suggests potential challenges for the token’s price stability.Even with this pressure, PENGU remains strong for now, trading around $0.03016—a 500% surge in the last 24 hours. Its current market cap stands at $1.88 billion, but the market will be closely watching how it navigates the sell-off phase.Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Daily Get real-time crypto news, market insights, and blockchain updates. Weekly Stay updated with major trends, funding news, and price analysis. Monthly Receive a detailed report with market analysis and expert predictions.