Pudgy Penguins PENGU bounced 30% amid Solana activity ATH

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

Pengu (PENGU), the native token of the blue-chip NFT series Pudgy Penguins, has jumped to within 50% of its previous peak price, supported by the rise of Solana (SOL) and the broad market recovery on Christmas Eve 2024.

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

PENGU debuted at a fully diluted valuation of $3.5 billion and quickly rose to 0.06 cents after launch. Price data from Crypto.news revealed a correction in the market following the airdrop, but the 30% PENGU porpoise returned the coin to $0.03.

According to data from Artemis, the asset’s double-digit rise in 24 hours occurred when Solana set a new all-time high in daily trading on December 24.

Solana daily trading | Source: Artemis

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

DEX Screener trading information showed significant inflows into Solana meme leaders such as Bonk (BONK), Dogwifhat (WIF), Fartcoin (FARTCOIN) and a16z. The last two projects are the best tokens in crypto AI agents, an industry that is gathering strength behind its narrative.

Fartcoin, another viral AI agent focused on entertainment, has also rejoined the billion-dollar market cap club after a 50% share. The meme coin traded at $1.12 per FARTCOIN.