A trader has made a profit of up to $8.36 million in just 20 minutes by trading the Pudgy Penguins (PENGU) token.
Executed 500 consecutive PENGU trades
According to BeInCrypto's report from Lookonchain, this trader spent 23,742 Solana (SOL), worth $5.36 million, to buy 239.6 million PENGU tokens in 8 separate transactions. In less than 20 minutes, after the PENGU price surged more than 780%, the trader exchanged the Pudgy Penguins tokens they had previously purchased for 60,726 SOL, worth $13.72 million. Thus, the profit this person made was around $9 million.
After these hugely profitable transactions were circulated, a user with the pseudonym Nakasintos claimed to be the person behind them. To increase credibility, this person said they had completed 500 trades within an hour. However, everything remains unverified, and experts suspect the involvement of an automated trading system.
Previously, as reported by BeInCrypto, Binance listed PENGU and supported trading with USDT, BNB, FDUSD, and TRY. At the same time, Binance initiated an airdrop reward for BNB holders participating in the Simple Earn program from December 9 to 12.
The launch of PENGU has caused both excitement and controversy. The PENGU price has also experienced significant volatility, a common occurrence for new projects. But despite all the doubts, the PENGU price performance has been impressive. Since its listing, the token's price has recorded a staggering 450% increase. Immediately after its launch, the token's market capitalization surged 715% to a remarkable $4.36 billion, while trading volume skyrocketed to $1.67 billion (according to CoinMarketCap).
However, the token has lost momentum, declining by more than 50%. The rapid success of PENGU highlights the highly volatile and unpredictable nature of the cryptocurrency market. The number of people who can make such large profits is usually very small. Meanwhile, the FOMO in the community has also caused significant losses for many traders. Therefore, investors need to carefully evaluate before participating in any project.
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