2024

Jupiter

Pudgy Penguins

when

<p class="is-style-lead">One luckless trader lost $10,000 buying Pudgy Penguins’ PENGU tokens shortly before the NFT-tied airdrop.</p>
<p>Let it snow, or so an unlucky trader thought when they tried to front run the Pudgy Penguins crypto airdrop on Dec. 17. While the Pudgy Penguins (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/pudgy-penguins/">PENGU</a>) token surged over $3 billion in market cap just hours after debuting, one investor bought the coin at a ridiculous $14 trillion capitalization.&nbsp;</p>
<p>Their initial $10,000 investment turned into less than $3 within minutes, according to on-chain data and community observers.</p>
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   <p lang="en" dir="ltr">somebody bought <a href="https://twitter.com/search?q=%24PENGU&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PENGU</a> @$14T mc turning his $10k to $5 in seconds lmfao <a rel="noopener noreferrer nofollow" href="https://t.co/R9X9tOu2fn" target="_blank">pic.twitter.com/R9X9tOu2fn</a></p>— bx1 (@bx1core) <a href="https://twitter.com/bx1core/status/1869012514551611662?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 17, 2024</a>
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<h2 class="wp-block-heading" id="from-10k-to-3-pengu-trader-sunk-by-iceberg">From $10k to $3, PENGU trader sunk by iceberg</h2>
<p>Following the on-chain data, an unknown trader appeared to have <a href="https://x.com/bx1core/status/1869012514551611662" target="_blank" rel="noopener noreferrer nofollow">placed</a> a large PENGU order on Jupiter shortly before the token went live.</p>
<p>Such traders, often referred to as “snipers,” use advanced trading tools to quickly scoop up newly launched tokens. However, a glitch in Jupiter’s decentralized exchange directed this would-be PENGU sniper to a low liquidity pool.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/binance-to-list-pengu-and-cat-on-dec-17/"> Binance to list PENGU and CAT on Dec. 17 </a></p>
<p>DEX aggregators like Jupiter calculate crypto prices using a system that autonomously adjusts price tags based on demand, known as a bonding curve.</p>
<p>Tech-savvy bad actors sometimes manipulate this system to create highly volatile liquidity pools. Since anyone can set up a liquidity position, traders occasionally purchase tokens from incorrect contracts and suffer significant losses.</p>
<p>In this case, the trader likely bought into one of these manipulated liquidity pools without verifying the contract address or token market cap. After swapping 45 wrapped Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>), the buyer received just 78 tokens valued at under $5 at the time of reporting. Unshaken by the error, the trader eventually acquired 62,585 PENGU coins worth about $2,000.</p>
<h2 class="wp-block-heading" id="pudgy-penguins-roadmap">Pudgy Penguins roadmap</h2>
<p>Launching a token crowned Pudgy Penguins’ recent recovery in a broad non-fungible token renaissance. The NFT collection owned by Iglo Inc. was one of the top three NFT projects by market cap. A single Pudgy NFT <a href="https://crypto.news/pudgypenguin-nft-price-exceeds-bitcoins-price-opensea/" target="_blank" rel="noopener noreferrer nofollow">cost more</a> than a Bitcoin at a point.</p>
<p>The Penguin-themed blockchain art pieces traded for $60,000 on average after the airdrop, as a 50% correction adjusted its floor price to 15.63 Ether (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>).</p>
<p>Looking ahead, Igloo Inc.’s roadmap includes activating PENGU features on Ethereum’s blockchain. The company also plans to launch its layer-2 Abstract Chain network. Pudgy Penguins’ PENGU token has a total supply of 88.88 billion tokens, with seven million eligible addresses for the airdrop.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/pudgy-penguins-secures-l2/"> Pudgy Penguins firm secures $11m to build new L2 project </a></p>

PENGU trader flipped $10k to $3 on Pudgy Penguins tokens

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