Binance announced a 135 million PENGU token airdrop to restore trust.
Binance has arrested the technical situation that earlier affected its listing of Pudgy Penguins (PENGU) tokens. As the world’s largest cryptocurrency exchange explained, the issues began as a result of a delay in updating data from CoinMarketCap. This meant that there were inconsistencies in the information on the market about the token’s capitalization and valuation.
Binance Announces Compensation Plan
As users noticed the discrepancies, Binance immediately teamed up with the market insights provider. Together, they were able to rectify the issue and update the data.
Meanwhile, Binance has also announced a 135 million PENGU token airdrop. The exchange’s idea is that the airdrop can serve as a form of compensation to the affected users and also help to restore trust in the platform.
This airdrop is targeted at those users who traded the token between 14:00 and 14:37 UTC on December 17. According to Binance’s announcement, the airdrop will be proportional to the trading volume during this snapshot period, showing that Binance remains committed to transparency and user satisfaction.
PENGU Token Surges as Record Profit Steals the Spotlight
Within the first 24 hours of listing on Binance, the PENGU token surged over 500% to reach an all-time high of $0.05. While the rise in value did not come as a surprise, given the influence of Binance, the token’s price has now settled at $0.029.
Nonetheless, there have been some early winners in the market already, giving more positive publicity to the Pudgy Penguins project.
As Coinspeaker reported recently, one trader made a whopping $8.36 million profit in just 20 minutes. The trader had used 23,742 Solana SOL $211.6 24h volatility: 0.2% Market cap: $114.47 B Vol. 24h: $14.12 B , worth $5.36 million, to purchase 239.6 million PENGU tokens before their value soared. Shortly after, the same trader sold the tokens for 60,726 SOL, worth $13.72 million. This makes the trade possibly one of the most profitable trades in crypto history.
Interestingly, Simon Cat CAT $0.000008 24h volatility: 0.3% Market cap: $53.50 M Vol. 24h: $4.82 M , another token that was recently listed on Binance, has not thrived as much as PENGU did. CAT faced a 31% price drop within 24 hours. That is, despite what seemed like a reasonable amount of interest after seeing a trading volume of $600 million.
The contrast in the price movements of both tokens highlights the volatile nature of the crypto space. It shows how two tokens can take off at the same time, but for such sentiments, such as personal interest and other things, one may surge higher than the other.
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