Solana Rewrites History With 66.9M Daily Transactions As Pengu Token Hits the Market

The debut of PENGU on the Solana blockchain triggered an unprecedented surge in network activity, surpassing the transaction volumes of all other major blockchains combined.

On Tuesday, Solana’s blockchain saw a record-breaking 66.9 million transactions following the launch of PENGU, the native token of the Pudgy Penguins NFT project. This marked the highest transaction count since Solana’s launch in 2020, according to Artemis data. The volume far outpaced the combined activity of other leading blockchains, underscoring the massive demand for the token.

In addition to dominating transaction volumes, Solana led the charge in daily decentralized exchange trading and active addresses. However, it lagged behind Ethereum, Base, and Tron when it came to stablecoin transfers.

Solana’s rise has been part of a broader trend in the ongoing crypto bull market, where it has become a top choice for investors looking to capitalize on the boom in memecoins, NFTs, and smaller tokens.

The launch event saw intense participation, with holders of original Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) rushing to claim their PENGU tokens. In the first hour of the airdrop, over 100,000 claims were made, generating more than 4.7 million website views.

Initially, PENGU debuted with a market capitalization of $2.3 billion, although it has since dropped to $2 billion, as per Coingecko data.

Solana’s native token, SOL, gained 3.2% to reach $229 on Tuesday, following the positive momentum of Bitcoin. However, the token has since seen a slight dip, trading at $217, likely due to investor caution ahead of the Federal Reserve’s rate decision.