With VANA and PENGU dumping, smart money has been pouring into the Solaxy (SOLX) presale, with over $2 million raised in just four days – lets check it out.
This week, two hotly anticipated tokens, PENGU and VANA, launched. Pengu is the new token powering the Pudgy Penguin NFT ecosystem, while Vana is a new Layer-1 blockchain that enables users to contribute their data to decentralized pools known as DataDAOs (Data Decentralized Autonomous Organizations).
Both token launches were initially successful, with PENGU and VANA listed on Binance on day one. However, the hype has since died down, leaving PENGU 60% and VANA 50% below their respective highs.
Shorting $PENGU is easy money.
Will dump like $VANA that just launched too.
Enjoy the ride! pic.twitter.com/m5qftPFVVp
— Tryrex (@Tryrexcrypto) December 18, 2024
Why Is Pudgy Penguin’s PENGU Crypto Down?
The token behind the Pudgy Penguins has been heralded due to its extremely generous tokenomics. It has seen 50% of the token supply airdropped between Pudgy NFT holders and the wider crypto community. Yesterday, the PENGU claim web page was down intermittently as hundreds of thousands scrambled to check old Ethereum and Solana wallets to see if they had received an allocation.
It turns out that PENGU was airdropped to many ‘OG’ wallets that had merely been active on-chain for three-plus years. Luca Netz, the mastermind behind the Pudgy Penguin brand, has stated that such a generous airdrop intentionally grew the brand beyond the NFTs.
As a result of such a wide-spread airdrop, there has been a significant sell-off, as many chose to cash in their free money rather than hold and speculate on PENGU’s future price action.
The market cap for PENGU sits just above $2 billion while trading at roughly $0.033 per token. In less than 24 hours post-launch, PENGU has processed over $2.5 billion in trading volume. It is likely that airdrop sellers will soon be exhausted, leaving PENGU to consolidate around here before embarking on a fresh leg up.
something like this but probably a longer time frame. after about 70% has been claimed ill start building a perps position
pretty simple: Bid <2.5b Sell 10b-20b$PENGU pic.twitter.com/AHIqA2ZdDc
— Ponzi Trader (@buyerofponzi) December 18, 2024
RELATED: PENGU Airdrop For NFT holders, ETH And Sol OG wallets – Biggest NFT Project Drop Of 2024?
Why Is Binance Launchpool VANA Crypto Down?
Vana launched via the Binance launchpool, with 4% of the token supply going to those staking BNB or the FDUSD stablecoin. In general, the launchpool is controlled by BNB whales who make huge gains from simply staking their BNB bags and collecting the free tokens from each token launched on Binance in this way.
Historically, this leads to significant sell-offs as these whales dump their launchpool bags, with some choosing to keep moon bags. The VANA launch has been no different. However, the recovery from the sell-off has been impressive, to say the least. It peaked just below $21 right after launch and then dumped as low as $15.5.
Since the early hours of this morning, the price has begun reversing, with VANA currently trading just north of $18. With over $500 million of trading volume in the last 24 hours and a Binance listing to maintain healthy volume, VANA will likely continue its recovery into 2025.
With a market cap of just $560 million, compared to many other Layer-1 and Layer-2 launches that go live and are instantly valued at multiple billions, VANA represents a solid r:r (risk:reward) ratio compared to other new Layer-1 tokens.
NFA but when @withvana starts showing how lucrative data is from their numerous data DAOs buying $VANA sub $20 will be viewed as a gift from the gods. Remember data is the new oil. pic.twitter.com/lJ49ycFwvR
— YVR Trader (@YVR_Trader) December 18, 2024
While PENGU And VANA Attempt To Recover: Smart Money Buying SOLX Presale – $2M Raised in 24 Hours
Solaxy (SOLX) is a brand new presale that has already received $2 million in early-stage funding after less than four days of being live. Built on Solana, Solaxy is the first-ever Layer 2 protocol on 2024s most popular degen chain.
Solana has become the platform of choice for meme coins this year due to its cheaper and faster nature than Ethereum. However, Solana has run into issues at times due to the sheer volume of meme coins being launched on the network daily, mostly due to the popularity of Pump.fun.
The Solaxy team aims to solve this issue without putting all its eggs into one basket. It is a multi-chain platform that aims to bridge Ethereum and Solana, leveraging the power of the two most popular blockchains across the crypto industry.
There are less than 48 hours left before the Solaxy presale moves onto its next price stage. Investors can currently secure SOLX for $0.001566, but once the timer runs out, that price is gone forever.
Moreover, the team behind SOLX has included a staking platform in the presale, with over 1600% APY on offer for those who choose to earn passive income on their SOLX while the presale continues.
Stay informed on everything Solaxy by joining the community on Telegram or X.
Visit the Solaxy Crypto Presale Website
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