Crypto Trader Nets Over 8,000% Profit in Recent Altcoin Investment

A crypto trader has made a remarkable gain after investing early in a new utility token, built on the Solana blockchain.

According to market insights from Arkham Intelligence, the trader initially spent only $6 to purchase PENGU, the token for the Pudgy Penguins project. They then paired it with $1,100 worth of SOL and added it to the Raydium decentralized exchange (DEX) on Solana.

As the token launched, other users attempting to buy PENGU at higher prices ended up inflating the pool’s value, resulting in the original trader reaping $87,000 in profit.

PENGU was listed on Binance for trading on Tuesday, following a successful airdrop on Monday. Currently ranked 68th in market capitalization, the token is priced at $0.0383 and has seen a 12% increase in the last 24 hours.

Earlier this month, Pudgy Penguins revealed plans to launch PENGU on the Solana network, providing its vast fanbase—both within the crypto community and beyond—a chance to engage with the project.