Solana network activity lit up on Tuesday when NFT project Pudgy Penguins introduced its native token, PENGU, to the programmable blockchain.
The layer 1 blockchain, considered a cheap alternative to Ethereum, recorded a total of 66.9 million transactions, the highest since its creation in 2020, according to data source Artemis. To highlight how busy it was, Solana’s transaction count eclipsed the total of all other major chains combined.
Solana also led other blockchains in terms of daily decentralized exchange trading volume and daily active addresses, but lagged behind Base, Ethereum, and Tron in stablecoin transfer volume.
Since the dawn of the ongoing cryptocurrency bull run in early 2024, Solana has been a go-to blockchain for retail investors looking to make a quick buck with memecoins, NFTs, and other smaller tokens.
Tuesday was no different, as holders of the original Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) lined up for the PENGU airdrop, which began at 08:00 ET. The project reported more than 100,000 complaints in the first hour and more than 4.7 million website visits.
PENGU debuted with a market capitalization of $2.3 billion, but has since seen its value drop to $2 billion, according to data from Coingecko.
Solana’s SOL token rose 3.2% to $229 on Tuesday, following market leader bitcoin. However, the token has struggled to maintain momentum today, retreating to $217, likely representing caution ahead of the Fed’s rate decision.
