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New Solana Memecoin Leader? PENGU Flips BONK Amid Whale Accumulation

The newly launched PENGU token has stolen the spotlight after becoming the largest Solana-based memecoin by market capitalization. The token’s rally has gathered massive interest from large-scale investors, who have heavily invested in the token over the last few days. Related Reading: ONDO Faces 30% Correction Risk If It Loses $1.46 Support – Top Analyst New Solana Token Steals The Spotlight On December 17, the Pudgy Penguins Non-Fungible Token (NFT) project launched its official token, PENGU, on the Solana Blockchain. The token has moved through the ranks, flipping other Solana-based tokens and gathering massive attention in nine days. Pudgy Penguins, one of the largest NFT collections, consists of 8,888 unique cartoons of cute penguins and has a market capitalization of 205,757 ETH. In anticipation of the token launch, the project surged as the second-largest NFT collection, only falling behind CryptoPunks. Since its launch three years ago, the project has seen its community significantly grow and “cemented itself in the hearts and minds of everyday people and culture,” according to the project’s team. Additionally, it is expected to contribute to the project’s governance despite not having a specific use case announced yet. As such, the newly launched cryptocurrency aims to “expand its community and further widen the reach” of the project by allowing old and new users “to align” themselves with the penguins. According to CoinGecko data, the Solana-based memecoin debuted with a 500% surge to a market capitalization of $3.5 billion but registered massive volatility in the following days. Just hours after launching, PENGU’s price retraced over 50% before descending to a $1.4 billion market cap on December 20. The token hovered between the $0.025-$0.037 range over a few days, stabilizing around the range’s upper zone on Christmas Eve. Whales Fill Their Bags As PENGU Flips BONK Amid the market’s momentary Christmas Day gains, the token broke above this range and climbed to the $0.042 mark on Thursday morning, hitting a $2.6 billion market cap. During this 18% rally, the token flipped dogwifhat (WIF) and BONK to become the largest Solana memecoin by market cap, currently holding its position as the sector’s leader. PENGU became the fourth largest memecoin by this metric, just behind Dogecoin, Shiba Inu, and PEPE. Additionally, in the last 24 hours, the token has seen a 25% increase in market activity, with a daily trading volume of $1.92 billion. According to on-chain data analysis firm Lookonchain, Crypto whales have also noticed PENGU’s rally, with several large-scale investors filling their bags over the past week. Related Reading: Analyst Forecast ‘Highly Bullish’ 2025 For Ethereum: Is The Bleeding Over? On December 24, a whale that had received an airdrop of 116.7 million PENGU, worth $3.52 million, increased its holding with a $1 million purchase. According to the post, the wallet spent 5,250 SOL to buy an additional 34.42 million PENGU, holding a total of 151.12 million PENGU, valued at $5.08 million. Similarly, another whale exchanged 500,000 ai16z, another trending Solana-based memecoin, today for PENGU. In the past eight days, this investor has spent $2.47 million to buy 79.9 million PENGU, having unrealized profits of around $835,000. As of this writing, PENGU is trading at $0.038, a 4.8% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com The Crypto Basic

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Floki Memecoin Project in Plans To Launch Exchange-Traded Product for European Investors in Q1 of 2025

The development team behind dog-themed meme asset Floki ( FLOKI ) is announcing a plan to launch a new exchange-traded product (ETP). In a new thread on the social media platform X, the project says it has been working closely with a respected asset manager to create a FLOKI-based ETP for European inventors, set to launch in Q1 of next year. “We’ve been actively working with a respected asset manager and an ETP issuer to launch a Floki ETP for quite a while now. After months of due diligence and painstaking effort, we’ve been told that the Floki ETP is on track to go live in early Q1, 2025. This proposal is to have the Floki DAO (decentralized autonomous organization) approve liquidity for the Floki ETP!” An ETP allows investors to expose themselves to specific assets without the need to actually purchase them. In the proposal, the Floki team says the ETP is already in its advanced stages and will become tradable on the SIX Swiss Exchange, the largest stock exchange in Switzerland, as soon as next year and become the second meme coin in the world with a live ETP. “When it goes live, the Floki ETP will allow institutional investors, regulated entities and retail investors to get exposure to FLOKI in a regulated way. This is a big move that is almost unprecedented in this space, because Dogecoin is currently the only memecoin in the WORLD, with a live ETP, and Floki could become the next memecoin with an ETP besides Dogecoin.” The proposal also includes provisions for burning FLOKI tokens as well as providing liquidity for the ETP. “The purpose of this DAO proposal is to seek approval from the Floki DAO for providing liquidity to the ETP… We currently hold 16,310,285,772.6 FLOKI tokens in [a crypto wallet] and propose using a portion of them to provision liquidity for the ETP while burning the remainder on the day the ETP launches.” FLOKI is trading for $0.000177 at time of writing, a fractional increase during the last 24 hours. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post Floki Memecoin Project in Plans To Launch Exchange-Traded Product for European Investors in Q1 of 2025 appeared first on The Daily Hodl . The Crypto Basic