CandleFocus

Solana Smashes Record With 66.9M Daily Transactions as Pengu Token Debuts

Author: Content Editor
The Solana blockchain experienced a surge in network activity as the Pudgy Penguins NFT project launched its native token, PENGU. Solana recorded a total transaction count of 66.9 million, surpassing other major chains combined. It also led in daily decentralized exchange trading volume and daily active addresses. However, it lagged behind in stablecoin transfer volume compared to Base, Ethereum, and Tron. Since the start of the current crypto bull run, Solana has been popular for retail investors involved in memecoins, NFTs, and smaller tokens. On Tuesday, holders of various tokens lined up for the PENGU airdrop, resulting in over 100,000 claims in the first hour. PENGU debuted with a market cap of $2.3 billion but has since decreased to $2 billion. While the SOL token initially rose following bitcoin's lead, it has since receded to $217, possibly due to caution ahead of the Federal Reserve's rate decision.

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