PENGU’s launch on the Solana blockchain caused a massive spike in network activity, outpacing the combined transaction volume of other leading blockchains.
On Tuesday, Solana’s network saw unprecedented traffic as the Pudgy Penguins NFT project introduced its native token, PENGU, on the blockchain. The Layer 1 blockchain, often praised as an affordable alternative to Ethereum, recorded a total of 66.9 million transactions—its highest count since launching in 2020, according to Artemis data. To put this into perspective, Solana’s activity surpassed the total transaction volume of all other major blockchains combined.
In addition to dominating transaction numbers, Solana led in daily decentralized exchange trading volume and active daily addresses. However, it trailed behind Base, Ethereum, and Tron in terms of stablecoin transfer volume.
The surge in Solana’s activity comes as part of the ongoing crypto bull run that began in early 2024, positioning Solana as a popular choice for retail investors seeking quick profits from memecoins, NFTs, and other smaller tokens.
Tuesday’s spike was fueled by the PENGU airdrop, which began at 08:00 ET. Holders of Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) rushed to claim their tokens, with the project reporting over 100,000 claims in the first hour and more than 4.7 million website views.
Initially launched with a market cap of $2.3 billion, PENGU’s value has since dropped to $2 billion, according to Coingecko data.
Solana’s SOL token saw a 3.2% increase to $229 on Tuesday, in line with Bitcoin’s rally. However, its momentum slowed on Wednesday, with the price dipping to $217, possibly reflecting caution ahead of the Federal Reserve’s rate decision.
