Solana Reaches New Milestone of 66.9M Daily Transactions With the Arrival of Pengu Token

The debut of PENGU on Solana’s blockchain triggered an unprecedented surge in network activity, surpassing the transaction volumes of all other leading blockchains combined.

On Tuesday, Solana saw a remarkable spike in transactions when the Pudgy Penguins NFT project launched its native token, PENGU, on the blockchain. As a Layer 1 alternative to Ethereum known for its lower costs, Solana registered 66.9 million transactions—the highest ever recorded since the blockchain’s launch in 2020, according to data from Artemis. This record-breaking figure outpaced the total transaction volume of other major blockchains combined.

Solana also led the pack in daily decentralized exchange trading volume and the number of active addresses, although it trailed behind Base, Ethereum, and Tron when it came to stablecoin transfers.

Solana’s surge is part of the broader crypto rally that started in early 2024, with the blockchain emerging as a favored choice for retail investors looking to profit from memecoins, NFTs, and smaller tokens.

The excitement was driven 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. Within the first hour, over 100,000 claims were made, and the project saw over 4.7 million website views.

PENGU debuted with a market capitalization of $2.3 billion, but its value has since dropped to around $2 billion, according to Coingecko.

On the same day, Solana’s SOL token rose by 3.2%, reaching $229, following the broader trend set by Bitcoin. However, the token has since retreated to $217, with many anticipating caution ahead of the Federal Reserve’s interest rate decision.