Binance resolves the Pudgy Penguins PENGU glitch and announces a 135M token airdrop as prices soar 500% after listing.
Binance has resolved a data malfunction that resulted in discrepancies in market data and affected the Pudgy Penguins PENGU token listing.
The issue is a result of a delay in updating the token information by CoinMarketCap, which has had an impact on the token’s market capitalization and completely diluted valuation.
Nevertheless, the platform promptly rectified the situation and announced a 135 million PENGU token airdrop for eligible users.
The objective is to provide compensation to users who have encountered difficulties as a result of the issue.
PENGU Token Data Glitch Has Been Resolved By Binance Through An Airdrop
Following its listing on the exchange, Binance disclosed on December 18 that it had resolved a data issue that had affected the Pudgy Penguins (PENGU) token.
The issue was caused by a delay in the updating of critical data points, including market capitalization and completely diluted valuation, as provided by CoinMarketCap.
This resulted in inconsistencies in the information that was displayed for the Pudgy Penguins.
The exchange promptly identified the issue and informed CoinMarketCap, which subsequently updated the data.
Binance has announced a 135 million PENGU token airdrop for users who purchased Pudgy Penguins (PENGU) between 14:00 and 14:37 UTC on December 17.
This initiative is intended to alleviate user inconvenience.
The distribution of the airdrop will be determined by the quantity of PENGU tokens that each eligible user acquired during the snapshot period.
It underscored that on-chain data is the most dependable due to blockchain transparency, while third-party data is employed for expediency.
The best crypto exchange’s prompt response serves as a testament to its dedication to user satisfaction.
The exchange promptly resolved the issue and provided compensation to affected merchants.
The airdrop is intended to serve as a benevolence gesture, thereby bolstering the exchange’s reputation as a customer-centric and responsive platform.
Market Context, Surge in the Price Of PENGU Tokens
Immediately upon its listing on Binance, the PENGU token experienced a substantial price increase, with a 500% increase in value within 24 hours.
The token was traded at $0.029 at the time of this writing. Its all-time high was $0.05, which was indicative of the significant investor interest and market enthusiasm that followed the listing.
The Pudgy Penguins initiative is garnering increasing interest, as evidenced by the rapid increase in the price of PENGU.
Additional advantages are probable as additional users become acquainted with the token.
Conversely, the Simon Cat (CAT) token, which was also listed on Binance, witnessed a decrease in value.
The CAT token was trading at $0.000043, a 31% decrease in the past 24 hours.
The token’s market capitalization is $290 million, and trading volume has exceeded $600 million, despite this decline.
The enthusiasm for new listings is underscored by the increase in the price of PENGU.
Traders are focusing on this potential for price movement.
The performance of a single token has the potential to impact the broader cryptocurrency market.
