Solana’s community exercise lit up on Tuesday because the Pudgy Penguins NFT challenge debuted its native token, PENGU, on the programmable blockchain.

The layer 1 blockchain, thought of an inexpensive different to Ethereum, registered a complete transaction tally of 66.9 million, the very best since its inception in 2020, based on information supply Artemis. To spotlight how busy it was, Solana’s transaction depend eclipsed the full of all different main chains mixed.

Solana additionally led different blockchains by way of each day decentralized change buying and selling quantity and each day lively addresses however lagged Base, Ethereum and Tron within the stablecoin switch quantity.

For the reason that daybreak of the continued crypto bull run in early 2024, Solana has been a go-to blockchain for retail buyers seeking to make a fast buck from memecoins, NFTs and different smaller tokens.

Tuesday was no totally different, as holders of unique Pudgy Penguins, Lil Pudgys, Rogs, and Soul Certain Tokens (SBT) lined up for the PENGU airdrop, which started at 08:00 ET. The challenge reported over 100,000 claims within the first hour with over 4.7 million web site views.

PENGU debuted at a market cap of $2.3 billion however has since seen the worth drop to $2 billion, based on information from Coingecko.

Solana’s SOL token rose 3.2% to $229 on Tuesday, following the market chief bitcoin greater. Nevertheless, the token has struggled to maintain the momentum going right now, receding to $217, seemingly representing warning forward of the Fed charge determination.