Trader Turns $6 into $87,000

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A Solana trader, DTbKx, acquired just $6 worth of PENGU tokens and paired them with ~$1,100 worth in SOL in a concentrated liquidity pool on Raydium, before any of the main liquidity pools were set up. Many eager snipers looking to capitalize on the PENGU trade traded into this pool instead, and were filled at unfavorable prices, resulting in a net profit for DTbKx of $87,000 in PENGU and SOL tokens. While the trade itself was highly profitable, many investors have questioned how the address managed to acquire the PENGU tokens before the main liquidity pools were launched, and whether this was the work of an insider or market maker attempting to punish snipers on the blockchain.

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The PENGU token is the official token of the Pudgy Penguins ecosystem. Since its acquisition in 2022, the NFT collection has quickly grown to become one of the heavyweights in the Ethereum NFT ecosystem, with the main Pudgy Penguins collection trading at 35 ETH, or just over $140,000, right before the airdrop. The token seeks to increase accessibility to the Pudgy Penguins ecosystem, especially with the high floor price of their NFTs pricing out potential interested community members.