Binance added to PENGU volatility with listing mistake and leaked smart contract
The post Binance added to PENGU volatility with listing mistake and leaked smart contract appeared on BitcoinEthereumNews.com.
The Pudgy Penguins token, PENGU, started trading on Binance, charting the first hours of its price history. The listing arrived with increased volatility, as traders complained of technical problems. Binance was one of the first major exchanges to list the new Pudgy Penguin token, PENGU. However, users reported errors that turned into costly trading losses. Binance listed PENGU on December 16, at 14:00 UTC, but social media users noticed that for the first 30 minutes of trading, the token was displaying a $350M market capitalization. The real valuation of PENGU was actually $3.5B, which led to early traders reporting significant personal losses. After the initial mistake, Binance worked with Coinmarketcap to display the correct data. At that time, DexScreener displayed the correct trading data. In the initial trading period, PENGU quickly discovered its equilibrium price range. The token started at $0.0032, later rising by a factor of 10 to $0.032. PENGU has not seen any price pressure in either direction, instead relying on price discovery through its available trading pairs. PENGU is still heavily traded through Raydium, rivaling its Binance activity. Other centralized exchanges listed the asset immediately, but they remain illiquid and only carry a small share of trading activity. In the past day, PENGU achieved $2.16B in trading volumes, with a turnover of 111.2% of the available supply, signaling a relatively high demand for scarce tokens. The token has more than 70% of its supply unlocked at this stage, with various groups of airdrop recipients. Holding PENGU is incentivized for governance, special perks, and access within the Pudgy Penguins ecosystem. For short-term holders, PENGU may also be a speculative bid, as some airdrops have achieved significant gains soon after launching. PENGU smart contract was leaked early The Binance listing information for PENGU also contained the token’s smart contract.…
