PENGU ($0.02), the Pudgy Penguins ecosystem token on Solana, launched Tuesday and quickly leapt into the top 100 cryptocurrencies by market cap, with potentially millions of NFT ($0.00) holders and traders eligible to claim tokens in the airdrop.

The Pudgy Penguins token is currently trading for a price of about $0.0335, with a market cap of almost $2.1 billion. That makes it the 76th biggest cryptocurrency by market cap, according to data from CoinGecko.

Newly launched tokens are famously volatile, and CoinGecko shows that the token debuted at a price of $0.068 before quickly falling, resulting in the price plunging approximately 51% on the day.

PENGU has a total supply of just over 88.88 billion tokens, and according to a tokenomics breakdown provided before the launch, just over half of that is going towards the airdrop.

That means holders of various Pudgy Penguins NFTs, people who own NFTs from various partnered collections, traders of NFTs across Ethereum and Solana, and even holders of FTT—the ill-fated utility token of collapsed crypto exchange FTX.

With approximately 44.8 billion tokens offered to potentially millions of total eligible claimants, that puts the size of the airdrop at $1.5 billion based on th...