Solana's network displayed remarkable activity on Tuesday with the launch of the Pudgy Penguins NFT project’s token, PENGU.

The layer 1 blockchain recorded a total of 66.9 million transactions—its highest since origination in 2020—outpacing all leading blockchains combined, based on data from Artemis.

Key Highlights:

• Solana surpassed all other blockchains in terms of transaction volume.
• It also led in metrics like daily decentralized exchange trading volume and active addresses, while trailing in stablecoin transfer volume compared to Base, Ethereum, and Tron.

As the ongoing cryptocurrency rally gained momentum in early 2024, Solana became a chosen platform for investors eager to explore memecoins, NFTs, and various smaller tokens.

On Tuesday, holders of the original Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) participated eagerly in the PENGU airdrop, beginning at 08:00 ET. Within just the first hour, over 100,000 claims were made, and the official website saw over 4.7 million views.

The PENGU token launched at a market cap of $2.3 billion but has since declined to $2 billion, as reported by Coingecko.

Additionally, Solana's SOL token increased by 3.2% to $229 on Tuesday, following an uptick in Bitcoin prices. However, subsequent fluctuations saw it drop to $217, reflecting market caution ahead of the upcoming Federal Reserve rate decision.