Solana on-chain activity reached a new all-time high, coinciding with a 30% surge in Pudgy Penguins token Pengu.

Pengu (PENGU), the native token of blue chip NFT series Pudgy Penguins, bounced to within 50% of its previous peak price, buoyed by a Solana (SOL) uptick and a broad market recovery on 2024’s Christmas Eve.

Pudgy Penguins released its PENGU crypto last week to 7 million eligible wallet addresses. Users have 88 days to claim 23.5% of 88 billion tokens or 20.6 billion coins.

PENGU debuted at a $3.5 billion fully diluted valuation, quickly peaking at %0.06 cents after launch. Price data from crypto.news revealed a market correction following the airdrop, but a 30% PENGU porpoise returned the coin to $0.03.

The asset’s double-digit surge over 24 hours happened as Solana set a new all-time high for daily transactions on Dec. 24, according to data from Artemis.

Meme coins, a cornerstone of on-chain SOL activity, probably drove transactions on the second-largest decentralized finance ecosystem by user deposits or total value locked per DefiLlama.

DEX Screener trading info showed substantial inflows into Solana meme leaders like Bonk (BONK), Dogwifhat (WIF), Fartcoin (FARTCOIN), and a16z. The latter two projects are top tokens in crypto artificial intelligence agents, a sector garnering steam behind its narrative.

Fartcoin, another viral AI agent focused on entertainment, also rejoined the billion-dollar market cap club after a 50%. The meme coin traded for $1.12 per FARTCOIN.