PENGU, the native token of non-fungible token (NFT) project Pudgy Penguins, reached a market cap of $312 million for the first time after the token was distributed to NFT holders via an airdrop.

The Solana-based token has a total volume of $88.88 billion and reached around $90 million in trading volume in the first hour since its release, CoinMarketCap shows.

23.5% of PENGU supply was allocated for airdrop, while another 22% was allocated to Solana and Ethereum communities. An additional 12.3% of the supply is also used as liquidity on decentralized exchanges.

The minimum price of Pudgy Penguin NFTs has increased with the release of PENGU, with the cheapest NFT now trading at 34.1 ETH ($136,000), up 2.6%. It is now the second most expensive collection after CryptoPunks.

It has outperformed the broader NFT market, which remains in a multi-year lull following the emergence of meme coins this cycle. NFTs were the talk of the day among more speculative crypto investors in 2022, but as hype and liquidity faded, so did asset prices. Trading volume on NFT exchange OpenSea exceeded $2.7 billion in a single day in 2022, while it struggled to surpass $30 million this month.