The launch of PENGU on Solana’s blockchain set off a wave of activity, propelling the network to new heights in transaction volume and outpacing the combined activity of other major blockchains.

On Tuesday, Solana saw its busiest day ever as the Pudgy Penguins NFT project introduced its native token, PENGU, on the blockchain. The Layer 1 blockchain, known for its cost-effectiveness compared to Ethereum, registered a record 66.9 million transactions—marking the highest daily tally since the network’s launch in 2020, according to Artemis data. This record-breaking figure was greater than the total transaction volumes across all other major blockchains combined.

In addition to leading the charge in transaction volume, Solana also topped other networks in daily decentralized exchange trading volume and active addresses. However, the blockchain trailed behind Ethereum, Base, and Tron in stablecoin transfers.

Solana’s surge is a part of the broader cryptocurrency bull market that has taken off in 2024. The blockchain has become a popular choice for retail investors looking to capitalize on the boom in memecoins, NFTs, and lesser-known tokens.

The excitement surrounding the PENGU launch was driven by the airdrop event, which began at 08:00 ET. Holders of Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) rushed to claim their tokens. Within the first hour, over 100,000 claims were made, and the event saw 4.7 million website views.

PENGU debuted with a market cap of $2.3 billion, though it has since dropped to $2 billion, according to Coingecko.

Solana’s SOL token also experienced a rise of 3.2%, reaching $229 on Tuesday, following the upward momentum of Bitcoin. However, it has since pulled back to $217, as market participants await the Federal Reserve’s decision on interest rates.