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

pawn (Pledges), the native token of premium NFT chain Pudgy Penguins, has rebounded to within 50% of its previous peak price, fueled by Solana (Sol) and a broad market rebound on Christmas Eve 2024.

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

PENGU debuted at a fully diluted valuation of $3.5 billion, and quickly peaked at 0.06% after the launch. Price data from crypto.news revealed a market correction after the airdrop, but a 30% PENGU gain brought the coin back to $0.03.

There was a double-digit increase for the asset over a 24-hour period as Solana hit a new all-time high for daily transactions on December 24, according to Data From Artemis.

Meme coins, the cornerstone of on-chain SOL activity, likely drove transactions on the second-largest DeFi ecosystem through user deposits or total value locked according to DefiLlama.

DEX Screener trading information showed significant inflows to Solana meme leaders like Bonk (Bonk), Dujoyvat (WIF), vartcoin(Vartcoin), and a16z. The latter two projects are some of the hottest tokens in cryptocurrency AI clients, a sector that is gaining momentum behind its narrative.

Fartcoin, another entertainment-focused AI agent, is also back in the $1 billion market cap club after gaining 50%. The meme coin was trading for $1.12 per FARTCOIN.