Report: PENGU launches with daily trading volumes too high relative to available liquidity

Kaiko said in its recently released market analysis report that an analysis of the average daily 1% market depth and trading volume of the tokens with the largest airdrops this year in the first ten days showed that PENGU's daily trading volume was too high relative to its available liquidity. In contrast, tokens such as JUP and EIGEN had relatively high initial market depth at launch, which helped stabilize their prices. It is worth noting that CEX is not always the main market for these tokens, most of them are traded on DEX, becoming an important place for these tokens to exit liquidity after launch.