Pudgy Penguins Set to Launch PENGU Token on Solana Before Year-End

Highlights:

• Before the end of this year, Pudgy Penguins will launch the PENGU coin on Solana.
• The token has a total supply of 88 billion, promoting community growth.
• Part of community growth and expansion is allocated to 50% of the token supply. 

One of the top NFT projects, Pudgy Penguins, will release its own native token PENGU before the year ends. The Solana blockchain will be the foundation for the token. The launch will be a strategic move for the brand amid changing market trends.

The team announced via the official X (formerly Twitter) page of Pudgy Penguins that PENGU is a step forward in intergrating its ecosystem into the crypto community. Though no specific date has been given, it will launch this year.

Introducing $PENGU, the official coin of Pudgy Penguins.

Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6

— Pudgy Penguins (@pudgypenguins) December 6, 2024

Tokenomics and Allocation

PENGU token distribution follows a community-focused strategy. About 25.9% of the supply will be issued to the Pudgy Penguins community, and 24.12% will be reserved for other groups, like new members joining “Huddle.” The goal is to create a token supply that brings users a profit and aligns users to the project ecosystem.

They have allocated 17.8% to our core team with vesting periods to ensure long-term commitments. The company will hold 11.48% of the overall supply under similar conditions. Notably, these coins will have a one-year cliff and a three-year lockup period.

Supply further takes up 12.35% to help maintain liquidity and smooth trade and access. Additionally, it allocates 4% for public good initiatives, while another 4% will support token proliferation. A small percentage (0.35%) has also been allocated to FTX token holders.

NFT Collection and Market Impact

Since its launch in 2021, Pudgy Penguins has achieved significant cultural prominence. The collection consists of 8,888 NFTs with a trading volume of over 389,742 ETH on OpenSea. In addition, Pudgy Penguins has also expanded into physical products, with toy lines generating $10 million in sales through retailers like Walmart, Target, Amazon, and Walgreens.

The company has over 3 million social media followers and its content has garnered 32 billion views on platforms like Giphy. Moreover, the brand’s account used to spread good vibes 0n TikTok recently hit 1 million followers. The strong positive cultural presence of these data may boost the adoption of the PENGU token.

Pudgy Kindness just crossed 1M followers on Tiktok. Of all the things we’ve done at Pudgy, this is definitely my favorite. We’re going to scale this 10x and change 1000s of lives in 2025. Stay tuned 🐧👀 pic.twitter.com/Eq1PylA5QQ

— Luca Netz 🐧✳️ (@LucaNetz) November 24, 2024

Broader Ecosystem Growth

The announcement comes when the NFT floor prices of the Pudgy Penguins surpass $73,000. In the weekly and monthly charts respectively, the NFT has also experienced gains of 40% and 120%. Moreover, the $650 million market valuation of the NFT project makes it the third-largest project worldwide.

Following the recent market rally, which saw the largest asset hit $100k, the overall NFT market capitalization has surged to $9 billion, while the weekly Ethereum NFT trading volume doubled, exceeding $100 million. According to CoinGecko data, the Cryptopunks continue to dominate the sector with 41%, followed by the Bored Ape Yacht Club NFT with 20%.

The brand also notified customers about potential fraud and fraudulent token sites in preparation. During the token launch, official announcements warn about the possible exploitation and the community needs to be vigilant.