Pudgy Penguins to Launch PENGU Token on Solana

Introducing the PENGU Token

The new PENGU token will be available on the Solana blockchain, diverging from the Ethereum-based Pudgy Penguins NFTs. This strategic move aims to bring the millions of Pudgy Penguins fans—and those familiar with the popular characters—closer to the Pudgy Penguins community through the use of cryptocurrency.

The PENGU token’s total supply will consist of 88,888,888,888 tokens. Here’s how the token allocation breaks down:

• 25.9% of tokens will be allocated to the Pudgy Penguins community.
• 24.12% of tokens will go to other communities, including the new “Huddle” group.
• 17.8% of the token supply will go to the core Pudgy Penguins team. However, these tokens will have a one-year cliff and a three-year vesting period.
• 11.48% will be retained by the company itself, also with similar vesting conditions.

Pudgy Penguins’ Success in the NFT Market

Since launching in 2021, Pudgy Penguins has become one of the most successful NFT collections. The project includes 8,888 unique penguin NFTs, and its popularity has skyrocketed, with the collection securing retail partnerships with major brands like Walmart and Target.

Currently, the floor price for Pudgy Penguins NFTs is around 17.90 ETH, which equates to approximately $68,535. The market capitalization of the collection is an impressive $609 million (159,086 ETH).

Impact of the PENGU Token Announcement

Following the announcement of the PENGU token launch, Pudgy Penguins NFT trading volume surged by 212%, reaching 2,877 ETH (about $8 million) in just one day. This increase in activity demonstrates the significant excitement and demand surrounding the Pudgy Penguins project and its future endeavors.

What Does the Future Hold for Pudgy Penguins?

The launch of the PENGU token is expected to further solidify Pudgy Penguins’ place in the NFT space and enhance the community’s engagement. With the token’s availability on the Solana blockchain, more fans and investors will have the opportunity to get involved and potentially benefit from the project’s continued success.

As the project expands into the cryptocurrency world, Pudgy Penguins fans can look forward to new opportunities for interaction and rewards, solidifying the brand’s position as one of the most beloved in the NFT space.