- Pudgy Penguins is preparing to launch its cryptocurrency PENGU on Solana Blockchain.
- PENGU, the official will distribute 25.9% of its 88.88 billion token supply may include Pudgy Penguins and Lil Pudgy holders.
- While it started as an NFT collection, it recently overtook the Bored Ape Yacht Club (BAYC) in trading volume.
Pudgy Penguins, launched in 2024 is one of the standout projects in the NFT market. It is a collection of 8,888 unique NFTs, each with unique hand-drawn traits such as expression, body type, backgrounds, and accessories. The cute penguins have surpassed Bitcoin in value, becoming the second-largest global NFT collection. It surpassed Bored Ape Yacht Club with an exceptional market surge of 22.88%.
In just three years, Pudgy Penguins has expanded its features to millions of households, gathering more than 50 billion views. With these positive market sentiments, Pudgy Penguins are all set to launch their 1st token PENGU, on the Solana Blockchain in late 2024. This move is part of its plan to expand its ecosystem and onboard a broader audience.
Pudgy Penguins (PENGU): A New Beginning
Pudgy Penguins created waves in the NFT market, soon after its inception in 2021 with its cute and unique artwork and vibrant community. The launch of its native token PENGU indicates a shift from being an adorable NFT collection to becoming an efficient ecosystem with its tokens and economy. The total supply of PENGU will be 88.88 billion tokens, out of this 25.9% is allocated to holders of Lil Pudgys and Pudgy Rods. This is largely an initiative to benefit its core supporters, who helped them reach these heights. Another 24.12% is kept aside for Huddle members (new users) to attract new users, beyond the ecosystem.
Tokenomics
- Total Supply: 88.88 Billion Tokens
- Distribution Breakdown:
- 25.9% for the community and current NFT holders, specifically for the pudgy penguin holders like Lil Pudgy Holders, Pudgy Rods, PenguPins, and more.
- 24.12% for Huddle, other communities, especially new members, with a target to attract 5 million new huddle members on board.
- 17.8% for current and future team members. It will have a vesting period of one year, three years, and release thereafter.
- 11.48% will be retained by the company and will be used for development and marketing ventures
- 12.35% to maintain liquidity and additional fund allocation
- 4% for public initiatives with the motto, “Spreading good vibes across the meta.”
Why Solana?
While Pudgy Penguins were launched in 2021, on the Ethereum Blockchain, the PENGU tokens will be launched on the Solana Blockchain. This decision is part of their strategies to align with their long-term goals of community engagement and market adaptability. Solana welcomes a diverse range of participants who value speed at a low cost.
- Quick Transactions at Low Cost: Solana has been praised for its high transaction speed and very low cost, which is essential for large-scale projects like Pudgy Penguins. This feature allows users to own tokens without any additional cost for transactions as seen with other blockchains.
- Growing Ecosystem: Solana itself is a rapidly growing ecosystem this helped the blockchain to gain popularity by attracting new users, already participating in the platform.
- Incentives for the Community: 23.5% of the total token supply has been allocated to its existing holders. This will strengthen the bond between the community and the project.
What PENGU Has to Offer?
The PENGU token is considered more than a mere cryptocurrency as it aims to deepen community engagement and provide value to its ecosystem. While details are not yet disclosed, expert opinions suggest that PENGU tokens may given to its Pudgy Penguin community to increase their participation and reward them. If the community intends to hold the token for a longer time, users might get access to premium features, events, or even an NFT. Moreover, it can be used as currency to exchange assets such as NFTs and other goods. Token holders can also participate in the governance making future decisions, and promoting decentralized decision-making.
Pudgy Penguins: A Quick Timeline
The Pudgy Penguins NFT collection featuring 8,888 cute penguins was launched on the Ethe Ethereum blockchain in July 2021. The collection gained quick popularity, as the collection sold out in just 19 minutes. Within a few months after its launch, it became one of the top-selling NFT projects with significant media coverage and record-breaking sales.
After its initial success, it faced several criticisms and allegations of mismanagement and scams, followed by the community throwing out the founders through voting. In April 2022, Luca Netz acquired the Pudgy Penguins for 2.5 million. Under his leadership, they regained their strength and expanded beyond NFTs.
In 2023, they launched physical toys in an attempt to expand their brand beyond the blockchain. By November 2023, it surpassed BAYC (Bored Ape Yacht Club) in trading volume. Now, in late 2024, they are all ready to launch their first cryptocurrency, PENGU, a significant leap for marketplace integration.