Pudgy Penguins NFT Project Set to Release Pengu Token on Solana

The Pudgy Penguins NFT undertaking is ready to unveil its personal cryptocurrency, Pengu, later this 12 months, as revealed in a Thursday publish on X. The Pengu token will probably be launched on the Solana blockchain, with a complete provide of 88,888,888,888 tokens.

Regardless of this, the Pudgy Penguins NFTs themselves are based mostly on the Ethereum community.

Pengu Token

In accordance with Pengu’s tokenomics, roughly 25.9% of the entire token provide will probably be allotted to the Pudgy Penguins group, whereas 24.12% is designated for different communities and new “Huddle” members.

The undertaking’s staff, together with each present and future members, will obtain 17.8% of the tokens, topic to vesting schedules to take care of long-term engagement.

Moreover, 11.48% of the cash will stay below the management of the corporate, with related long-term circumstances.

“With PENGU, the tens of millions of Pudgy Penguin followers and the tons of of tens of millions of individuals outdoors of crypto that see and share the Pudgy Penguin day by day lastly have the chance to align themselves with the character. Now, everybody can be part of The Huddle.”

Pudgy Penguins’ Development

Pudgy Penguins first entered the highest 10 largest NFT collections in September 2023, claiming a 2.7% market dominance as its flooring worth remained secure throughout a wider NFT market correction. By October 2024, the undertaking’s dominance had surged to 9.5%, based on CoinGecko’s report.

This important development comes after a number of ‘blue chip’ NFT collections, together with Moonbirds, Veefriends, Doodles, Meebits, World of Girls, and Cool Cats, skilled worth drops and fell out of the highest 10 rankings.

Amid a broader market rally, Pudgy Penguins’ flooring worth too hit a brand new all-time excessive on Thursday, alongside different collections like Bored Ape Yacht Membership (BAYC) and CryptoPunks.

On the time of writing, Pudgy Penguins have a flooring worth of roughly 19.49 ETH, which is valued at about $75,406, with a market cap reaching round $670 million, as per CoinGecko’s dashboard. Within the final 24 hours, its buying and selling quantity has skyrocketed by 331%, surpassing $16.47 million.