Introduction
The makers of Pudgy Penguins are about to launch a Solana token $PENGU. We will deep dive into this article to discuss the airdrop, launch plans, and tokenomics.
After garnering more than 50 billion social media views and placing the toys on shelves in Walmart and Target stores in various countries, Etherum-based NFT project Pudgy Penguins is planning to launch its native token.
This particular news has increased the price of Pudgy Penguins exponentially, reaching $100,000 mark and becoming the second-largest profile picture (PFP) project in all of the NFTs.
Puddy Penguins
Puddy Penguins was launched back in 2021 on the Ethereum blockchain and has become one of the popular collection on the network after its inception.
Recently, it has become the second-largest NFT project by market capitalization, only behind CryptoPunks. It has reached an all-time high of almost 24 ETH which is held by over 5,000 NFT collectors.
What is PENGU?
PENGU is the official Pudgy Penguins token, which is set to be launched on the Solana network in late 2024.
PENGU will be launching on the Solana blockchain to expand the project’s community and reach new users. It will have a total supply of 88.88 billion PENGU tokens where around 25.9% tokens will be allocated to the members of Pudgy Penguins ecosystem through its upcoming airdrop event.
Introducing $PENGU, the official coin of Pudgy Penguins.
Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6
— Pudgy Penguins (@pudgypenguins) December 6, 2024
PENGU Tokenomics
Let’s try to understand the PENGU tokenomics and how much of it each stakeholder is expected to receive –
If you look at the above chart, this is how it will be decoded –
Based on the above chart:
- Around 25.9% is going to be allocated to the Penguin community and other holders of Pudgy assets.
- 24.12% tokens is directed towards to other communities to increase the community size of the Pudgy Penguins community
- 12.35% tokens of the total supply will be used to create liquidity pairs on decentralized exchanges
- 17.8% of the total supply will be going to the project team who have worked on the token
- 11.48% of the total supply will be reserved for the company itself
- A small percentage 0.35% of the total supply will be named to FTT (FTX exchange token) holders.
- 4% of 88.88 billion PENGU tokens will be kept for the public good, in alignment with the mission of Pudgy Penguins’ motto of spreading good vibes across the meta..
The company has planned to distribute 25% $PENGU tokens of the total supply via airdrop over the Solana ecosystem.
Why PENGU Chose Solana Over Ethereum
The decision of Pudgy Penguins to launch its native token on the Solana ecosystem instead of Ethereum has started a debate and discussion among its community. And it is quite obvious considering the NFT collection has already tasted success on the Ethereum platform.
If we believe the statement released by Igloo, the parent company of Pudgy Penguins, the move from Ethereum to Solana is to reach out to a new audience and create a huge pool of Pudgy Penguins community lovers.
At Igloo Inc, we are focused on making the Pudgy Penguin the most famous character in the world.
Even though the Pudgy Penguins fanbase and mindshare continues to grow, until now, there has been no way to bring these new people into The Huddle.
— Igloo (@IglooInc) December 6, 2024
When is PENGU dropping?
Pudgy Penguins has not released any official date to launch the $PENGU token. But if we trace the Pudgy Penguins account on X, then the token might get released by the end of 2024.
To deceive the investors, there are already various copycat tokens being traded which looks similar in name and resemblance, but the real token is not still available as of this writing.
How to claim PENGU
Although there is no official announcement about how $PENGU token will be distributed, but the users will have around 88 days to claim the token once it is live. This is what CEO of Pudgy Penguins has posted on its X platform.
Which NFT Projects Could Benefit from the PENGU Airdrop?
After the announcement by Pudgy Penguins that around 24.12% of the total supply of the token will be allocated to other communities as well, there is a lot of buzz and speculation about which NFT projects will receive the allocation.
Let’s try to analyse some of the NFT projects which could benefit from the $PENGU airdrop
- Azuki: Known for its strong, engaged community, Azuki has shared mutual support with Pudgy Penguins in the past. Their crossover could lead to an allocation of $PENGU tokens, benefiting both holders of Azuki and Pudgy Penguins NFTs.
- Sappy Seals: As a known beta play of the Pudgy Penguins ecosystem, Sappy Seals could see a portion of the $PENGU tokens. Their involvement with Pudgy Penguins seems like a natural fit.
- Mocaverse: With Animoca Brands recently investing in Igloo Inc., the company behind Pudgy Penguins, Mocaverse could be another key beneficiary. The partnership between these two entities could play a significant role in this airdrop.
- Memeland: Ray and Luca Netz (CEOs of both projects), co-invested in multiple Web3 companies, have strong ties to Pudgy Penguins. This collaboration may bring an allocation of $PENGU tokens to Memeland’s community as well.
- MadLads, Claynosaurz, SMB2, and Retardio Cousins: These top Solana-based NFT projects are likely to benefit too, given that $PENGU is being launched as a Solana coin. Solana’s integration into the airdrop could include top NFT projects from this ecosystem..
Pre-market trading
Although the PENGU token has not gone live yet, its pre-market trading has already started on some platforms like Whales Market. At the time of writing, PENGU is trading for $0.04 on more than $650,000 in lifetime volume. At a price of $0.04, PENGU would have a fully diluted valuation of more than $3.5 billion.
Historically, pre-market trading is highly volatile and not predictive of future pricing.
There are already many fake $PENGU tokens trading on dexscreener and others. Don’t buy anything but the official contract posted on Pudgy Penguins’s socials.
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