Original title: (Opening tonight, a brief analysis of Pudgy Penguins (PENGU) valuation expectations)
Original author: Azuma, Odaily Planet Daily
The highly anticipated Pudgy Penguins token (PENGU) will officially launch tonight.
Luca Netz, CEO of Pudgy Penguins, stated this morning on X that at 8:00 AM Eastern Time tomorrow (9:00 PM tonight Beijing time), eligible participants (including holders of Pudgy Penguins, Lil Pudgys, Rogs, and SBTs, etc.) can start claiming PENGU. The claiming period will last for 88 days, and all unclaimed supplies will be permanently locked/destroyed after the 88th day.
Buyers of Pudgy Toys will also be included in the airdrop range, but since Pudgy Toys / Pudgy World is built on Abstract. When the Abstract mainnet goes live, the bridging function for claiming PENGU through LayerZero will also go live, after which Pudgy Toys buyers will be able to claim their PENGU. More details will be announced in January next year when the Abstract mainnet goes live.
PENGU situation
As of the time of publication, both Binance and OKX have officially announced that they will list PENGU.
Binance has announced that PENGU will become the 5th HODLer airdrop project of the exchange. Users who purchase fixed-term and/or flexible products on the earn platform using BNB from 8:00 AM on December 9 to 7:59 AM on December 13 (UTC+8) will receive airdrop allocations. The opening time for PENGU is expected to be 10:00 PM tonight, when trading pairs such as USDT, BNB, FDUSD, and TRY will be opened.
OKX has also opened PENGU deposits and announced that it will launch PENGU trading as soon as the amount of user deposits meets the criteria for enabling trading.
PENGU token economic model
Earlier today, as part of the new coin launch information disclosure, Binance Research has released some key information about PENGU.
The total supply of PENGU is 88,888,888,888 tokens, which will be issued based on the Solana network, with the token contract address being 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv. At the beginning of its listing on Binance, PENGU's circulating supply will be 62,415,951,646 tokens, accounting for approximately 70.22% of the total supply.
The specific distribution plan for PENGU is as follows:
· 29.78% of PENGU will be allocated to the team, investors, and advisors. This part of the tokens will be locked for 1 year, after which it will be released linearly over 3 years;
· 47.87% of PENGU will be used for community airdrops;
· 3% of PENGU will be used for Binance HODLer airdrops;
· 12.35% of PENGU will be used to build initial liquidity;
· 4% of PENGU will be used to support public affairs development;
· 3% of PENGU will be used for marketing and expansion.
As shown in the figure, apart from the shares for the team, investors, and advisors, the distribution of other parts of PENGU will be unlocked at the time of launch.
PENGU valuation expectations
Currently, multiple pre-launch trading markets have opened pre-market trading for PENGU. As of around 1:00 PM Beijing time, the valuation quotes from various platforms are as follows.
· PENGU is currently reported at $0.04128 on Aevo, corresponding to a market capitalization (MC) of approximately $2.576 billion and a fully diluted valuation (FDV) of approximately $3.669 billion;
· PENGU is currently reported at $0.0439 on whales.market, corresponding to a market capitalization (MC) of approximately $2.74 billion and a fully diluted valuation (FDV) of approximately $3.9 billion;
If we use tokens from NFT series like APE, MOCA, and animal meme tokens like PEPE, WIF as reference targets, the expected valuation for PENGU is as follows.
Summary
Given the current hot market sentiment, coupled with Pudgy Penguins' increasingly solid leading position in the NFT niche, it is expected that PENGU will attract a huge flow of traffic after its launch. However, considering the relatively high circulation ratio at the beginning of PENGU's launch, there will inevitably be some selling pressure from airdrop profit-taking. Investors need to operate rationally based on personal expectations and DYOR.
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