The project team of Pudgy Penguins, known as Pengu, is a famous non-fungible token (NFT) project that started in 2021. It was initially launched on the Ethereum blockchain as a collection of 8,888 unique fat penguin cartoon images. These NFTs quickly grew to become one of the most popular collectibles and expanded their offline influence through collaborations with retailers such as Walmart and Target. Over time, Pudgy Penguins has transformed from a relatively small NFT project into a well-known crypto-native IP.

On December 6, 2024, Pudgy Penguins announced that it will launch the official token PENGU on the Solana blockchain, marking the project's further transition into a broader crypto market. I obtained the supply allocation details from the whitepaper:

- Total Supply: The total supply of PENGU tokens is 88,888,888,888.

- Allocation:

  • - Pudgy Penguins community members will receive 25.9% of the supply.

  • - Other communities and new 'Huddle' members will be allocated 24.12%.

  • - The liquidity pool will reserve 12.35%.

  • - Partners will receive 11.48%, which includes a one-year lock-up period and a three-year linear unlock period.

  • - The team will hold 17.8%, also with a lock-up period and vesting period.

  • - The public sale portion accounts for 4%.

  • - The Proliferation portion accounts for 4%.

  • - FTT holders will receive 0.35% of the supply, which is particularly noteworthy as the FTX exchange has gone bankrupt, and $FTT is its platform token.

In addition, Pudgy Penguins plans to adopt a multi-chain deployment strategy, considering launching PENGU tokens on Ethereum and Abstract Chain in the future, in addition to Solana. This indicates Pudgy Penguins' intention to further expand its digital asset ecosystem and strengthen connections with various blockchain communities.

As a result of this news, the floor price of Pudgy Penguins' NFTs rose by nearly 20% in a short time, and trading volume also saw significant growth. With the launch of the PENGU token, Pudgy Penguins aims to attract more users to participate in their ecosystem by building a more inclusive economic model, while also providing existing supporters with more ways to engage.

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