Written by: 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 Beijing time tonight), eligible participants (including holders of Pudgy Penguins, Lil Pudgys, Rogs, and SBTs, etc.) can begin to claim PENGU. The claiming period will last for 88 days, and all unclaimed supplies will be permanently locked/burned after the 88th day.
Buyers of Pudgy Toys will also be included in the airdrop scope, but since Pudgy Toys / Pudgy World is built on Abstract, when the Abstract mainnet goes live, the bridge function for claiming PENGU through LayerZero will also go live. Afterwards, buyers of Pudgy Toys will be able to claim their PENGU, with more details to be announced when the Abstract mainnet launches in January next year.
Status of PENGU
As of the publication, both Binance and OKX have officially announced that they will launch PENGU.
Binance has announced that PENGU will be the 5th HODLer airdrop project on the exchange. Users who use BNB to subscribe for fixed and/or flexible products on the earning platform from 8:00 on December 9 to 7:59 on December 13 (Beijing time) will receive airdrop allocations. The opening time for PENGU is expected to be 22:00 tonight, when trading pairs such as USDT, BNB, FDUSD, and TRY will be available.
OKX has launched PENGU deposits and announced that trading for PENGU will be activated as soon as the user deposit quantity meets the requirements for trading.
PENGU token economics 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 2 zMMhcVQEXDtdE 6 vsFS 7 S 7 D5 oUodfJHE 8 vd 1 gnBouauv. At the beginning of the listing on Binance, the circulating supply of PENGU will be 62,415,951,646 tokens, accounting for approximately 70.22% of the total supply.
The specific allocation plan for PENGU is as follows:
29.78% of PENGU will be allocated to the team, investors, and advisors. This portion of tokens will be locked for 1 year, and then 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 below, except for the shares allocated to the team, investors, and advisors, all other parts of the PENGU allocation will be unlocked at the time of opening.
PENGU valuation expectations
Currently, multiple pre-launch trading markets have opened pre-market trading for PENGU. As of around 13:00 Beijing time, the estimated quotes from various platforms are as follows.
On Aevo, PENGU is currently priced at $0.04128, corresponding to a circulating market cap (MC) of approximately $2.576 billion and a fully diluted valuation (FDV) of approximately $3.669 billion.
On whales.market, PENGU is currently priced at $0.0439, corresponding to a circulating market cap (MC) of approximately $2.74 billion and a fully diluted valuation (FDV) of approximately $3.9 billion.
If using NFT tokens like APE, MOCA, and animal meme tokens like PEPE, WIF as reference targets, the valuation expectations for PENGU are as follows.
Summary
Given the current hot market sentiment, coupled with Pudgy Penguins' increasingly solid leading position in the NFT segment, it is expected that PENGU will attract significant traffic after the opening. However, considering the large circulating ratio at the beginning of PENGU's launch, there will inevitably be some selling pressure from airdrop profit-taking. Investors need to operate rationally according to their personal expectations and conduct their own research (DYOR).