Original title: In $PENGU We Trust

Original author: arndxt

Original source: https://threadingontheedge.substack.com/p/in-pengu-we-trust

Compiled by: Tom, Mars Finance

Under the belief of PENGU

In less than a month, $PENGU has become the largest meme token on Solana. Here’s my long story on why $PENGU stands out in the memecoin space.

I will intersperse examples, facts, graphs/tables (for illustration purposes only), and personal thoughts.

Although I will try my best to be comprehensive and rigorous, this is after all a personal perspective. 👇

$PENGU Key Content

  • Solana’s biggest meme token: has rapidly risen in less than a month and has the global brand endorsement of Pudgy Penguins.

  • Unprecedented token distribution: over 70% of the token was in circulation on the first day, and the number of token holders increased from 250,000 to over 600,000.

  • Leading in cross-chain: Connecting Ethereum and Solana, bringing together more than 600,000 token holders into the same ecosystem.

  • Transparent Token Economics: A four-year vesting period for team tokens ensures alignment with community goals and builds trust.

  • Market Momentum: Fully Diluted Valuation (FDV) is $3.5 billion, which still has huge upside potential compared to $DOGE ($53 billion) and $SHIB ($13 billion).

Shoutout to @pudgypenguins, @iglooinc, @abstractchain, @PudgyAsia Team / Contributors: @FoxyPenguinApe, @0xLoMel, @mung0x, @Berko_Crypto, @LucaNetz, @AaronTeng, @0xBigVee, @chefgoyardi, @beausecurity, @OnlyShauns, @austronaut0, @PenguProtectorX, @davidbailey_eth.

1. Introduction

My memecoin portfolio has experienced significant consolidation over the past few months. I moved most of these assets to one specific token: $PENGU. At first glance, it may seem like just another meme-related token, but $PENGU embodies unique strengths and potential that make it stand out among the “animal coins” of the crypto space.

My argument will explore the factors that led me to this choice, including the project’s position as an emerging Dogecoin competitor, its large token distribution, the leadership team behind it, and its ability to bridge two powerful ecosystems, Ethereum and Solana.

2. Dogecoin’s real competitor

2.1 Grassroots development model similar to Dogecoin

The most successful aspect of Dogecoin is its grassroots expansion: an idea that originated as a meme, grew into a household name driven by community-driven enthusiasm. Despite its tongue-in-cheek origins, Dogecoin proved that internet culture is enough to drive a vibrant cryptocurrency network.

In contrast, $PENGU was originally born in the Pudgy Penguins ecosystem, an NFT community known for its creative branding, viral GIFs, and strong community engagement. But unlike many memes or NFT tokens that can only circulate within the crypto circle but have difficulty gaining attention outside the circle, Pudgy Penguins has successfully penetrated into popular culture, showing how memes can connect with the broader consumer market.

2.2 The uniqueness of $PENGU

While it took Dogecoin years to build organizational results with community meetups, charitable events, and brand expansion, $PENGU has become the largest meme token on Solana in less than a month, while Pudgy Penguins (its intellectual property) has also accumulated a real track record of merchandise sales and viral content.

3. Initial reference: market valuation

As of January 7, $PENGU’s fully diluted valuation (FDV) is approximately $3.5 billion. Below is a table comparing the FDVs of four well-known memecoins:

Even at this early stage, $PENGU’s FDV is already close to half of PEPE’s, and only a fraction of SHIB or DOGE, but it is growing rapidly.

This momentum suggests two possibilities:

  • Grassroots spontaneous accumulation: $PENGU is combining NFT culture with memecoin culture, capturing a unique market segment.

  • Rapid recognition from institutions and the community: With the support of a clear leadership team and marketing system, investors have sufficient confidence in the project and early funding flows.

4. The largest token distribution in history

4.1 Circulation and Scale on the First Day

Unlike many projects that have very low initial circulation and high FDV, $PENGU released more than 70% of its tokens into circulation on the first day of listing. This approach is bold and risky, as large supply often brings huge selling pressure. However, $PENGU has successfully mitigated the risk of such a large price drop with the support of strong demand and strategic marketing.

Distribution Indicators

  • Number of coins held on the first day: about 250,000 unique wallets

  • Number of coins held on day 30 and beyond: 600,000+ unique wallets (and growing)

The following is a diagram to show the growth of the number of holders of $PENGU in the first month (for reference only, not accurate data):

No other meme token has been distributed at such a scale, in such a transparent and widespread manner from its inception. This sets a new benchmark for subsequent developments and may be a major advantage in the long term, as it significantly reduces the risk of a crash caused by concentrated selling by a few "giant whales".

4.2 Digesting selling pressure

To date, no other crypto project has been able to successfully absorb selling pressure in an early distribution of this magnitude. The large initial supply means:

  • The team and insiders are not focused on short-term hype.

  • Those who continue to hold are likely to do so because of their long-term belief in the project.

  • $PENGU continues to demonstrate its ability to weather volatility through strong community support.

5. Transparent incentive mechanism and interest alignment

5.1 Internal Allocation and Clear Vesting Period

Most meme tokens have a mysterious "small group" behind them that controls internal tokens or marketing wallets. $PENGU, on the other hand, has a clear team allocation mechanism, where team tokens are gradually vested over 4 years. This mechanism alleviates concerns about tokens being sold off in the short term and aligns team goals with the long-term development of the project.

5.2 Building Credibility in a Meme-Rich Field

Transparency brings credibility, which is especially important in a space where scams or questionable token economics are common. $PENGU’s clarity around distribution, combined with the public reputation of its leadership team, signals the beginning of a shift in the meme space toward more accountability.

6. Connecting Ethereum and Solana

6.1 Multiple chains, multiple communities

One of the biggest highlights of $PENGU is that it connects Ethereum and Solana. Looking back at the history:

  • BAYC is focused on Ethereum and has not attracted the Solana community.

  • Solana NFT was once ignored by many Ethereum geeks.

In contrast, $PENGU’s cross-chain model brings a spirit of collaboration. Currently, it has:

  • There are over 600,000 coin holders on both chains combined.

  • Effectively connect the two most dynamic ecosystems in the crypto field.

6.2 Cultural Unity

$PENGU no longer promotes "on-chainism" or "circle opposition", but brings different communities together under the same banner. Perhaps this is the first meme token in recent years that can truly unite crypto Twitter, NFT collectors, retail traders, institutional speculators, and cross-chain users on a large scale.

7. Solana’s clear indicators in the consumer, entertainment, and cultural sectors

7.1 The “gateway” to meme capital

$PENGU has quickly become one of the top three FDV tokens on Solana and the number one meme token on the chain. For those who want to bet on the consumption and entertainment direction of Web3, $PENGU is a natural exponential choice.

  • Launches and Partnerships: The more $PENGU thrives, the richer the pipeline of new consumer-facing projects on Solana will be.

  • Capital Flow: Big money players see $PENGU as a gateway to the broader Solana ecosystem, especially in the cultural and entertainment sectors.

7.2 Future Industry Demonstration

If $PENGU is successful, it will provide a reference for new tokens issued on Solana in the same way that the success of Dogecoin spawned thousands of meme tokens on Ethereum that imitated its model. However, the difference is that this "meme boom" is also built on a public blockchain with high throughput and low fees - perfect for large-scale consumer applications.

8. Luca: The missing leader in the meme token space

8.1 Real World Community Builders

Luca, the founder of Pudgy Penguins, is very different from those anonymous or rarely seen meme token creators. He is known for the following characteristics:

  • Offline events: Face-to-face communication with fans, token holders, and community members at various conferences.

  • Global Toy Sales: The Pudgy brand has sold over 2 million toys, bridging NFT culture with mainstream retail.

  • Social Media Influence: With 1.6 million followers on TikTok and 1.7 million on Instagram, Pudgy Penguins is far from niche.

8.2 Trust and Vision

People who have heard Luca speak often mention that he is very humble and passionate about the crypto world. This is completely different from many meme token founders who only advertise prices on social platforms or suddenly disappear. Luca's philosophy focuses on:

  • Long-term brand growth: Build the Pudgy Penguins intellectual property into a lifestyle brand and a mass-market phenomenon.

  • Inclusiveness: Attracting new users of both Ethereum and Solana, bringing together NFT collectors and memecoin enthusiasts.

9. Case Study: Token Distribution vs. Traditional NFT Launch

Let’s contrast $PENGU’s strategy with a hypothetical NFT project that wants to integrate a token at a later stage:

$PENGU

  • Pre-launch and post-launch: large-scale token distribution and community marketing at the same time

  • Ecosystem/Community: Cross-chain integration; comprehensive reach

  • Short-term and long-term effects: high community participation and high liquidity

Traditional NFT Projects

  • Launch NFT first, then try to add tokens later

  • Ecosystem/Community: May be limited to a single chain or a small scope

  • Short-term and long-term effects: More marketing is needed to combine NFTs with tokens

By promoting NFT and token distribution in tandem and taking full advantage of the complementary effects between the two, $PENGU may reshape the way mainstream users adopt crypto brands.

10. Visual Overview: Adoption Over Time

Below is a hypothetical multi-year chart to illustrate the potential adoption trends of $PENGU compared to other meme tokens. The lines below are for illustration purposes only:

  • DOGE: Long history, slow growth recently

  • SHIB & PEPE: Stabilized after early surge

  • $PENGU: The initial scale is huge. If we can maintain the momentum and promote the brand globally, there may be uninterrupted upward space.

11. Conclusion: A rare opportunity

  • Unprecedented token distribution: No meme token has ever been able to stand out in the market with such large-scale distribution and strong absorption capacity in the early stage.

  • A smart cross-chain move: connecting Ethereum and Solana to bring powerful network effects.

  • Strong Leadership Team: Luca’s experience with Pudgy Penguins provides a perfect template for long-term brand success.

  • Early stage + rapid growth: The current FDV is $3.5 billion, which is still in its infancy compared to Dogecoin's $53 billion, meaning there is still room for upside.

Why I Focus My Portfolio on $PENGU

This is made possible by a unique combination of:

  • Community size (over 600,000 and growing),

  • Transparent token economy (over 70% of tokens entered circulation early on),

  • Real branding progress (more than 2 million toys sold, mainstream media attention), and

  • Multi-chain development (ETH + SOL).

All of this makes $PENGU unique among all the meme tokens I’ve researched. It brings a sense of responsibility, synergy, and mass marketing that has never been seen before in this usually messy, hype-filled space.