Surprising move from popular NFT collection: Token on the way!

Popular NFT collection Pudgy Penguins is preparing to launch a new token, #PENGU , on #Solana .

The move comes at a time when the collection's NFT base prices have risen to $62,000. The Pudgy Penguins team announced the PENGU token, which they plan to launch by the end of the year. A total of 88 billion PENGU will be distributed to NFT owners with collections such as Pudgy Penguins, Lil Pudgys, Pudgy Rods. The token distribution is planned as follows:

**23.5 percent: Will be allocated to Pudgy Penguins NFT owners.

**22.02 percent will be allocated to Solana and Ethereum communities.

**12.32 percent: Will be used to provide liquidity on decentralized exchanges.

The Pudgy Penguins collection increased by over 40 percent from its base price this week, reaching an all-time high of $62,000. This increase occurred in parallel with Bitcoin breaking the $100,000 barrier. Despite market volatility, Pudgy Penguins has managed to maintain a strong presence to date. The collection, which has a total market value of $550 million, also generated $10 million from toy sales.

The bull run in cryptocurrencies is also increasing the value of NFTs. The total value of the NFT market has reached $8.6 billion, and the weekly trading volume of Ethereum-based NFTs has exceeded $101 million.