Source: Pudgy Penguins official website, Golden Finance, Twitter Organized by: Golden Finance
On December 16, 2024, Binance announced that the Binance HODLer airdrop has launched the 5th project, Pudgy Penguins (PENGU), an NFT (Non-Fungible Token) collection built on Ethereum.
From December 09, 2024, 08:00 to December 13, 2024, 07:59 (UTC+8), users who purchase regular and/or flexible products on the Earn Coin platform using BNB will receive airdrop allocations. HODLer airdrop information is expected to go live within twelve hours, with new tokens distributed to users' spot wallets one hour before trading begins.
Binance will list PENGU on December 17, 2024, at 22:00 (UTC+8) and open trading pairs against USDT, BNB, FDUSD, and TRY. Seed label trading rules apply.
1. PENGU HODLer airdrop details
Token name: Pudgy Penguins (PENGU)
Total current supply of the token: 88,888,888,888 PENGU
Maximum token supply: 88,888,888,888 PENGU
Total amount of HODLer airdrop tokens: 2,666,666,666.64 PENGU (3% of the maximum token supply)
Circulating supply before Binance listing: 623,125,000 PENGU (70.22% of the maximum token supply)
Smart contract details: Solana, 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv
BNB holding hard cap: Individual user's average BNB holding amount / Total average BNB holding amount * 100% ≤ 4%, (if the holding proportion exceeds 4%, the BNB holding ratio will be calculated at 4%)
2. Introduction to the Pudgy Penguins project
What is PENGU, the Pudgy Penguins token?
PENGU is the native cryptocurrency token launched by Pudgy Penguins, a popular NFT project aimed at expanding its influence in the blockchain ecosystem. PENGU is issued on the Solana blockchain, designed to drive community engagement and support broader project goals.
Key points
PENGU is the official token of the Pudgy Penguins NFT series, which consists of 8,888 unique cute penguin cartoon images.
The Pudgy Penguins NFT series was first launched on the Ethereum blockchain and has since grown to become one of the largest NFT projects by market cap. It recently surpassed BAYC to become the second-largest NFT project by market cap.
PENGU will be launched on the Solana blockchain, aiming to expand the project's community and attract new users. A multi-chain deployment is planned, extending to other blockchain networks including Ethereum and Abstract.
Pudgy Penguins, one of the largest NFT series based on the Ethereum blockchain, will launch its native token - PENGU. While Pudgy Penguins is not the first major NFT project to launch a native token, it has endured the 'NFT winter' and ultimately became the second-largest NFT project by market cap, behind CryptoPunks.
2. The uniqueness of the PENGU token
1. Short preparation period
Although rumors about Pudgy Penguins planning to launch a token have circulated for years, the official announcement was not made until December 5, indicating that PENGU will officially launch in 2024.
Typically, airdrops related to assets or ecosystems have longer preparation periods (months or even years) and there are strong signals indicating the token's launch, or the snapshot date is announced to lock in airdrop eligibility. However, PENGU has not taken this route.
This sparked a vigorous reaction in the NFT market:
• The floor price of Pudgy Penguins has risen from about 16 ETH (approximately $61k) to 23 ETH (approximately $83k).
• The floor price of Lil Pudgies (its sub-series) has risen from about 1.7 ETH (approximately $6.5k) to 2.5 ETH (approximately $9k).
Data source date (December 10)
3. Positioning of the token
Is PENGU a meme coin, utility token, or cultural token?
It seems to encompass all three, and may take on even more roles in the future. Currently, it is described as the official token of Pudgy Penguins, serving this NFT project positioned as a 'cryptocurrency facade'.
Despite self-identifying as a 'cryptocurrency facade' being a subjective claim, Pudgy Penguins indeed has solid foundations to support this statement:
• 34 billion GIF views: almost everyone has seen Pudgy Penguins GIFs;
• 1.6 million Instagram followers: content is cute and resonates;
• 522,000 TikTok main account followers, and 1.1 million Pudgy Kindness account followers;
• Over 1.5 million Pudgy toys sold globally, available at retailers such as Walmart, Target, and Amazon.
For those who have not ventured into cryptocurrency, PENGU offers a new way for fans of Pudgy Penguins to establish a deeper connection with characters, brands, and intellectual property (IP), beyond just purchasing toys or engaging with content.
This aligns with my earlier point that 'cryptocurrency is a better stock.' Holding PENGU tokens can be seen as a new way to become an owner or stakeholder of the Pudgy Penguins brand, similar to the significance of purchasing company shares.
For some, this is an investment; for others, it is a way to express fan identity; or both. Additionally, as the brand grows, the use of the token may further expand.
4. Token Economics
Pudgy Penguins showcases its tokenomics in a novel and interesting way, rather than the traditional 20-page whitepaper and pie charts.
This cute style fully embodies the brand characteristics of Pudgy Penguins.
• Total supply: 88,888,888,888 (8.89 billion), paying tribute to the original Pudgy Penguins series of 8,888 NFTs;
• Claim period: 88 days.
Two distribution details stand out:
1. Other communities:
About 24% of the tokens will be allocated to 'other communities,' which is comparable to the allocation for the Pudgy holders community (about 26%).
On the surface, this seems unfair to the Pudgy community, but the distribution range explains this decision:
• The allocation for Pudgy holders will cover about 15,000 wallets;
• The allocation for other communities targets about 5 million wallets.
This sharply contrasts with the analysis by 6th Man Ventures on token design and distribution, which found that large-scale airdrops often perform worse than those focused on core users.
