Author: Golden Finance
On December 16, 2024, Binance announced that the Binance HODLer airdrop has launched the fifth project, Pudgy Penguins (PENGU), an NFT (non-fungible token) collectible built on Ethereum.
From December 9, 2024, 08:00 to December 13, 2024, 07:59 (UTC+8), users who use BNB to subscribe to regular and/or flexible products on the Binance Earn platform will receive airdrop allocations. HODLer airdrop information is expected to be online within twelve hours, and the new tokens will be distributed to users' spot wallets one hour before trading starts.
Binance will list PENGU on December 17, 2024, at 22:00 (UTC+8), and will open trading pairs against USDT, BNB, FDUSD, and TRY. Seed label trading rules apply.
1. Details of the PENGU HODLer airdrop
Token Name: Pudgy Penguins (PENGU)
Current total token supply: 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 listing on Binance: 623,125,000 PENGU
Smart contract details: Solana, 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv
BNB holding cap: Average number of BNB held by a single user / Total average number of BNB held * 100% ≤ 4% (if the holding proportion is greater than 4%, the BNB holding ratio will be calculated as 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 released on the Solana blockchain, intended to drive community engagement and support the project's broader 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 developed into one of the largest NFT projects by market capitalization. It has recently surpassed BAYC to become the second-largest NFT project by market value.
PENGU will launch on the Solana blockchain, aiming to expand the project's community and attract new users. Multichain 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. Although Pudgy Penguins is not the first major NFT project to launch a native token, it has endured the 'NFT winter', ultimately becoming the second-largest NFT project by market capitalization, second only to 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, stating that PENGU will officially launch in 2024.
Typically, airdrops associated with assets or ecosystems have long preparation periods (months or even years), and there are strong signals indicating the token's launch, or the airdrop eligibility is locked by announcing a snapshot date. However, PENGU has not taken this route.
This sparked a heated reaction in the NFT market:
• The floor price of Pudgy Penguins has risen from approximately 16 ETH (about $61k) to 23 ETH (about $83k).
• The floor price of Lil Pudgies (its sub-series) has risen from approximately 1.7 ETH (about $6.5k) to 2.5 ETH (about $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 more roles in the future. Currently, it is described as the official token of Pudgy Penguins, serving this NFT project positioned as a 'cryptocurrency front'.
While calling itself the 'cryptocurrency front' is a subjective claim, Pudgy Penguins does have solid foundations to support this statement:
• 34 billion GIF views: almost everyone has seen a Pudgy Penguins GIF;
• 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 have been sold globally, available at retailers like 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 the characters, brand, and intellectual property (IP), beyond just purchasing toys or interacting 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 shares in a company.
For some, this is an investment; for others, it's a way to express fandom; or both. Additionally, as the brand grows, the utility of the tokens may further expand.
4. Token economics
Pudgy Penguins presents its tokenomics in a novel and engaging way, rather than the traditional 20-page white paper 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;
• Claiming period: 88 days.
Two allocation details are particularly noteworthy:
1. Other communities:
Approximately 24% of the tokens will be allocated to 'other communities', comparable to the allocation for Pudgy holders community (approximately 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 approximately 15,000 wallets;
• The allocation to other communities targets approximately 5 million wallets.
This contrasts sharply 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.
