As the fifth phase of the Binance HODLer airdrop plan, Pudgy Penguins has some similarities with the previous phase CAT, in that they are both animal-themed tokens, but $PENGU cannot be classified as a Meme series.
Why?
Next, I will elaborate on this [Pudgy Penguins] 🐧
1. Pudgy Penguins itself is an NFT series launched in 2021, coinciding with the NFT boom at that time. Pudgy Penguins quickly gained a certain brand influence globally due to its commercial operations and IP image, and it can be said that Pudgy Penguins is one of the most well-known NFT series in the industry.
2. However, the NFT sector has also experienced a long period of recession. The last time the NFT track entered the mainstream industry was when $APE did L2, at that time there was a Meme craze, but it didn't have much sustainability. The L2 launch coincided with the token’s decline, and not many people mentioned it afterward.
3. Pudgy Penguins $PENGU has launched this time with what can be described as a [sunshine blessing] for the airdrop. It did not only airdrop to NFT holders; as long as your Ethereum address or Solana wallet is active enough, you may receive an airdrop, and many people unexpectedly received a portion of pork knuckle rice.
4. The token claim period is 88 days. You can check it on the Pudgy Penguins official website: https://claim.pudgypenguins.com/
5. Pudgy Penguins' development history has been quite tumultuous. It started well, but with the bear cycle, the NFT sector has become unrecognizable. Driven by this macro factor, Pudgy Penguins underwent a significant overhaul in early 22, after which a series of strategic plans from the new team were successively launched. However, under the overall trend, it did not lead the entire sector to a second resurgence, and now the trading volume in the NFT market is even less than 1% of its peak period.
6. The initial composition of its token economics is as follows:
Pudgy community: 25.9% of the tokens are allocated to the Pudgy Penguins community to reward NFT holders;
Other communities: 24.1% of the tokens are allocated to other communities, which is why non-NFT holders can also receive them;
Team: 17.8% of the tokens are allocated to the project team, with a one-year lock-up period and a three-year linear unlocking period;
Liquidity: 12.3% of the tokens are used to provide liquidity;
Company: 11.5% of the tokens are allocated to the company, also set with a one-year lock-up and three years of linear unlocking;
Charity: 4.0% of the tokens are used for charity, which is a common type of allocation (yesterday's CAT also had this).
Regarding the distribution of the team and the company, no more specific distribution subject explanation was found. In the research report on Binance HODLer, these two parts were combined and classified under [project parties, investors, and advisors].
After the launch of HODLer, the shares of each part were also adjusted. Below are the adjusted shares:
29.78% allocated to the team, investors, and advisors; this portion of tokens will be locked for 1 year and then linearly released over 3 years;
47.87% for community airdrop;
3% for Binance HODLer airdrop;
12.35% for initial liquidity;
4% to support public affairs development;
3% for marketing and expansion.
What is most praised is its large-scale community airdrop, and the main use of the token is relatively basic governance. No strong link was found between the token and ecological development.
7. Finally, I want to reiterate: it is not a Meme. Its market comparable counterpart is APE, both are tokens issued based on NFT series. Currently:
(1) APE has a circulating market value of 900 million, with a total supply of 1.2 billion, and an NFT market value of 187,300 ETH.
(2) Pudgy Penguins has a circulating market value of 1.9 billion, with a total supply of 2.7 billion, and an NFT market value of 212,400 ETH.
Therefore, Pudgy Penguins has also become a leading asset in this track from the start, supported by its IP influence, which seems more acceptable than some projects we may not have heard of, that start with hundreds of millions in market value to be more convincing.
Binance rarely launches projects with such high market values right away, but I have observed an interesting phenomenon. Generally, assets that launch with several hundred million in market value tend to decline afterward, but those that start with exceptionally high market values have very few market references.
Therefore, compared to other assets at this level with a market value of several hundred million, I feel that if you choose to short it in this short-term market, you should be more cautious.
