Pudgy Penguins Set to Launch PENGU Token on Solana Blockchain
Written By: Dishita Malvania | Reviewed By: Gopal Solanky
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One of the most beloved NFT projects, Pudgy Penguins, is preparing to roll out its highly anticipated cryptocurrency, PENGU, later this year. The announcement was made by the Pudgy Penguins team on X this past Thursday, sparking excitement among fans and the broader crypto community.
PENGU Token on Solana
Unlike the original Pudgy Penguins NFT collection, which operates on the Ethereum blockchain, the new PENGU token will debut on the Solana blockchain. This shift opens doors for millions of Pudgy Penguins enthusiasts and newcomers alike to engage with the project through this innovative cryptocurrency.
The PENGU token supply is set at a unique total of 88,888,888,888 tokens, with distribution designed to benefit both the community and the development team:
25.9% will go to the Pudgy Penguins community.
24.12% is reserved for external communities, including new members of the "Huddle" group.
The core team will receive 17.8%, with a one-year lockup period and a three-year vesting schedule.
The company itself will retain 11.48%, also subject to similar vesting conditions.
From NFTs to Tokens: Pudgy Penguins’ Journey
Since its launch in 2021, Pudgy Penguins has grown into one of the most successful NFT projects, boasting a collection of 8,888 unique penguin NFTs. Its popularity has only increased, securing partnerships with retail giants like Walmart and Target.
As of now, the floor price for a Pudgy Penguin NFT sits at 17.90 ETH (approximately $68,535), with the entire collection valued at a market cap of $609 million (159,086 ETH), according to CoinGecko.
A Surge in Market Activity
The announcement of the PENGU token launch caused a significant spike in trading activity. Within just 24 hours, the trade volume of Pudgy Penguins NFTs surged by an impressive 212%, reaching 2,877 ETH (approximately $8 million).
The PENGU token launch is poised to further cement Pudgy Penguins’ status as a trailblazer in the NFT and blockchain space. By venturing into cryptocurrency with strategic tokenomics and a growing community, this project continues to break new ground.
Stay tuned as Pudgy Penguins leads the charge into a new era of NFTs and digital assets.
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