Pudgy Penguins have launched the highly anticipated PENGU token, with Binance announcing spot trading and an airdrop.
The PENGU token’s total supply is 88.88 billion, with a significant number allocated to NFT collections, the Pudgy Penguins community, and the Pudgy Penguins team.
PENGU Token Launches
Pudgy Penguins, the second-largest NFT collection by market cap, has announced the launch of the PENGU token. Based on available market data, The token launches with a potential $4.4 billion fully diluted valuation (FDV). Pudgy Penguins teased the launch through its official X account, posting a video of a Pudgy Penguin holding a token engraved with the penguin symbol representing the new token. Following the announcement, Binance confirmed it would launch the PENGU token for spot trading with several pairs, including USD, BNB, FDUSD, and TRY. The exchange also announced an airdrop for the token. The airdrop will distribute the token to users participating in Binance’s HODLer Airdrops program.
The Pudgy Penguins had announced the PENGU token would launch before the end of 2024, although no official date was given.
Token Allocation
The token is launching with a supply of 88.88 billion. 25.9% has been allocated to the Pudgy Penguins NFT community, and 21.12% to other NFT communities, including Bored Ape, Mutant Ape, Memeland, and Azuki. The Pudgy Penguins project team has received 17% with a one-year cliff and three-year vesting period. 12.35% has been allocated towards liquidity pools and 11.48% for Igloo Inc., Pudgy Penguin’s parent company. An additional 4% has been allocated towards public goods and professional brand expansion.
Data from Whale Market shows the PENGU token trading at $0.05 per token, giving it a fully diluted market value of $4.4 billion.
Pudgy Penguins Floor Price Skyrockets
The Pudgy Penguins floor price shot above $100,000, registering an increase of over 20%, thanks to growing excitement around the NFT project and its airdrop on Solana. The 8,888 Penguin NFT collection broke an all-time high last week when it traded around $62,000. The team also announced its PENGU token will be launched on Solana soon to reward NFT holders and users of the Pudgy Penguins ecosystem.
Since then, the NFT project has established itself as the second-most expensive profile picture (PFP) project, rising 99% in the past seven days to go above $100,000 and surpass the Bored Ape Yacht Club in the process.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
