The PENGU token is the native token of the Pudgy Penguins ecosystem, a well-known NFT collection. It was launched on the Solana blockchain with a total supply of 88.88 billion tokens. Approximately 25.9% of these tokens are allocated to the Pudgy Penguins community, while other percentages are assigned to various NFT communities, the project team, and liquidity on decentralized exchanges.
The launch of PENGU was notable, with an initial market capitalization of around $2.3 billion and a trading volume of $90 million in its first hour of trading. However, the token's value experienced a significant drop shortly after its launch, losing more than 50% of its initial value.
PENGU is designed to expand the Pudgy Penguins ecosystem beyond collectible NFTs, aiming to increase community engagement and offer rewards to NFT holders and buyers of physical products from the brand. The token is traded on several major platforms such as Binance, OKX, and Bybit, and it is expected to be compatible with Ethereum and other blockchains in the future.
This token is very likely to reach a $10B market cap in the medium term
