Popular NFT collection Pudgy Penguins has announced plans to launch its Pengu cryptocurrency this month.
Popular NFT collection Pudgy Penguins has announced plans to launch its Pengu cryptocurrency this month. Even though the Pudgy Penguins NFT is based on the Ethereum network, the new token will reportedly run on the Solana blockchain.
According to a recent post by X, the total supply of Pengu will be 88,888,888,888 tokens.
Approximately 25.9% of this supply is designated for the Pudgy Penguins community, allowing fans to more directly engage with the brand. Additionally, 24.12% of the tokens will be distributed to other communities and new members of the “Huddle”.
The project team outlined that approximately 17.8% of the supply will be allocated to current and future team members, who will be subject to a one-year cliff and three-year vesting period. Additionally, the company plans to retain 11.48% of Pengu's supply under similar conditions.
Launched in 2021, Pudgy Penguins has become a prominent player in the NFT market, boasting a current lowest price of approximately 17.75 ETH (equivalent to approximately $68,535).
The collection has a market capitalization of approximately $609 million. Recent data shows that trading volume has surged 245% in the past day, reaching 2,082 ETH, or approximately $8 million.
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