The CEO of Pudgy Penguins once claimed that the floor price for “Fat Penguin” will reach 200 ETH this cycle.
Editor: Felix, PANews
Ethereum NFT project Pudgy Penguins today announced that it will launch its token PENGU on the Solana chain in 2024 with a total supply of 88,888,888,888 pieces. Although the PENGU token is based on Solana, Pudgy Penguins parent company Igloo said that PENGU will adopt a multi-chain deployment strategy and will be launched on Ethereum and Abstract Chain in the future.
PENGU token distribution focuses on community building and ecosystem development. The details of token distribution are as follows:
Pudgy Penguins Community 25.9% Other Communities 24.12% Team 17.8% (1 year lockup, 3 year linear vesting) Partners 11.48% (1 year lockup, 3 year linear vesting) Vesting) Liquidity support accounts for 12.35% Promotion and public offering account for 4% each account for 0.35%
According to the official team, over the past three years, Pudgy Penguins has become a leading figure in crypto, gaining millions of fans around the world and receiving more than 50 billion views of their content. Issuing PENGU tokens will give more fans the opportunity to participate in the project's ecosystem.
Perhaps influenced by this news, NFT floor price data shows that the Pudgy Penguins' floor price rose 19.87% in 24 hours to 17.98 ETH, with a current market value of approximately USD 617 million. It shows. The 24-hour trading volume was 2,433 ETH, an increase of 227.99%. Its lowest price is close to the historical high of 20.5 ETH set in February 2024.
Launched in 2021, Pudgy Penguins is made up of 8,888 penguin NFT avatars (PFP) and is known for its cute, quirky design and inclusive community spirit. Luca Netz acquired the project from its founders in 2022. Under the leadership of Luca Netz, Pudgy Penguins transformed from a failed project to a well-known crypto-native IP.
Last September, Pudgy Penguins launched its toy line, Pudgy Toys, in 2,000 Walmart stores in the United States. The series has received widespread mainstream attention, allowing users to claim the unique characteristics of their digital “Forever Pudgy” characters in Pudgy World (an online virtual world based on the zkSync Era blockchain) by scanning a QR code. It will be. The toy product launch not only increased Pudgy Penguins' brand awareness and amassed a large following on social media, but also demonstrated the potential of NFTs to integrate with traditional retail markets. Earlier this year, Pudgy Penguins won a Walmart Business Award, and Pudgy Toys will be sold in Walmart stores again in 2025.
Regarding the price of Pudgy Penguins, Luca Netz claimed in July this year that Pudgy Penguins will reach a floor price of 200 ETH this cycle. But judging by the current floor price, the Nets are still far from that goal.
However, as the overall cryptocurrency market recovered, the NFT market heated up again. NFT sales reached $562 million in November, the highest level since May of this year. CryptoPunks and Bored Ape Yacht Club prices remain strong, with Pudgy Penguins up 37.7% in one week.
With the recovery of the NFT market and the release of PENGU tokens, it will be interesting to see if the lower limit price of 200 ETH can be achieved in the future.
Related article: Pudgy Penguins' involvement in L2 battle raises questions: Tech acquirer has been 'stagnant' for months, CEO expects NFT resurgence
Author: Felix
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