As revealed in a Thursday post on X, the Pudgy Penguins NFT project plans to unveil its own cryptocurrency, Pengu, later this year. Pengu tokens will be launched on the Solana blockchain, with a total supply of 88,888,888,888 tokens.
Nevertheless, the Pudgy Penguins NFT itself is based on the Ethereum network.
pengu token
According to Pengu’s tokenomics, approximately 25.9% of the total token supply will be allocated to the Pudgy Penguins community, and 24.12% will be earmarked for other communities and new “Huddle” members.
The project’s team, including current and future members, will receive 17.8% of the tokens, subject to a vesting schedule to maintain long-term engagement.
Additionally, 11.48% of the coin will remain under the company's control on similar long-term terms.
“With PENGU, the millions of fans of Pudgy Penguin and the hundreds of millions of people outside of crypto who see and share Pudgy Penguin every day will finally have the chance to identify themselves with this character. Now everyone can join The Huddle.”
Growth of a stubby penguin
Pudgy Penguins entered the top 10 largest NFT collections for the first time in September 2023, claiming 2.7% market power as floor prices remained stable during the broader NFT market correction. By October 2024, the project's control had soared to 9.5%, according to a CoinGecko report.
This significant growth came after several “blue chip” NFT collections experienced price declines and dropped out of the top 10 rankings, including Moonbirds, Veefriends, Doodles, Meebits, World of Women, and Cool Cats.
Amid the broader market rally, Pudsey Penguins' lowest price also hit an all-time high on Thursday, joining other collections such as Bored Ape Yacht Club (BAYC) and Cryptopunks.
According to CoinGecko's dashboard, at the time of writing, Pudgy Penguins' floor price is approximately 19.49 ETH, which is equivalent to approximately $75,406, giving it a market cap of approximately $670 million. Trading volume surged 331% in the past 24 hours to over $16.47 million.
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