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Pudgy Penguins launches PENGU token, Binance announces spot trading and airdrop. The total supply of Pengu tokens is set at 88.88 billion, which will be heavily allocated to the community, NFT collections, and the Pudgy Penguins team.
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Pudgy Penguins, the second largest NFT collection by market capitalization, has announced the launch of its PENGU token tomorrow.
tomorrow. $pengu. pic.twitter.com/80LHuf9vZj
— Pudgy Penguins (@pudgypenguins) December 16, 2024
The official Pudgy Penguins X account posted a video showcasing a Pudgy Penguin holding a token engraved with a penguin symbol representing the new PENGU token.
Following this announcement, Binance shared its contents X update, We have confirmed the launch of PENGU for spot trading of pairs including USD, BNB, FDUSD, and TRY.
Additionally, Binance announced an airdrop of PENGU that will be distributed to users participating in Binance's HODLer Airdrops program.
This token will start with a total supply of 88,888,888,888 PENGU tokens.
This distribution has 25.9% allocated to the Pudgy Penguins NFT community and 24.12% designated to other NFT communities such as Azuki, Bored Ape Mutant Ape, Doodles, and Memeland.
The project team receives 17% with a one-year cliff and a three-year vesting period.
The additional allocation includes 12.35% in the liquidity pool and 11.48% in Igloo, the parent company of Pudsey Penguins. Public goods and specialty brand expansion will each receive 4% of the supply.
According to pre-market trading data from Whale Market, PENGU is trading at $0.05 per token, suggesting a fully diluted market value of $4.4 billion.
News of PENGU's launch comes on the heels of a recent surge in Pudgy Penguins NFTs, as the lowest price for the original NFT has surpassed the $100,000 mark.
Since then, the price floor has continued to rise, reaching a staggering 33 ETH and is now worth over $133,000, with ETH trading at just over $4,000.
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