Popular NFT brand Pudgy Penguins has announced that it will launch its native PENGU token on the Solana blockchain by the end of 2024. This could be a pivotal moment for NFT brands, which have struggled recently due to the slowdown in the NFT market. As a result, popular NFT brands are expanding their foray into the fun games and meme coin market to revive their prospects.
PENGU tokens will be supplied in total of 88 billion tokens
According to the official X post, PENGU will debut on the Solana network with a total supply of 88,888,888,888 tokens. The goal is to provide fans and newcomers with the opportunity to connect with the Pudgy Penguins ecosystem. However, users should note that the Pudgy Penguins NFT will continue to operate on the Ethereum blockchain network.
To encourage community participation, Pudgy Penguins ensures fair and equitable distribution of tokens. Approximately 23.5% of the 88 billion PENGU tokens will be allocated to owners of the project's NFT collection, which includes Pudgy Penguins, Lil Pudgys, and Pudgy Rods. Additionally, 22.02% will be distributed to the Solana and Ethereum communities, and 12.32% will be designated for providing liquidity on decentralized exchanges. In an official statement, the Pudgy Penguin team said:
“Thanks to $PENGU, millions of Pudgy Penguin fans and hundreds of millions of people who see and share Pudgy Penguins every day now have the opportunity to align with the character and become part of The Huddle. You can get
How can stubby tokens succeed?
The launch of the PENGU token could be a pivotal moment for the Pudy Penguin ecosystem, including the future of NFTs, blockchain gaming, and meme coins. Despite the downturn in the NFT market, this platform stands out for its ability to garner public interest. Below are the three main benefits of launching PENGU on the Solana blockchain.
Ecosystem Expansion: Solana’s blockchain ecosystem is rapidly growing and is known for its scalability and increasing adoption in the DeFi space, making it a popular choice for token creation. Community-driven approach: By allocating the majority of tokens to Pudgy Penguins non-fungible token holders, the project aims to deepen its connection with its passionate fan base while attracting new participants . Cultural Significance: As an established and recognizable brand, Pudgy Penguins is well-positioned to leverage its broad appeal to promote Pengu beyond cryptocurrencies.
Earlier this year in August, NFT marketplace Magic Eden took a similar route by launching its own ME token as a way to expand its cryptocurrency offering. Launched on the Solana blockchain, the token also facilitates cross-chain transactions. Magic Eden said it will integrate the ME token with third-party protocols and dApps.
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Bhushan Akolkar
Bhushan is a FinTech enthusiast with a deep understanding of financial markets. His interest in economics and finance led him to focus on the emerging blockchain technology and cryptocurrency market. He is passionate about continuous learning and stays motivated by sharing the knowledge he gains. In his free time, Bhushan enjoys reading thriller fiction novels and sometimes hones his cooking skills.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
