Exciting Launch of PENGU Token 🎉
The Pudgy Penguins NFT project has unveiled its native asset, PENGU, on the Solana blockchain. This development enables holders of Pudgy Penguins, Lil Pudgys, Rogs, and soulbound tokens (SBTs) to participate in a token airdrop. This event commenced at 8:00 a.m. ET and aims to enhance engagement between millions of Pudgy Penguins enthusiasts and the brand.
88-Day Claim Duration ⏳
As per the latest details, over 88 billion PENGU tokens are circulating on the Solana blockchain. This distribution is designed to cater to various categories of token holders. According to project CEO Luca Netz, participants wishing to claim their tokens must link both their Ethereum and Solana wallets. Additionally, they should hold SOL tokens valued at a minimum of $10 to cover transaction fees. The claim window is set for 88 days; any unclaimed tokens will be destroyed afterward.
- Allocation details include:
- Approximately 25.9% of the total supply reserved for the Pudgy Penguins community
- 24.12% allocated for alternate communities and new “Huddle” members
- 17.8% designated for team members, with a one-year cliff and three-year vesting period
- 11.48% retained by the company under comparable terms
Pudgy Toys holders, which are physical plush creations influenced by the Pudgy Penguins NFT collection and available at Walmart and Target, are also eligible for PENGU tokens. These toys are linked to the Pudgy World metaverse and operate on Igloo’s Ethereum Layer 2 Abstract Chain, currently in a test phase. Following the mainnet launch, a PENGU bridge via LayerZero will facilitate token claims for toy purchasers.
PENGU Token Price Soars by 800%! 🚀
The PENGU token experienced remarkable trading activity, with an approximate volume of $90 million recorded within its first hour. Within just 24 hours of its launch, the price soared by an astonishing 870%, peaking at $0.05. Additionally, the market capitalization reached $3 billion, positioning PENGU among the top 200 cryptocurrencies by market value.
Major Profit from Quick Trading 💰
One standout transaction highlighted a trader who capitalized on the token surge, netting an impressive profit of $8.36 million within a mere 20 minutes. The trader acquired 239.6 million PENGU tokens using 23,742 SOL and subsequently sold them for 60,726 SOL.
The project team shared on Discord that around 7 million wallets have the opportunity to claim PENGU tokens. This includes users who have engaged with multiple protocols and members from different communities, in addition to the Pudgy Penguins community.
PENGU Token Now on Major Exchanges 🏦
Leading exchanges like Binance, OKX, and Bybit have listed the PENGU token for trading. Binance announced plans to offer PENGU on various products, such as Binance Futures, which allows for substantial leverage on PENGU/USDT Perpetual Contracts. Simultaneously, OKX has added the token to its spot trading market, showcasing a strong interest in the new asset.
The introduction of PENGU has also had a positive ripple effect within the Pudgy Penguins NFT market. The floor price for the Pudgy Penguins collection has risen to 34.1 ETH (approximately $136,000), which represents a 2.6% increase, now making it the second most expensive NFT collection, second only to CryptoPunks.
Hot Take 🔥
This year marks a significant chapter for the Pudgy Penguins NFT ecosystem with the launch of PENGU. The token’s performance and engagement mechanisms could set a new standard for how NFT communities interact and thrive in the crypto landscape. Keep an eye on further developments as this project evolves and impacts the broader NFT market!
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