This information has contributed to a sharp increase in the floor price of Pudgy Penguins, surpassing the $100,000 mark, making it one of the largest Non-Fungible Token (NFT) profile picture (PFP) projects. Luca Netz, the owner of the intellectual property rights of Pudgy Penguins, shared:
"The job of a crypto founder is to maximize the excitement."
As the excitement spreads within the Pudgy Penguins ecosystem, let's explore all the necessary information about the upcoming token, PENGU, which is expected to be launched on the Solana Blockchain.
PENGU is the Pudgy Penguins ecosystem token, set to launch on the Solana Blockchain with a total supply of 88.88 Billion tokens. Of this, 25.9% will be reserved for members of the Pudgy Penguins ecosystem through an upcoming Airdrop.
Igloo Inc., the parent company of Pudgy Penguins, stated:
"The launch of the PENGU token on Solana will help Pudgy Penguins expand and reach a completely new audience."
Although the PENGU token will be launched on Solana, it is expected to expand to Ethereum and Abstract, an Ethereum Layer 2 network that Igloo Inc. is developing and focusing on consumer adoption. According to Luca Netz, the PENGU token will create deeper connections between the millions of Pudgy Penguins fans globally and the brand, embodying the essence of tokenization as "unification."
Currently, PENGU does not have an official release date, but it is expected to be launched soon. A post from the Pudgy Penguins account on X indicates that the token will be released by the end of 2024.
While there have been some counterfeit tokens traded, attempting to defraud investors by using similar names, the genuine token is not yet available.
Over 88 Billion PENGU tokens will be issued on the Solana Blockchain, allocated to specific hodler groups, as outlined in the Pudgy Penguins announcement. Below is an estimate of the token distribution:
Pudgy Community - 25.9%
The majority of PENGU tokens will be allocated to the Pudgy Penguins community, including owners of Pudgy Penguins NFTs, Lil Pudgys, and Pudgy Rods (also known as Rogs). While the specific allocation ratio has not been publicly disclosed, it is expected that the majority will go to holders of the original Pudgy Penguins NFTs, followed by Lil Pudgys and Rogs. Luca Netz confirmed that there will be no snapshots to record holder information; instead, access to PENGU will be granted to those who own the assets at the time of token release.
Other Communities - 24.12%
The next largest allocation will be for other communities in Web3, with the goal of onboarding 5 million new members into the Pudgy Penguins community. While the specific communities have not been revealed, it is likely that projects with close ties to Pudgy Penguins will be eligible to receive the tokens.
Netz pointed out that Pudgy Toys owners not only interact with the Pudgy World online gaming platform but can also collect "Pudgy Traits" - attributes to equip their virtual penguins. Pudgy Toys owners will be eligible to receive PENGU and can access Pudgy World by scanning the QR code included with each toy.
Pudgy Penguins Team - 17.8%
Current and former Pudgy Penguins employees will hold nearly 18% of the total PENGU tokens, with a distribution plan spanning one and three years. During this time, the sale or transfer of tokens will be restricted.
Liquidity Pool - 12.35%
A portion of the PENGU supply will be set aside to create sufficient Liquidity for token trading activities.
Company - 11.48%
Igloo Inc., the parent company of Pudgy Penguins, will receive 11.48% of the total PENGU tokens, with a distribution plan similar to the one for Pudgy Penguins employees, spanning one and three years.
Community Benefits - 4%
4% of the total PENGU token supply will be allocated to community benefit initiatives. While the specific details have not been disclosed, Pudgy Penguins has undertaken various community activities over the past year, including campaigns like Pudgy Kindness, donations, and support for lesser-known streamers to enhance their social media presence and visibility.
Brand Development - 4%
A small portion of PENGU tokens will be used for Pudgy Penguins brand expansion efforts, including activities such as token listings on centralized exchanges and marketing strategies to increase brand awareness.
FTT Hodlers - 0.35%
The smallest allocation of PENGU tokens will be for FTT token holders, the native token of the now-defunct FTX exchange that ceased operations in November 2022. While the FTT token experienced significant growth, reaching nearly $4 at the time of the PENGU announcement, its value has since declined. The official criteria for FTT token holding have not yet been disclosed.
Although the detailed information about PENGU distribution has not been publicly released, according to a post by Netz, users will have 88 days to claim the tokens after PENGU becomes operational.
While the PENGU token is not yet officially active, pre-market trading has already begun on platforms like Whales Market. As of the time of writing, PENGU is trading at $0.05 with a total Trading Volume of over $948,916, with a 24-hour volume surge of 203%. At this price, PENGU could reach a fully diluted valuation of over $4 Billion.
Pre-market trading is often highly volatile and unpredictable in terms of future value. However, in some cases, the pre-market price has been quite close to the final price, as seen with the ME token of the Magic Eden NFT marketplace.
With the launch of PENGU, Pudgy Penguins not only expands its ecosystem but also creates opportunities to connect with millions of fans globally. The PENGU token is not just a significant step forward but also showcases the immense potential of blockchain applications in NFT brands.
Disclaimer: The article is for informational purposes only, not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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