The top-tier blue-chip NFT project "Pudgy Penguins" that has swept Web2 and Web3 with its cute penguin image announced this month (6) that it will launch its official token PENGU on the Solana chain. The news caused the floor price to soar by more than 20% on the same day, and the upward trend has not yet subsided...
According to data, the current Pudgy Penguins floor price has broken through 31 ETH, setting a new historical high. Calculated based on the ETH price at the time of writing, which is temporarily reported as $3,890, a single Pudgy Penguins NFT has reached a value of $122,000.
Integrating virtual and physical, launching token on Solana
Since its launch in 2021, "Pudgy Penguins" has been committed to building a complete IP "integration of virtual and physical". In 2023, Pudgy Penguins officially entered the physical toy market and quickly captured consumer attention through collaborations with global retail giants such as Amazon and Walmart.
The physical toys were met with enthusiastic response, selling over 20,000 units within 48 hours of launch. As of January 2024, the total sales of physical toys have exceeded 750,000 units. The QR codes attached to the toys have also allowed tens of thousands of consumers to further engage with the virtual world of Pudgy Penguins, forming an innovative model of online-offline integration.
This month, Pudgy Penguins announced that it will launch its native token PENGU on Solana and released detailed token economics, which has garnered high attention from the community. The total supply of PENGU is 88,888,888,888 tokens, with 25.9% allocated to the Pudgy Penguins community. The remaining portion will be distributed to other communities, liquidity, partners, the team, and public sales. PENGU is also planned to be multi-chain, with plans to be deployed on Ethereum and Abstract Chain.
Community speculation: Airdrop worth at least $30,000
Previously, according to the analysis of community user @BTCThinker88 , the PENGU token airdrop is expected to be attractive. Pudgy Penguins holders are estimated to receive tokens worth $31,000 to $61,000 (approximately 7.9 ETH to 15.8 ETH) per person. If Abstract Chain also participates and provides token allocation for the Penguin community, the PENGU airdrop could become one of the largest airdrops of 2024, following HYPE.
The total supply of PENGU is 88.88 billion tokens, with a community allocation of 25.9%. Based on market capitalization forecasts (FDV):
- Bear market: Total market cap of around $1.5 billion
- Baseline scenario: Total market cap of around $2 billion
- Bull market: Total market cap could reach $3 billion
These figures are comparable to other projects in the market, including the $1.8 billion market cap of the BAYC token APE and the $760 million market cap of the Mocaverse token MOCA. The competitiveness and influence of Pudgy Penguins in the NFT field are undisputed.
However, it is worth noting that historical experience shows that NFT prices may experience short-term corrections after airdrops, which is a common phenomenon in the NFT and cryptocurrency markets. Investors should maintain rationality when participating in the Pudgy Penguins ecosystem, fully assess the risks, and avoid excessive speculation.
