Author: Jinse Finance
On December 16, 2024, Binance announced the launch of the 5th Binance HODLer airdrop project, Pudgy Penguins (PENGU), a Non-Fungible Token (NFT) collection built on Ethereum.
From December 09, 2024 08:00 to December 13, 2024 07:59 (UTC+8), users who purchase Binance's regular and/or flexible investment products using BNB will receive airdrop allocations. The HODLer airdrop information is expected to be online within 12 hours, and the new tokens will be distributed to users' spot wallets 1 hour before trading starts.
Binance will list PENGU on December 17, 2024 at 22:00 (UTC+8), and open trading pairs with USDT, BNB, FDUSD, and TRY. The seed label trading rules will apply.
I. PENGU HODLer Airdrop Details
Token Name: Pudgy Penguins (PENGU)
Total Token Supply: 88,888,888,888 PENGU
Maximum Token Supply: 88,888,888,888 PENGU
HODLer Airdrop Token Amount: 2,666,666,666.64 PENGU (3% of the maximum supply)
Circulating Supply Before Listing: 623,125,000 PENGU
Smart Contract Details: Solana, 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv
BNB Holding Cap: Individual user's BNB average holding / Total BNB average holding * 100% ≤ 4% (If the holding ratio exceeds 4%, the BNB holding ratio will be calculated at 4%)
II. Pudgy Penguins Project Introduction
What is PENGU, the Pudgy Penguins Token?
PENGU is the native cryptocurrency token launched by Pudgy Penguins, a popular NFT project, aiming to expand its influence in the blockchain ecosystem. PENGU is released on the Solana blockchain, with the goal of driving community engagement and supporting the project's broader objectives.
Key Points
PENGU is the official token of the Pudgy Penguins NFT collection, which consists of 8,888 unique and adorable penguin cartoon images.
The Pudgy Penguins NFT collection was initially launched on the Ethereum blockchain and has grown to become one of the largest NFT projects by market capitalization. It has recently surpassed BAYC to become the second-largest NFT project by market cap.
PENGU will be launched on the Solana blockchain, aiming to expand the project's community and attract new users. Multi-chain deployment is planned, extending to other blockchain networks including Ethereum and Abstract.
Pudgy Penguins, one of the largest NFT collections on the Ethereum blockchain, will launch its native token - PENGU. While Pudgy Penguins is not the first major NFT project to launch a native token, it has weathered the "NFT winter" and emerged as the second-largest NFT project by market value, second only to CryptoPunks.
II. Unique Aspects of the PENGU Token
1. Short Preparation Period
Although rumors about Pudgy Penguins' plans to launch a token have been circulating for years, the official announcement was made only on December 5, stating that PENGU will be launched in 2024.
Typically, airdrops related to assets or ecosystems have a longer preparation period (months or even years) and strong signals indicating the token's launch, or by announcing snapshot dates to lock in airdrop eligibility. However, PENGU did not follow this path.
This has sparked a lively reaction in the NFT market:
• The floor price of Pudgy Penguins has risen from around 16 ETH (approximately $61k) to 23 ETH (approximately $83k).
• The floor price of Lil Pudgies (a sub-series) has increased from around 1.7 ETH (approximately $6.5k) to 2.5 ETH (approximately $9k).
Data as of December 10
III. Token Positioning
Is PENGU a meme coin, a utility token, or a cultural token?
It seems to be a combination of the three, and may take on additional roles in the future. Currently, it is described as the official token of the Pudgy Penguins project, serving the position of a "crypto currency facade" for the NFT project.
While the "crypto currency facade" claim is a subjective statement, Pudgy Penguins does have a solid foundation to support this assertion:
• 340 million GIF views: Almost everyone has seen a Pudgy Penguins GIF;
• 1.6 million Instagram followers: The content is cute and resonates with the audience;
• 522,000 TikTok main account followers and 1.1 million Pudgy Kindness account followers;
• Over 1.5 million Pudgy toys sold globally, available at retailers like Walmart, Target, and Amazon.
For those who have not yet ventured into cryptocurrency, PENGU provides a new way for Pudgy Penguins fans to establish a deeper connection with the characters, brand, and intellectual property (IP), beyond just purchasing toys or engaging with the content.
This aligns with my previous point about "cryptocurrency being a better stock." Holding PENGU tokens can be seen as a new way of becoming an owner or stakeholder of the Pudgy Penguins brand, similar to the meaning of owning company shares.
For some, it may be an investment; for others, it may be a way to express their fan identity; or it may be a combination of both. Additionally, as the brand grows, the token's utility may further expand.
IV. Token Economics
Pudgy Penguins has presented its token economics model in a novel and interesting way, rather than a traditional 20-page whitepaper and pie charts.
This cute style fully embodies the Pudgy Penguins brand character.
• Total Supply: 88,888,888,888 (88.9 billion), paying tribute to the original Pudgy Penguins series of 8,888 NFTs;
• Claim Period: 88 days.
Two distribution details are particularly noteworthy:
1. Other Communities:
Approximately 24% of the tokens will be allocated to "other communities," comparable to the proportion (around 26%) allocated to the Pudgy holder community.
On the surface, this may seem unfair to the Pudgy community, but the distribution range explains the decision:
• The Pudgy holder allocation will cover around 15,000 wallets;
• The other communities allocation will reach approximately 5 million wallets.
This contrasts with the analysis by 6th Man Ventures on token design and distribution, which found that large-scale airdrops often perform worse than those focused on core users.
