On December 16, 2024, Binance announced the launch of the 5th project of the Binance HODLer airdrop, Pudgy Penguins (PENGU), a Non-Fungible Token (NFT) collection established on the Ethereum blockchain.
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 an airdrop allocation. 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 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 token supply)
· Circulating Supply Before Binance Listing: 623,125,000 PENGU
· Smart Contract Details: Solana, 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv
· BNB Holding Cap: Individual user's average BNB holding / Total average BNB holding * 100% ≤ 4% (If the holding ratio exceeds 4%, the BNB holding ratio will be calculated as 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, intended to drive community engagement and support the project's broader goals.
Key Points
· PENGU is the official token of the Pudgy Penguins NFT series, which contains 8,888 unique and adorable penguin cartoon images.
· The Pudgy Penguins NFT series 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 series based 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 become the second-largest NFT project by market cap, only behind CryptoPunks.
III. Uniqueness 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 not made until December 5th, stating that PENGU will be officially 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 (about $61k) to 23 ETH (about $83k).
• The floor price of Lil Pudgies (a sub-series) has increased from around 1.7 ETH (about $6.5k) to 2.5 ETH (about $9k).
IV. 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 even more roles in the future. Currently, it is described as the official token of the Pudgy Penguins project, serving the position of a "cryptocurrency frontman" for the NFT project.
While the self-proclaimed status of "cryptocurrency frontman" is a subjective statement, Pudgy Penguins does have a solid foundation to support this claim:
• 3.4 billion GIF views: Almost everyone has seen Pudgy Penguins GIFs;
• 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;
• Global sales of over 1.5 million Pudgy toys on 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 interacting with the content.
This aligns with the previous point I made 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. Furthermore, as the brand grows, the token's use cases may expand further.
V. Token Economics
Pudgy Penguins has presented its token economic model in a novel and interesting way, rather than the 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 8,888 Pudgy Penguins NFTs;
• Claim Period: 88 days.
Two distribution details are particularly noteworthy:
1. Other Communities:
About 24% of the tokens will be distributed to "Other Communities", which is comparable to the allocation to the Pudgy holder community (about 26%).
On the surface, this may seem unfair to the Pudgy community, but the distribution range explains this decision:
• The Pudgy holder allocation will cover about 15,000 wallets;
• The "Other Communities" allocation will reach about 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 airdrops focused on core users.
Join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Twitter Official Account: https://twitter.com/BlockBeatsAsia
