Comprehensive Editing: Felix, PANews
The Ethereum Non-Fungible Token (NFT) project Pudgy Penguins announced today that it will launch the token PENGU on the Solana chain in 2024, with a total supply of 88,888,888,888 tokens. Although the PENGU token is based on Solana, Igloo, the parent company of Pudgy Penguins, stated that PENGU will adopt a multi-chain deployment strategy and will also be launched on Ethereum and Abstract Chain in the future.
The PENGU token distribution focuses on community building and ecosystem development, with the following token distribution details:
- Pudgy Penguins community: 25.9%
- Other communities: 24.12%
- Team: 17.8% (1-year lock-up, 3-year linear vesting)
- Partners: 11.48% (1-year lock-up, 3-year linear vesting)
- Liquidity support: 12.35%
- Promotion and public sale: 4% each
- FTT holders: 0.35%
The official team stated that over the past three years, Pudgy Penguins has become a representative of cryptocurrency, accumulating millions of fans globally, with content reaching over 50 billion views. By issuing the PENGU token, more fans will have the opportunity to participate in the project's ecosystem.
Possibly affected by this news, NFT Price Floor data shows that the Pudgy Penguins floor price has increased by 19.87% in the last 24 hours, reaching 17.98 ETH, with a current market capitalization of approximately $6.17 billion. The 24-hour trading volume was 2433 ETH, an increase of 227.99%. Its floor price is close to the historical high of 20.5 ETH set in February 2024.
Pudgy Penguins was launched in 2021 and consists of 8,888 penguin Non-Fungible Token (NFT) avatars (PFP), known for their cute, quirky designs and inclusive community spirit. Luca Netz acquired the project from the founders in 2022. Under Luca Netz's leadership, Pudgy Penguins has transformed from a failed project to a renowned crypto-native IP.
In September last year, Pudgy Penguins launched its toy product Pudgy Toys in 2,000 Walmart stores in the United States. The series received widespread mainstream attention, allowing users to claim the unique features of their digital "Forever Pudgy" characters in the Pudgy World (an online virtual world based on the zkSync Era blockchain) by scanning a QR code. The launch of the toy products not only enhanced the brand awareness of Pudgy Penguins and accumulated a large number of fans on social media, but also demonstrated the potential for Non-Fungible Tokens (NFTs) to integrate with the traditional retail market. Earlier this year, Pudgy Penguins won the Walmart Business Award, and Pudgy Toys will be relaunched in Walmart stores in 2025.
Regarding the price of Pudgy Penguins, Luca Netz claimed in July this year that Pudgy Penguins would reach a floor price of 200 ETH in this cycle. However, the current floor price is still far from Netz's target.
Nevertheless, with the overall recovery of the cryptocurrency market, the Non-Fungible Token (NFT) market has heated up again. In November, NFT sales reached $562 million, the highest level since May this year. The prices of CryptoPunks and Bored Ape Yacht Club remain strong, and Pudgy Penguins have achieved a 37.7% increase in one week.
With the recovery of the Non-Fungible Token (NFT) market and the launch of the PENGU token, it remains to be seen whether the 200 ETH floor price can be achieved in the future.
Related Reading: "Pudgy Penguins" Involved in L2 Battle, Raising Doubts: The Technical Acquirer's Progress "Stagnant" for Months, CEO Expects NFT to Return
