After amassing greater than 50 billion social media views and putting toys on cabinets in Walmart and Goal shops throughout the nation, Ethereum NFT mission Pudgy Penguins is launching a token.
The information despatched the Pudgy Penguins ground worth skyward, breaching $100,000 and changing into the second largest profile image (PFP) mission in all of NFTs.
“A founder’s job in crypto is to maximize for optimal excitement,” stated Pudgy Penguins IP proprietor Luca Netz in a video interview with crypto persona ThreadGuy.
Whereas pleasure swirls across the Pudgy Penguin ecosystem, discover out every thing that you must learn about its upcoming token PENGU, which is launching on December 17 on Solana.
What’s PENGU?
PENGU is the Pudgy Penguins ecosystem token that's set to launch on the Solana blockchain. It’ll have a complete provide of 88.88 billion PENGU tokens, 25.9% of that are being put aside for members of the Pudgy Penguins ecosystem by way of an upcoming airdrop declare.
“By launching PENGU on Solana, Pudgy Penguins grows by reaching an entirely new audience,” stated Igloo Inc, the Pudgy Penguin dad or mum firm on X (previously generally known as Twitter).
During the last 3 years, Pudgy Penguins has turn into the face of crypto.
Sitting in thousands and thousands of households worldwide, garnering thousands and thousands of followers, and amassing over 50 billion views, Pudgy Penguins has cemented itself within the hearts and minds of on a regular basis individuals and tradition. pic.twitter.com/Uz2I2K5di1
— Pudgy Penguins (@pudgypenguins) December 6, 2024
Although the token will launch on Solana, it should ultimately develop to Ethereum and Summary, the consumer-focused Ethereum layer-2 scaling community being constructed by Igloo Inc.
To Netz, the PENGU token provides the thousands and thousands of Pudgy Penguin followers world wide to raised join with the model, suggesting that tokenization at its core is “alignment.”
When is PENGU dropping?
PENGU will launch on December 17, 2024. An official launch time has not been shared, however it’s anticipated to launch within the morning ET hours.
Official hyperlinks and declare particulars will solely be shared and introduced from the Pudgy Penguins account on X.
A variety of copycat tokens are already being traded, trying to dupe buyers into shopping for an asset with the identical or an identical identify, however the actual token isn't but obtainable as of this writing.
Who will get the PENGU airdrop?
Greater than 88 billion PENGU tokens will likely be circulating on the Solana blockchain, break up amongst a handful of holder classes as outlined by the Pudgy Penguins announcement.
Decrypt has reached out to Pudgy Penguins to achieve further readability on particulars associated to its token distribution. Numbers under are estimates primarily based on an informational graphic offered by Pudgy Penguins.
25.9% : Pudgy Group
The most important allocation of PENGU tokens is reserved for the Pudgy Penguins group, together with however not restricted to Pudgy Penguins, Lil Pudgys, and Pudgy Rods (aka Rogs) NFT holders.
Though particular ratios usually are not but introduced, it’s anticipated that the most important allocation will likely be acquired by holders of the unique Pudgy Penguins NFTs—that are most dear by far—adopted by Lil Pudgys and Rogs.
Undertaking lead Luca Netz confirmed that no snapshot will likely be taken to seize holders, and as an alternative these holding the belongings on the time of token era will likely be granted entry to PENGU.
24.12% : Different Communities
The following largest bucket of PENGU tokens will likely be put aside for different communities in Web3 and probably past, with an expectation of buying 5 million new members of the Pudgy Penguin group, in line with the announcement graphic.
Communities that have been supplied the “Elite” function within the Summary Discord are additionally eligible for a PENGU declare, assuming they claimed the function and crammed out a kind within the Discord earlier than the deadline.
The checklist contains however shouldn’t be restricted to the next communities: Plooshies, Doodles, Claynosaurz, Memeland, BoDoggos, Bitcoin Puppets, Nodemonkes, Azuki, Bored Ape Yacht Membership, Mutant Ape Yacht Membership, Wassies, Goblintown, Wonky Stonks, The Plague, Mocaverse, Onchain Gaias, and holders of no less than 1 billion Mog Coin (MOG).
Netz additionally indicated that patrons of Pudgy Toys that interacted with its on-line Pudgy World gaming platform and picked up “Pudgy Traits”—or attributes to equip their digital Penguins—can be eligible for PENGU as nicely. Homeowners of Pudgy Toys can achieve entry to Pudgy World by scanning a QR code that got here with their toy. After scanning the code, customers are instructed to “collect the traits and wait for Abstract bridge to go live,” in line with Netz.
17.8%: Pudgy Penguins Group
Pudgy Penguins ecosystem staff, present and former alike, will take the third-largest slice of PENGU, receiving almost 18% of the token pursuant to a one-year cliff and a three-year vesting interval. Throughout token distributions, a cliff usually disables the flexibility for a person to promote or switch any tokens.
12.35% : Liquidity Swimming pools
A portion of the PENGU provide will likely be put aside to create ample liquidity for lively buying and selling of the token.
11.48%: Firm
Igloo Inc., the Pudgy Penguins dad or mum firm, will obtain 11.48% of the PENGU token, topic to the identical one-year cliff and three 12 months vest that Pudgy Penguin staff acquired.
4% : Public Good
4 p.c of the PENGU token provide is put aside for public good efforts. Although not formally described, Pudgy Penguins has undertaken public good initiatives over the last 12 months with its Pudgy Kindness campaigns, sending funds and serving to underappreciated streamers go viral on social media.
4%: Proliferation
One other small proportion of PENGU is put aside for efforts to develop the Pudgy Penguins model, probably by listings with centralized exchanges or model advertising and marketing efforts.
As a part of the launch on Binance, 3% of the PENGU provide will likely be airdropped to individuals of Binance’s HODLer program.
0.35%: FTT Holders
The smallest allocation of the PENGU token is put aside for FTT token holders. FTT is the native token of the notorious FTX change, which filed for chapter and ceased operations following its November 2022 collapse.
The token noticed a short spike to just about $4 on the day of the PENGU announcement—a virtually one-year worth peak—however has since retraced. No official holding standards has been shared right now.
How you can declare PENGU
Official hyperlinks to assert PENGU haven’t but been launched, however customers will however customers may have 88 days to assert it as soon as it’s stay, in line with a put up on X by Netz.
It’s anticipated that customers will first must confirm possession of Pudgy Penguins or associated belongings, after which join a Solana pockets in an effort to declare PENGU.
The place are you able to commerce PENGU?
PENGU will go stay for spot buying and selling on distinguished crypto change Binance at 9am ET on Tuesday, December 17.
To this point, it’s the solely crypto change to announce buying and selling of the PENGU token, although others are anticipated to comply with. Moreover, customers will be capable to commerce PENGU by way of Solana-based decentralized exchanges, or DEXs.
Pre-market buying and selling
Whereas PENGU shouldn’t be but stay, pre-market buying and selling has already begun on platforms like Whales Market. On the time of writing, PENGU is buying and selling for $0.05 on greater than $1 million in lifetime quantity. At a worth of $0.05, PENGU would have a totally diluted valuation of greater than $4.4 billion, rating it simply inside the highest 50 tokens by that metric in line with CoinGecko
Traditionally, pre-market buying and selling is extremely unstable and never predictive of future pricing. Nevertheless, it typically lands fairly near the goal, as seen with the ME token related to NFT market Magic Eden.
Edited by Andrew Hayward
Editor's be aware: This story was initially printed on December 13, 2024. It was final up to date with new particulars on December 16.