Pudgy Penguins, the third-largest NFT collection by market capitalization, announced Thursday evening that it's launching a new token called PENGU on the Solana blockchain before the year ends.
The announcement comes in as Pudgy Penguins' NFT collection floor price hit a new all-time high amid surging crypto market valuations.
According to the project’s website, 88 Billion PENGU Tokens will be distributed to NFT Owners who possess Pudgy Penguins (or Lil Pudgys), Pudgys Rods (or Pudgys), and other collection associated with the Project.
The token's supply will be Based on the distribution below: 23,5% are reserved for current Pudgy Penguins NFT owners, and 22,02 % for the larger Solana/Ethereum communities. A further 12.32% of the total will be used to provide liquidity for decentralized exchanges.
Pudgy Penguins launch in July 2021. 8888 NFT Pieces. "8" The comical character’s appearance is a reference to this metaphor.
Introduce $PENGU as the official coin for Pudgy Penguins.
Launching by 2024 Find out more by clicking below. pic.twitter.com/J715bODcM6
— Pudgy Penguins (@pudgypenguins) December 6, 2024
According to the Pudgy Penguins announcement video, the PENGU is often referred to as the “Penguin Token” in its lore. "Master Coin," This core group of seven members will "hatch" Golden eggs are used as symbols of wealth and status. "collective might."
Decrypt Pudgy Penguins reached out regarding its decision to choose Solana.
Shifting tides
The collection's floor price surged more than 40% this week to reach a new all-time high above $62,000, surpassing its previous peak of $57,000 in February 2024, Decrypt reported Thursday.
The increase coincides with Bitcoin's Above $100,000 This reflects the broader market trends that affect major NFT Collections.
Pudgy Penguins, despite the volatility of NFT markets in history, has maintained its strong market position with a market capitalization totaling around $550 millions.
Brand has gone beyond digital assets and generated over $10 Million in sales of physical toys through major retailers including Walmart, Target, Walgreens, etc.
The launch of the PENGU token represents a pivotal strategic move as attention on the market shifts away from non-fungible tokens (NFTs) to meme coins and fungible tokens.
Pudgy Penguins on X (formerly Twitter) pointed this out with a Post by saying: "Tides are shifting. A new beginning is upon us."
The move addresses historical NFT liquidity challenges while leveraging Pudgy Penguins' established brand presence, which includes over 3 million social media followers and 32 billion views on Giphy.
Crypto's bull run is also driving NFTs higher, Decrypt reported This Monday. According to CoinGecko, this surge in NFT has helped to push the total NFT market cap to $8.6 billion. The following are some of the most effective ways to increase your ROI:The weekly volume of Ethereum NFT trades has doubled and now exceeds $101 Million.
The project's transformation began when Luca Netz It will be acquired in 2022In July, Netz projected ambitious growth for the project. They suggested a potential floor price target of 200 ETH (approximately $780,000 at current rates). Netz predicted ambitious growth in July for the project, suggesting a possible floor price of 200 ETH during this current market cycle.
The project plans to eventually integrate with Abstract, an upcoming Ethereum Layer-2 solution, though the immediate focus remains on establishing PENGU's presence in the Solana ecosystem.
Edited Sebastian Sinclair