The team behind the popular NFT collection Pudgy Penguins has announced the launch of their own token, PENGU, which will be released on the Solana blockchain by the end of 2024. This move comes amid rising cryptocurrency prices and new records for the collection. Details are below.
The Pudgy Penguins collection, one of the largest by market capitalization among NFTs, set a new all-time high this week. According to nftpricefloor, the minimum price for tokens in this collection surpassed 19 ETH (~$75,000), more than 40% higher than the previous record set in February 2024. This increase coincided with Bitcoin breaking the $100,000 mark for the first time on December 5 and reflects the overall positive trend in the digital asset market.
PENGU Tokenomics and New Horizons
A total of 88 billion PENGU tokens will be issued and distributed among holders of Pudgy Penguins, Lil Pudgys, Pudgy Rods, and other project-related NFT collections. The majority of the tokens — 25.9% — will go to current NFT holders, while another 24.12% will be allocated to a wider audience on the Solana and Ethereum blockchains. 12.35% will be used for liquidity provisioning on decentralized exchanges.
The team highlighted that the PENGU token launch is a significant step in the project's development, which they believe has long moved beyond digital assets. Since its launch in 2021, Pudgy Penguins has established itself not just in the NFT space but also in retail, selling toys worth over $10 million through major retailers such as Walmart and Target. The move to create their own token reflects the changing preferences in the crypto community, where interest in meme coins and tokens is becoming increasingly evident.
The project gained significant popularity after being acquired by Luca Netz in 2022, transforming it from a failed startup into a well-known crypto brand. The company is now aiming to strengthen its position and make PENGU an essential part of the Solana ecosystem, with future plans for integration with the Ethereum-based Abstract solution still in the works.
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