Pudgy Penguins Non-fungible Token exceeds Bored Ape Yacht Club in one month, a quick look at what PENGU Token is

PENGU is the official Token of the Pudgy Penguins Non-fungible Token series, which will be launched on Solana Blockon-chain by the end of 2024.

Original Title: “Introducing PENGU: The Pudgy Penguins Token”

Author: Joel Agbo

Compiled by Daisy, Mars Finance

What is PENGU, Pudgy Penguins Token?

PENGU is the official Pudgy Penguins Token, which will be launched on Solana for the first time at the end of 2024.

Key Points

• PENGU is the official Token of the Pudgy Penguins Non-fungible Token series, which includes 8,888 unique and adorable penguin cartoon images.
• The Pudgy Penguins Non-fungible Token series was first launched on the Ethereum Blockon-chain and has grown to become one of the largest non-fungible token projects by market capitalization. It has recently overtaken BAYC to become the second-largest Non-fungible Token project by market capitalization.
• PENGU will be launched on Solana Blockon-chain, aiming to expand the project’s community and attract new users. The planned multi-chain deployment will be extended to other Block chain networks including Ethereum and Abstract.

Pudgy Penguins, one of the largest Non-fungible Token series based on the Ethereum blockchain, will launch a native Token - PENGU. Although Pudgy Penguins is not the first major Non-fungible Token project to launch a native Token, it has withstood the test in the ‘NFT Winter’ and ultimately became the second largest Non-fungible Token project in terms of market value, second only to CryptoPunks.

With its strong global community and adorable characters turned into toys, Pudgy Penguins has brought the brand beyond the blockchain to a wider world. We are looking forward to what PENGU will bring to the Pudgy Penguins community and beyond in the future.

What is PENGU?

PENGU is the native Token of the Pudgy Penguins Non-fungible Token series, whose Token name pays tribute to the community’s reference to their Pudgy Penguins Non-fungible Token as ‘Pengus’. According to the project, PENGU will be launched on Solana Blockon-chain in late 2024 as part of the project’s plan to expand its community and further increase the influence of Pudgy Penguins, allowing everyone to connect with these lovely penguins.

Although the exact utility of PENGU Token has not been announced, it is expected to facilitate community expansion, project growth, member rewards, and project governance. There is a lot of anticipation for the upcoming Token, and pre-market trading data on Whales Market shows that the total trading volume of PENGU Token has exceeded $389,500 at the time of writing.

PENGU Token Economics

According to the official release of Pudgy Penguins, the total supply of PENGU is 88,888,888,888 tokens. These tokens will be minted on the Solana blockchain during the Token Generation Event (TGE) period.

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According to the chart above:

• 25.9% will be reserved for the Pudgy Penguins community, which may include Pudgy Penguins and Lil Pudgy holders, as well as holders of other Pudgy assets such as PenguPins (commemorative non-transferable tokens) and Pudgy Rods.
• 24.12% of the total supply will be allocated to other communities to expand the Pudgy Penguins community, with an expected addition of five million new members.
• 12.35% of the total supply will be used to create liquidity pools on decentralized exchanges and cultivate an active market for PENGU after release.
• 17.8% of the total supply is allocated to the project team and is locked up after a 1-year period for 3 years.
• 11.48% of the total supply is reserved for the company and will be used for development and marketing causes.
• FTT (FTX Exchange Token) holders will also receive 0.35% of the total supply, and 4% of the token supply will be used for public good, in line with Pudgy Penguins’ slogan “Spreading Good Mood in the Metaverse”.

Why does PENGU choose to launch on Solana instead of Ethereum or Abstract?

Pudgy Penguins was launched on the Ethereum Blockon-chain in July 2021 and became a popular collection on the network. It reached an all-time high of nearly 23.9 ETH and is currently held by over 5,170 non-fungible token collectors. For a project that enjoys such success on the Ethereum network, Pudgy Penguins’ decision to release its native token on the Solana Blockon-chain has sparked controversy in its community (although it also plans to eventually launch on Ethereum).

According to Igloo, the company behind Pudgy Penguins, the choice to release on Solana was made so that Pudgy Penguins’ character could reach a new audience.

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Solana is also becoming increasingly popular for its fast transactions and cost-effectiveness, and can be said to be the busiest Block chain network to date. According to the following chart from Artemis, Solana’s daily active addresses and daily transaction volume far exceed those of Ethereum and its layer-two scaling solutions, indicating that releasing the PENGU Token on Solana will be able to reach a much wider audience.

However, as PENGU Token will be released on Solana, Pudgy Penguins holders will need to create a compatible wallet on Solana to claim the airdrop.

Although the Pudgy Penguins team is building Abstract, a consumer-centric Layer 2 solution, it has not been released yet. By launching the PENGU Token on Solana first, it can gather momentum before being released on Abstract and potentially provide a head start for the new network.

The continued popularity and persistence of Pudgy Penguins

Pudgy Penguins was originally launched in 2021 by Cole Villemain (a pseudonym ColeThereum on Twitter) and three other colleagues. The idea was to create the PFP Non-fungible Token, which stands for happiness, community, and other social virtues. Unfortunately, the original founder was canceled by the community in January 2022 due to a failure to deliver on the promised development, extensive FUD and accusations of having an ongoing “leek-cutting” program. In response, the floor price of the collection fell below 0.6 ETH.

In search of a new owner, an auction began, and Lucas Schneltzer, a Los Angeles-based entrepreneur, bought the project for 750 ETH ($2.5 million) in April 2022. He restructured the project’s leadership and announced new growth plans. Under Luca Netz’s leadership, Pudgy Penguins has seen a significant recovery in both flooring prices and overall brand image. Pudgy Penguins also became the first Web3 brand to offer significant licensing opportunities to holders, and in May 2023 launched Pudgy Toys, which can be purchased on Target and Walmart stores, as well as on Amazon.

Final Thoughts

After the release of the PENGU Token, Pudgy Penguins will join the ranks of most non-fungible token projects (such as BAYC) with a localized token to further expand its community. Existing Pudgy Penguin and Lil Pudgy Non-fungible Token holders certainly have a lot to look forward to with the airdrop, and combined with the current interest on Whales Market, many are looking forward to the new token. By releasing on Solana, Pudgy Penguins is also bringing its character IP to a whole new audience, while taking advantage of the chain’s speed and low transaction costs.

With the approaching airdrop and token release, it is important to pay attention to fake token releases and malicious airdrops. You can refer to our guide on airdrop scams to learn more about airdrop scams and how to protect your information. Be sure to carefully check before interacting with any platform or signing any transactions. You can also install a reputable security browser extension to enhance transaction security. Additionally, please note that this article discusses PENGU Token and Pudgy Penguins Non-fungible Token for educational purposes only and does not constitute financial advice. The mentioned projects are not endorsed.