Pudgy Penguins NFT Project Set to Release Pengu Token on Solana

The Pudgy Penguins NFT project is set to unveil its own cryptocurrency, Pengu, later this year, as revealed in a Thursday post on X. The Pengu token will be launched on the Solana blockchain, with a total supply of 88,888,888,888 tokens.

Despite this, the Pudgy Penguins NFTs themselves are based on the Ethereum network.

Pengu Token

According to Pengu’s tokenomics, approximately 25.9% of the total token supply will be allocated to the Pudgy Penguins community, while 24.12% is designated for other communities and new “Huddle” members.

The project’s team, including both current and future members, will receive 17.8% of the tokens, subject to vesting schedules to maintain long-term engagement.

Additionally, 11.48% of the coins will remain under the control of the company, with similar long-term conditions.

“With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto that see and share the Pudgy Penguin every day finally have the opportunity to align themselves with the character. Now, everyone can join The Huddle.”

Pudgy Penguins’ Growth

Pudgy Penguins first entered the top 10 largest NFT collections in September 2023, claiming a 2.7% market dominance as its floor price remained stable during a wider NFT market correction. By October 2024, the project’s dominance had surged to 9.5%, according to CoinGecko’s report.

This significant growth comes after several ‘blue chip’ NFT collections, including Moonbirds, Veefriends, Doodles, Meebits, World of Women, and Cool Cats, experienced price drops and fell out of the top 10 rankings.

Amid a broader market rally, Pudgy Penguins’ floor price too hit a new all-time high on Thursday, alongside other collections like Bored Ape Yacht Club (BAYC) and CryptoPunks.

At the time of writing, Pudgy Penguins have a floor price of approximately 19.49 ETH, which is valued at about $75,406, with a market cap reaching around $670 million, as per CoinGecko’s dashboard. In the last 24 hours, its trading volume has skyrocketed by 331%, surpassing $16.47 million.