Pudgy Penguins, one of the most popular NFT projects, is launching its cryptocurrency called PENGU later this year. The announcement was made by the Pudgy Penguins team in a post on X on Thursday.
The new token, PENGU, will be available on the Solana blockchain and is designed to give the millions of Pudgy Penguins fans—and many others who know the adorable characters—a chance to get involved in the community with the new cryptocurrency.
According to the team, there will be a total of 88,888,888,888 PENGU tokens. While the Pudgy Penguins NFTs are based on the Ethereum blockchain, PENGU will be launching on Solana.
A significant portion of total PENGU supply will be allocated to the team and the community. Over 25.9% of the tokens will go to the Pudgy Penguins community, and 24.12% will go to other communities, including new members of the “Huddle” group.
The core team of Pudgy Penguins will also receive 17.8%, but there will be a one-year cliff and a three-year vesting period before they can access these tokens. The company itself will retain 11.48% of the token supply, also with similar vesting conditions.
Since launching in 2021, Pudgy Penguins has become one of the most successful NFT projects. The collection consists of 8,888 unique penguin NFTs, and they’ve gained a lot of popularity, even securing retail partnerships with major stores like Walmart and Target.
Currently, the floor price for Pudgy Penguins NFTs is about 17.90 ETH, which is around $68,535. The market cap of the collection sits at $609 million (159,086 ETH), according to CoinGecko.
Following the announcement, the trade volume of the NFT collection surged by 212%, reaching 2,877 ETH (about $8 million) in just one day.
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