PENGU: Dive Into Pudgy Penguins’ Upcoming Token
Pudgy Penguins, a non-fungible token (NFT) collection launched in the previous crypto bull market, has since established itself as a leading NFT collection.
The project recently announced the launch of its native token, PENGU, based on the Solana blockchain. In this article, we look at who’s eligible to claim PENGU, the tokenomics of PENGU and upcoming plans of the Ethereum-based NFT collection.
Key Takeaways:
The PENGU token, with a total supply of 88,888,888,888, is set to launch in December, rewarding Pudgy NFT holders and driving utility within its ecosystem.
Pudgy Penguin holders, Lil Pudgy holders and other users are eligible for the airdrop. Eligible users will have 88 days to claim the token.
The PENGU announcement has driven up the price of Pudgy Penguins NFTs by nearly 70% in one week
What Are Pudgy Penguins?
Pudgy Penguins launched in July 2021, consisting of 8,888 unique and cute Penguins NFTs. Each penguin was generated from 150 hand-drawn components. It quickly carved out a name as an NFT collection known for its adorable artwork.
At the peak of the NFT mania in 2022, Pudgy Penguin #6873 sold for 400 ETH (a price tag of $640,000 at that time). As of mid-December 2024, the Pudgy Penguins collection has a total market cap of around 299,517 ETH, currently worth over $1.19 billion. Its floor price has risen by 230% in the past month, reaching 33.70 ETH, or around $133,768.
In recent years, the Pudgy brand has aggressively expanded into the physical goods space with Pudgy Toys, a line of collectible igloos, plushies and figures inspired by the NFT artwork. These toys have become a major source for revenue, generating over $10 million in sales through partnerships with major retailers like Walmart, Target and Walgreens.
Pudgy Penguins Community and Ecosystem
Pudgy Penguins has a thriving community centered around its holders. Despite the recent NFT bear market, the Pudgy community, known as The Huddle, has remained strong and active. The brand has a large online presence, with over 2 million followers on Instagram, 214,000 followers on X and 60,000 members on Discord.
Pudgy Penguins’ ecosystem has since expanded beyond just its original 8,888-piece collections, and now includes the Pudgy Penguins NFT collection, Lil Pudgy NFT collections, Pudgy Toys, the Igloo clothing line and Abstract Chain, a new zero-knowledgeLayer 2 chain built on Ethereum.
Pudgy Penguins’ Team
The project was originally launched in July 2021 by multiple pseudonymous founders including ColeThereum (Cole Villemain), Mr. Tubby (Clayton Patterson), Mickyj and Jonah. However, after its initial launch, the project suffered several months of underwhelming performance. Coupled with allegations that the initial founders had stolen funds meant for the project’s development, the founders were removed by the community and the project was put up for auction. After a bidding war, Pudgy Penguins was purchased by Luca Schnetzler, also known as Luca Netz, for 750 ETH in April 2022.
Netz was instrumental in expanding the Pudgy Penguins brand beyond the web3 space with toys and clothing lines. Several new members were also brought in to manage the brand, including Lorenzo Melendez as President, Austin as Head of Marketing, Peter Lobanov as CCO, Jennifer McGlone as CLO and Vedant as Head of Strategy.
The PENGU Token
On Dec 6, 2024, the Pudgy Penguins team announced the launch of a new token, PENGU, to be based on the Solana blockchain. PENGU is designed to deepen the community’s alignment with the Pudgy Penguins brand, serving as a gateway for new enthusiasts to become part of the community. The PENGU token seeks to enhance the Pudgy Penguins ecosystem by offering various use cases within the community.
While the specific use case hasn’t been announced, it’s expected that PENGU will act as Pudgy Penguins’ governance token.
PENGU Tokenomics
PENGU has a total supply of 88,888,888,888 tokens and is being distributed to different stakeholders in a way that ensures long-term success for the project.
Pudgy Community | 25.9% |
Other Communities | 24.12% |
Current & Future Team | 17.8% |
Liquidity | 12.35% |
Company | 11.48% (1-year cliff, 3-year vest) |
Public Good | 4% |
Proliferation | 4% |
FTT Holders | 0.35% |
Launch of the PENGU Token
PENGU is set to officially launch on Solana in December 2024. Eligible participants have 88 days to claim the airdrop.
The PENGU token launch has quickly become the most anticipated crypto airdrop for December 2024. Once it goes live, the token is expected to be listed on several major exchanges, making the Pudgy Penguins ecosystem accessible to a much wider investor base.
Claiming the PENGU Token Airdrop
PENGU tokens will be airdropped to several communities and user bases. The greatest beneficiaries will be holders of Pudgy Penguins and Lil Pudgy NFTs, who will receive 25.9% of the supply. Details on how to claim the airdrop haven’t yet been made public, but interested users can follow Pudgy Penguins’ official X account for more details.
Will the NFT Bull Market Return?
One of the biggest impacts of the PENGU token announcement has been the price of Pudgy Penguins NFTs. The floor price has shot up nearly 70% since the announcement on Dec 6, 2024, reaching a high of 34.8 ETH on December 16, or over $137K.
Several other NFT collections have also seen an increase in their floor prices, gaining over 50% in the past month, as the total market cap of the NFT sector has surpassed $10.5 billion.
Whether this bullish momentum can be sustained or not has yet to be seen, but the PENGU token could potentially revitalize the NFT sector and bring interest back to the NFT market.
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