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Pudgy Penguins Launches New Token, PENGU, on Solana Blockchain
Shifting Tides
Pudgy Penguins, the third-largest NFT collection by market capitalization, has announced the launch of a new token called PENGU on the Solana blockchain before the end of the year.
Market Momentum
The announcement comes as Pudgy Penguins’ NFT collection floor price hit a new all-time high, surging more than 40% this week to reach a new all-time high above $62,000, surpassing its previous peak of $57,000 in February 2024.
Token Distribution
The token’s supply will be allocated based on the following distribution: 23.5% reserved for existing Pudgy Penguins NFT holders, 22.02% reserved for the broader Solana and Ethereum communities, and 12.32% will provide liquidity on decentralized exchanges.
Project Background
Pudgy Penguins launched in July 2021 with 8,888 NFT pieces, with the "8" working as a metaphor alluding to how the comical characters look. Based on the announcement video shared by Pudgy Penguins, the PENGU token is considered through its lore as the "Master Coin," which the core team of seven will "hatch" from a golden egg as a symbol of their "collective might."
Liquidity and Market Capitalization
Pudgy Penguins has maintained a strong market presence despite historical NFT market volatility, with a total market capitalization of around $550 million. The brand has expanded beyond digital assets, generating over $10 million in physical toy sales through major retailers, including Walmart, Target, and Walgreens.
Strategic Pivot
The PENGU token launch represents a strategic pivot as market attention shifts from NFTs to fungible tokens and meme coins. On X (formerly Twitter), Pudgy Penguins pointed to this shift with a post saying: "Tides are shifting. A new beginning is upon us."
Conclusion
The PENGU token launch is a significant development for the Pudgy Penguins project, marking a new chapter in its evolution. As the NFT market continues to grow, it will be interesting to see how this new token will perform and how it will affect the overall market.
FAQs
Q: What is PENGU?
A: PENGU is a new token launched by Pudgy Penguins on the Solana blockchain.
Q: What is the purpose of the PENGU token?
A: The PENGU token is considered the "Master Coin" and will be used to symbolize the collective might of the Pudgy Penguins team.
Q: How will the PENGU token be distributed?
A: The token’s supply will be allocated based on the following distribution: 23.5% reserved for existing Pudgy Penguins NFT holders, 22.02% reserved for the broader Solana and Ethereum communities, and 12.32% will provide liquidity on decentralized exchanges.
Q: What is the market capitalization of Pudgy Penguins?
A: The total market capitalization of Pudgy Penguins is around $550 million.
Q: How has Pudgy Penguins expanded beyond digital assets?
A: The brand has generated over $10 million in physical toy sales through major retailers, including Walmart, Target, and Walgreens.
