By the end of the year, non-fungible token (NFT) collection Pudgy Penguins will launch its own cryptocurrency. Called “PENGU”, this new token will reward its oldest NFT holders, and constitutes a way for the company to attract new investors.
A token for one of the most famous collections of non-fungible tokens
Popular non-fungible token (NFT) collection Pudgy Penguins announced this Friday that it will launch by the end of the year its own cryptocurrency called PENGU. On X, the company did not fail to provide some explanations around its new project.
Introducing $PENGUthe official coin of Pudgy Penguins.
Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6
— Pudgy Penguins (@pudgypenguins) December 6, 2024
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“ With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of the crypto world who see and share Pudgy Penguin every day will finally have the opportunity to find themselves in our characters, » explains the team behind the collection of NFTs.
PENGU is expected to launch on the Solana blockchain with a total supply of more than 88 billion tokens. According to Pudgy Penguins, 25.9% of the total supply will be allocated to current members of the Pudgy Penguins communitycalled “The Huddle”.
24.12% of the supply will be distributed to new members of The Huddlebut also to some of the members of the Solana and Ethereum ecosystem. Also, 0.35% of the PENGU offer will be reserved to FTT token holders associated with the old exchange FTX.
17.8% PENGU tokens will be reserved for current and future members of the development team of Pudgy Penguins, and 11.48% will be retained by the company itself. In these last 2 cases, a cliff lasting one year as well as a vesting lasting 3 years will be put in place.
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Despite a struggling NFT market, Pudgy Penguins is doing well
Launched 3 years ago, Pudgy Penguins quickly enjoyed some success. One would have thought that society would suffer from the drop in interest around the NFT market. However, the project is one of the few to have held up, relying on endearing characters in the form of penguins, strengthening its presence on social networks and diversifying its activities.
Thus, by testing the waters of the sale of derivative products from the NFTs that it offers with the Pudgy Toys range of toys, the company raked in more than $10 million.
In the same way, videos featuring the characters imagined by the company generated 32 billion views on Giphy and his X, YouTube, Instagram and TikTok accounts are followed by several million cumulative subscribers.
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This year the company also acquired blockchain development company Frame in order to develop Abstract, its wash 2 based on Ethereum. She also raised 11 million dollars on this occasion. For the moment, this network has not yet seen the light of day and is still under development.
Currently, the 8,888 Pudgy Penguins NFTs are capitalized to the tune of 169,761 ETHnamely approximately $650 million at the current price of Ether, for a unit price of 19.1 ETH, or a little over $73,000.
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Source: CoinGecko
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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