- Pudgy Penguins to launch Pengu token on Solana with 88.8 billion total supply.
- 25.9% of Pengu tokens allocated to community, boosting fan engagement.
- Pudgy Penguins sees retail growth, strong market activity with $609M cap.
Pudgy Penguins has revealed its plans to launch its cryptocurrency, Pengu, later this month. The popular non-fungible token (NFT) project, known for its iconic collection of Pudgy Penguins, will introduce the token on the Solana blockchain despite the NFTs being hosted on Ethereum.
The move marks a significant expansion for the Pudgy Penguins brand, which has seen increasing recognition in the NFT space since its debut in 2021.
The total supply of Pengu will amount to 88,888,888,888 tokens, with a clear focus on rewarding and expanding the Pudgy Penguins community. According to the official breakdown provided by the project, approximately 25.9% of the supply will be allocated to the Pudgy Penguins community, signaling a strong emphasis on rewarding loyal fans and collectors.
An additional 24.12% of the supply will be distributed to other communities and new members of the “Huddle,” a group that may signify a broader audience or special participants tied to the project. These two groups will receive nearly half of the Pengu tokens, further reinforcing the project’s commitment to its fanbase and community-driven approach.
The remaining supply of Pengu will be reserved for future development and growth. Notably, 17.8% of the tokens will be set aside for the current and future team members, with a vesting period tied to a one-year cliff and a three-year vesting schedule. The company behind the Pudgy Penguins brand will retain 11.48% of the total supply under similar terms.
The vesting schedule is likely designed to ensure long-term engagement from both the team and the company, aligning incentives to the continued success of the Pengu token.
Since its inception in 2021, Pudgy Penguins has grown into one of the most well-known NFT collections, with significant partnerships extending beyond the digital realm. The project has secured retail partnerships with major brands like Walmart and Target, expanding its offline presence and creating additional avenues for engagement with crypto and mainstream markets.
According to data from CoinGecko, Pudgy Penguins’ current market activity is strong. The collection has a floor price of approximately 17.75 ETH (around $68,535) and a market capitalization of roughly $609 million. Over the past day, the collection saw a surge in trading volume, jumping by 245% to 2,082 ETH, equivalent to around $8 million.
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