NFT Project Pudgy Penguins has Launched the PENGU Token. What you Need to know
Who will receive the new cryptocurrency from a major cryptocurrency project that issues NFTs in the form of cartoon penguins?
Who will receive the new cryptocurrency from a major cryptocurrency project that issues NFTs in the form of cartoon penguins?
Pudgy Penguins
On 17 December, the NFT Pudgy Penguins project will launch the PENGU token on the Solana network and perform an airdrop. The launch is being supported by major cryptocurrency platforms: for example, Binance will distribute the new cryptocurrency among some BNB users, after which it will open PENGU trading.
NFT Pudgy Penguins Project
The NFT Pudgy Penguins collection was created in 2021 on the Ethereum network. The series comprises 8888 cartoon penguins, each of which has special details. According to the authors, the 'chubby penguins' personify simple human values, such as love and happiness. The Pudgy Penguins brand, in addition to the NFT, produces toys widely sold in the United States in shops such as Walmart and Target.
Pudgy Penguins
In the first year after the launch of the Pudgy Penguins, the volume of transactions made with these NFTs exceeded 60 thousand ETH ($240 million at the current rate), and some individual sales reached 400 ETH ($1.6 million). However, in 2022, like other NFT projects, the 'penguins' faced bear market difficulties, and the prices of these tokens declined.
In December 2022, ten rare Pudgy Penguins tokens were sold at Sotheby's auction for approximately $129,000, with the price of a single token ranging between $5,040 and $30,240. The average price of an NFT was therefore $12.9,000, while the minimum price of a "penguin" in this series was $1.3,000 at the time.
According to data updated on 17 December, Pudgy Penguins is the second largest NFT project by capitalisation, surpassed only by the "punks" of the CryptoPunks collection, and ranking ahead of the "monkeys" of the Bored Ape Yacht Club, according to CoinGecko. The minimum price for a token is 32.9 ETH ($131.8 thousand).
In the past 30 days, sales of NFTs from this collection have increased by 1025%, according to CryptoSlam. The peak was reached on 6 December, when sales volume surpassed $11 million.
What is the PENGU token?
PENGU is the token of the Pudgy Penguins ecosystem, which will initially be launched on the Solana blockchain and later be available on Ethereum. The total supply will be 88.88 billion PENGUs, 25.9 per cent of which will be allocated to participants in the Pudgy Penguins ecosystem during the airdrop.
"With the launch of PENGU on Solana, Pudgy Penguins will expand its audience to a new group of users," said the creators of the project, Igloo.
The PENGU tokens will be distributed among different categories of users, the developers told Decrypt.
25.9 per cent of the tokens are reserved for the Pudgy Penguins community, including, but not limited to, NFT owners from the Pudgy Penguins, Lil Pudgys and Pudgy Rods collections.
24.12 per cent of the PENGUs will be allocated to members of other Web3 communities. The tokens have been earmarked for these communities with the goal of attracting 5 million new members, according to the publication.
These communities include users of the Abstract L2 blockchain, on which Pudgy Penguins plans to launch the PENGU token in the future. In addition, users of projects such as Plooshies, Doodles, Claynosaurz, Memeland, BoDoggos, Bitcoin Puppets, Nodemonkes, Azuki, Bored Ape Yacht Club, Mutant Ape Yacht Club, Wassies, Goblintown, Wonky Stonks, The Plague, Mocaverse, Onchain Gaias and holders of at least 1 billion Mog (MOG) coins will be able to receive the tokens.
In addition, purchasers of physical Pudgy Toys will be entitled to PENGUs. Owners will be able to access the project by scanning the QR code included with the toy. After scanning, users are prompted to wait for the blockchain bridge to be launched on the Abstract network.
According to Mask Network founder Suji Yan, after reports of PENGU tokens being distributed in New York shops, many Pudgy Penguins toys were opened, and QR codes were stolen, potentially being used to participate in the airdrop.
Other distribution details include:
17.8% of the tokens are reserved for the Pudgy Penguins ecosystem team.
12.35% will be transferred to liquidity pools.
11.48% of the PENGUs will be sent to Igloo.
4% of the tokens will be earmarked for charitable purposes.
Another 4% will be used for marketing activities.
3% will be distributed on the Binance platform to participants in the Binance HODLer programme.
0.35% of the tokens will be allocated to holders of FTT, the token native to the FTX exchange, which failed in 2022.
Premarket
The PENGU cryptocurrency has not yet been launched, but pre-market trading has already begun. On the Whales Market platform, the token is trading around $0.043 as of 2pm, with a daily trading volume of $4.5 million.
At a price of $0.043, PENGU could reach a total capitalisation of more than $3.7 billion, immediately placing it among the 50 largest cryptocurrencies, along with coins such as Kaspa (KAS) and Mantra (OM).
It is worth noting that pre-market trading is a complex and risky tool. Recently, the practice has emerged whereby pre-market trading is conducted based on unreliable data, often concerning the token issue. It has already happened several times that trading platforms have reported incorrect information on future issuance, causing colossal losses for users.
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Who will receive the new cryptocurrency from a major cryptocurrency project that issues NFTs in the form of cartoon penguins?
On 17 December, the NFT Pudgy Penguins project will launch the PENGU token on the Solana network and perform an airdrop. The launch is being supported by major cryptocurrency platforms: for example, Binance will distribute the new cryptocurrency among some BNB users, after which it will open PENGU trading.
NFT Pudgy Penguins Project
The NFT Pudgy Penguins collection was created in 2021 on the Ethereum network. The series comprises 8888 cartoon penguins, each of which has special details. According to the authors, the 'chubby penguins' personify simple human values, such as love and happiness. The Pudgy Penguins brand, in addition to the NFT, produces toys widely sold in the United States in shops such as Walmart and Target.
In the first year after the launch of the Pudgy Penguins, the volume of transactions made with these NFTs exceeded 60 thousand ETH ($240 million at the current rate), and some individual sales reached 400 ETH ($1.6 million). However, in 2022, like other NFT projects, the 'penguins' faced bear market difficulties, and the prices of these tokens declined.
In December 2022, ten rare Pudgy Penguins tokens were sold at Sotheby's auction for approximately $129,000, with the price of a single token ranging between $5,040 and $30,240. The average price of an NFT was therefore $12.9,000, while the minimum price of a "penguin" in this series was $1.3,000 at the time.
According to data updated on 17 December, Pudgy Penguins is the second largest NFT project by capitalisation, surpassed only by the "punks" of the CryptoPunks collection, and ranking ahead of the "monkeys" of the Bored Ape Yacht Club, according to CoinGecko. The minimum price for a token is 32.9 ETH ($131.8 thousand).
In the past 30 days, sales of NFTs from this collection have increased by 1025%, according to CryptoSlam. The peak was reached on 6 December, when sales volume surpassed $11 million.
What is the PENGU token?
PENGU is the token of the Pudgy Penguins ecosystem, which will initially be launched on the Solana blockchain and later be available on Ethereum. The total supply will be 88.88 billion PENGUs, 25.9 per cent of which will be allocated to participants in the Pudgy Penguins ecosystem during the airdrop.
"With the launch of PENGU on Solana, Pudgy Penguins will expand its audience to a new group of users," said the creators of the project, Igloo.
The PENGU tokens will be distributed among different categories of users, the developers told Decrypt.
These communities include users of the Abstract L2 blockchain, on which Pudgy Penguins plans to launch the PENGU token in the future. In addition, users of projects such as Plooshies, Doodles, Claynosaurz, Memeland, BoDoggos, Bitcoin Puppets, Nodemonkes, Azuki, Bored Ape Yacht Club, Mutant Ape Yacht Club, Wassies, Goblintown, Wonky Stonks, The Plague, Mocaverse, Onchain Gaias and holders of at least 1 billion Mog (MOG) coins will be able to receive the tokens.
In addition, purchasers of physical Pudgy Toys will be entitled to PENGUs. Owners will be able to access the project by scanning the QR code included with the toy. After scanning, users are prompted to wait for the blockchain bridge to be launched on the Abstract network.
According to Mask Network founder Suji Yan, after reports of PENGU tokens being distributed in New York shops, many Pudgy Penguins toys were opened, and QR codes were stolen, potentially being used to participate in the airdrop.
Other distribution details include:
Premarket
The PENGU cryptocurrency has not yet been launched, but pre-market trading has already begun. On the Whales Market platform, the token is trading around $0.043 as of 2pm, with a daily trading volume of $4.5 million.
At a price of $0.043, PENGU could reach a total capitalisation of more than $3.7 billion, immediately placing it among the 50 largest cryptocurrencies, along with coins such as Kaspa (KAS) and Mantra (OM).
It is worth noting that pre-market trading is a complex and risky tool. Recently, the practice has emerged whereby pre-market trading is conducted based on unreliable data, often concerning the token issue. It has already happened several times that trading platforms have reported incorrect information on future issuance, causing colossal losses for users.
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