In an exciting advancement for the NFT sphere, the Pudgy Penguins NFT project has launched its native token, PENGU, on the Solana blockchain. This strategic move allows NFT holders to claim the tokens through an airdrop, which is available to holders of Pudgy Penguins, Lil Pudgys, Rogs, and soulbound tokens (SBTs). The airdrop commenced at 8:00 a.m. ET, opening doors for NFT enthusiasts to engage more deeply with the Pudgy Penguins brand.
The Introduction of PENGU: A New Era for NFT Holders
Announced by Pudgy Penguins on December 5, the PENGU token was introduced to create a new and vibrant connection for millions of Pudgy Penguins fans and a broader audience. The token offers an innovative way to engage with the brand, enhancing the overall experience for NFT holders and community members.
88 Days Claim Period
Recent reports indicate that over 88 billion PENGU tokens are now circulating on the Solana blockchain. The allocation strategy is tailored to benefit various holder categories, ensuring widespread participation. Project CEO Luca Netz emphasized that users must link both their Ethereum and Solana wallets to claim the tokens. Additionally, users are required to maintain SOL tokens worth at least $10 in their wallets to cover gas fees. The claim period is set for 88 days, with any unclaimed tokens being permanently burned afterward.
According to the token’s developers, around 25.9% of the total supply is earmarked for the Pudgy Penguins community, while 24.12% is allocated to other communities and new “Huddle” members. A further 17.8% is designated for team members under a one-year cliff and three-year vesting period, with 11.48% retained by the company under similar conditions.
Impressively, holders of Pudgy Toys, which are physical plushies inspired by the Pudgy Penguins NFT collection and sold at major retailers like Walmart and Target, are also eligible for PENGU tokens. These toys are integrated with the Pudgy World metaverse and are built on Igloo’s Ethereum Layer 2 Abstract Chain, currently in the testnet phase. Once the mainnet launches, a PENGU bridge via LayerZero will enable toy buyers to claim their tokens.
Token Price Surges 800%!
The PENGU token made a remarkable debut, achieving a trading volume of approximately $90 million within its first hour. Within 24 hours, the token’s price surged by an astounding 870%, reaching an all-time high of $0.05. This phenomenal rise in value propelled the token’s market capitalization to $3 billion, positioning PENGU among the top 200 cryptocurrencies by market capitalization.
Trader Makes $8.36 Million Profit in 20 Minutes
A notable transaction during this period involved a trader who realized a profit of $8.36 million in just 20 minutes. The trader skillfully purchased 239.6 million PENGU using 23,742 SOL and subsequently sold the tokens for 60,726 SOL, capitalizing on the token’s swift price surge.
The team shared on Discord that besides the Pudgy Penguins community, approximately 7 million wallets are eligible to claim PENGU tokens. This includes users who have interacted with various protocols and members from diverse communities, reflecting the wide-reaching impact of the token launch.
Binance, OKX, Bybit Include PENGU
In a significant boost to the token’s credibility and accessibility, several major centralized exchanges such as Binance, OKX, and Bybit have listed PENGU. Binance has also announced that it will incorporate PENGU into various products, including Binance Futures, offering up to 75x leverage on PENGU/USDT Perpetual Contracts. OKX has added the token to its spot trading market, further enhancing its visibility and trading potential.
The introduction of PENGU has had a positive ripple effect on the Pudgy Penguins NFT market. The floor price for the Pudgy Penguins collection has risen to 34.1 ETH, approximately $136,000, marking a 2.6% increase. This surge positions the collection as the second most valuable in the NFT market, closely following CryptoPunks.
