Pudgy Penguins plans to launch native token PENGU by end of 2024

Pudgy Penguins will launch its official native token this year. The token is called PENGU with a supply of more than 88 billion tokens.

The viral Ethereum (ETH) Non-Fungible Token collection featuring a cartoon penguin is preparing to launch its official token, PENGU, which will be listed on Solana (SOL) in 2024. However, the official announcement about X did not specify a specific launch date. It was stated in the title that it would be released within this year.

“Pudgy Penguins were one of the early pioneers of crypto culture and continue to be the driving force behind the mass adoption of crypto assets. The launch of PENGU marks the beginning of a years-long prophecy,” wrote the Pudgy Penguin account.

According to the post, PENGU will prepare a total supply of more than 88 billion tokens on the Solana blockchain. The Igloo inc-backed NFT collection plans to allocate 25.9 percent of tokens to the Pudgy community and 24.12 percent to other communities, including approximately 5 million potential new group members.

Additionally, approximately 11.48% of the token supply will be allocated to the company, while 17.8% will go to current and future team members. Combined, this means that approximately 30% of the PENGU token supply will go to the company and its team members.

However, the tokens allocated to the company and team members are limited to a one-year cliff period and a three-year lock-in period. This means that token holders will not be able to sell or transfer any PENGU tokens until one year has passed, after which the tokens will be gradually released over a three-year period.

Besides team members and the community, 12.35% of the total token supply will be allocated to maintaining token liquidity, 4% for public benefit, and 4% for proliferation.

The announcement also stated that 0.35% of the tokens will go to FTT (FTT) holders, which are traders who still hold the FTX native utility token.

Launched in 2021, Pudgy Penguins is a collection of 8,888 NFTs with a total volume of 389,742 ETH, according to OpenSea. In addition to receiving a unique penguin token, each NFT holder also receives access to Pudgy Penguin experiences, events, IP licensing opportunities, and more.