The Pudgy Penguins NFT project is set to launch the Pengu token in Solana

The Pudgy Penguins NFT project is slated to launch its own cryptocurrency, Pengu, by the end of the year, as revealed in a Thursday post on X. The Pengu token will launch on the Solana blockchain, with a supply total of 88,888,888,888 tokens.

Despite this, the NFT Pudgy Penguins themselves are based on the Ethereum network.

Pengu Token

According to Pengu’s tokenomics, approximately 25.9% of the total token supply will be allocated to the Pudgy Penguins community, while 24.12% is designated for other communities and new “Huddle” members.

The project team, which includes current and future members, will receive 17.8% of the tokens, subject to vesting schedules to maintain long-term commitment.

Additionally, 11.48% of the coins will remain under the company’s control, with similar long-term terms.

“With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto who see and share the Pudgy Penguin every day finally have a chance to align themselves with the character. Now, everyone can join -se in The Huddle”.

Growth of fat penguins

Pudgy Penguins broke into the top 10 largest NFT collections for the first time in September 2023, claiming 2.7% market dominance as its floor price remained stable during a broader NFT market correction . By October 2024, the project’s dominance had increased to 9.5%, according to CoinGecko’s report.

This significant growth comes after several “blue chip” NFT collections, including Moonbirds, Veefriends, Doodles, Meebits, World of Women and Cool Cats, experienced price drops and fell out of the top 10 rankings.

Amid a rally in the broader market, the floor price of Pudgy Penguins also hit a new all-time high on Thursday, along with other collections such as Bored Ape Yacht Club (BAYC) and CryptoPunks.

At the time of writing, Pudgy Penguins have a minimum price of approximately 19.49 ETH, which is valued at about $75,406, with a market cap reaching $670 million, according to the dashboard of CoinGecko. In the last 24 hours, its trading volume has skyrocketed by 331%, surpassing $16.47 million.

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