The renowned NFT collection Pudgy Penguins has unveiled plans to introduce its own cryptocurrency, Pengu, set to debut this month. The new token will operate on the Solana blockchain, marking a strategic expansion despite the collection's Ethereum-based NFT roots.
Token Distribution and Supply Details
Pengu will have a total supply of 88,888,888,888 tokens, allocated as follows:
- 25.9%: Reserved for the Pudgy Penguins community, enhancing fan engagement.
- 24.12%: Distributed to external communities and new "Huddle" members.
- 17.8%: Allocated to team members (current and future), with a 1-year cliff and 3-year vesting.
- 11.48%: Retained by the company under similar vesting terms.
👉 Discover how blockchain innovations like Pengu are reshaping digital assets
Pudgy Penguins: NFT Market Dominance
Since its 2021 launch, Pudgy Penguins has emerged as a leading NFT project, with a current floor price of 17.75 ETH (~$68,535)** and a **market cap of $609 million. Trading volume recently spiked 245% in 24 hours, reaching 2,082 ETH ($8 million).
Why Solana for Pengu?
Despite Pudgy Penguins' Ethereum origins, the choice of Solana highlights its scalability and low transaction costs, aligning with the project's growth strategy. This move may attract a broader audience seeking efficient blockchain interactions.
FAQs
1. When will Pengu launch?
Pengu is scheduled for release this month (exact date TBA).
2. How can I acquire Pengu tokens?
Details will be shared upon launch, but expect community airdrops and exchange listings.
3. Why is Pudgy Penguins expanding into cryptocurrency?
The token aims to deepen community involvement and leverage Solana's ecosystem for wider utility.
👉 Explore Solana-based tokens and their potential here
4. Will Pudgy Penguins NFTs remain on Ethereum?
Yes, the NFT collection stays Ethereum-based; Pengu operates independently on Solana.
Key Takeaways
- Pengu launches on Solana with a 88.8B supply.
- 25.9% of tokens reward the Pudgy Penguins community.
- The project blends NFT prestige with crypto utility, tapping into Solana's advantages.
This strategic token rollout underscores Pudgy Penguins' commitment to innovation and community-centric growth in the Web3 space.