Pudgy Penguins to Launch $PENGU Token on Solana

Pudgy Penguins has announced the launch of its new token, $PENGU, set to roll out on Solana. The token marks another milestone for the project, which has steadily grown from an NFT collection into a well-recognised brand in Web3.

Expanding Beyond NFTs

Over the past three years, Pudgy Penguins has made a name for itself, not just through its NFTs but through its presence across social media and retail. From 34.1 billion views on GIPHY to toys now available at major stores like Walmart and Target, the project has broadened its reach far beyond crypto circles.

Now, they’re set to do it again - the prophecy has come true and there will be “one coin to rule them all”.

What We Know About $PENGU

The $PENGU token, set to launch on Solana, might initially seem like a memecoin. However, it’s being positioned as a “coordination layer” for the Pudgy ecosystem, though its specific use cases have yet to be detailed.

Today marks the beginning of a new chapter, one where Penguins dominate the world

Luca Netz (CEO of Pudgy Penguins)

With a total supply of 88.8 billion tokens, here’s how they’ll be distributed:

• 25.9% to the Pudgy Community
• 24.12% to Other Communities
• 17.8% to Current and Future Team
• 12.35% for Liquidity
• 11.48% for the Company
• 4% for Public Goods
• 4% for Proliferation
• 0.35% to FTT Holders

The full breakdown is available here.

Market Response

The announcement has had an immediate effect on the project’s NFT collections. Both Pudgy Penguins and Lil Pudgies have seen floor prices increase by over 35% this week, with Penguins now sitting at 17.4 ETH and Lil Pudgies at 1.78 ETH.

The token launch is planned for early 2024, setting the stage for what could be an interesting development for Pudgy Penguins and its growing ecosystem in 2025.

As with any new token, much will depend on how it’s implemented and whether it resonates with both existing community members and newcomers.