Pudgy Penguins Set to Revolutionize NFT Utility with PENGU Token Launch
The third-biggest NFT collection by market valuation, Pudgy Penguins, declared Thursday night that it will introduce a new coin, PENGU, on the Solana blockchain before the year is over. The announcement coincides with rising cryptocurrency market prices, which caused Pudgy Penguins’ NFT collection floor price to reach a new all-time high.
The project claims that NFT owners who hold Pudgy Rods, Lil Pudgys, Pudgy Penguins, and other project-related collections will receive 88 billion PENGU tokens. The following distribution will be used to distribute the token’s supply: 22.02% is set aside for the larger Solana and Ethereum communities, and 23.5% is set aside for current Pudgy Penguins NFT holders. Liquidity on decentralized exchanges will be provided by an extra 12.32%.
Master Coin PENGU Token Introduced as Pudgy Penguins Hit $550M Market Cap
As the market turns its focus from NFTs to fungible tokens and meme coins, the introduction of the PENGU token marks a strategic turn. According to the announcement video that Pudgy Penguins posted, the PENGU token is, according to its lore, the Master Coin, which the core team of seven would hatch from a golden egg as a representation of their collective might. Decrypt said Thursday that the collection’s floor price jumped more than 40% this week to surpass its previous top of $57,000 in February 2024 and hit a new all-time high above $62,000.
The surge reflects broader market dynamics impacting significant NFT collections and occurs concurrently with Bitcoin’s breakout above $100,000. Despite past NFT market instability, Pudgy Penguins has managed to maintain a substantial market position, with a total market valuation of around $550 million. With over $10 million in tangible toy sales through well-known stores like Walmart, Target, and Walgreens, the brand has grown beyond digital assets.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment