Pudgy Penguins Reaches New Heights in NFT Space with PENGU Token Launch
Pudgy Penguins Launches PENGU Token – The popular non-fungible token (NFT) project Pudgy Penguins has officially launched its PENGU token, with eligible participants given just 88 days to claim their tokens before they are burned and removed from circulation. The token is being launched on the Solana network, with future compatibility for Ethereum and Abstract Chain expected later. The total supply of the PENGU token is set at an impressive 88,888,888,888 tokens.
Eligibility and Claim Process
Starting at 8 a.m. ET on Tuesday, Pudgy Penguins holders, including those with Pudgy Penguins, Lil Pudgys, Rogs, and SBTs, can begin claiming their PENGU tokens. Luca Netz, CEO of Igloo, the company behind the project, confirmed the launch on X. Trading for the tokens will soon follow on centralized exchanges, including Binance, Bybit, and OKX.
Rogs, collectible and rare items in the Pudgy Penguins ecosystem, and SBTs (Soulbound Tokens) representing identity, achievements, or participation, are also eligible for the claim process. Claims are tied to NFTs for the core collections, with a snapshot for SBTs taken on December 8.
Important Wallet Requirements
Ahead of the token launch, Netz advised participants to ensure their Solana wallet has at least $10 worth of SOL to cover the gas fees associated with making claims. Additionally, holders will need to connect both their Solana and Ethereum wallets to claim, making desktop wallets the most suitable option for this process.
Pudgy Toys Holders and Eligibility
Holders of Pudgy Toys, physical plushies based on the Pudgy Penguins NFT collection, are also eligible to claim PENGU tokens. These toys, available in stores like Walmart and Target, are linked to the Pudgy World metaverse and built on Igloo’s Ethereum Layer 2 Abstract Chain, which is currently in testnet. Once the mainnet goes live, PENGU tokens will be accessible for toy buyers through LayerZero.
Tokenomics and Community Allocation
In terms of tokenomics, 25.9% of the total PENGU supply will be allocated to the Pudgy Penguins community, while 24.12% will be distributed to other communities and new Huddle members. 17.8% is reserved for current and future team members, with a one-year cliff and three-year vesting period. The company will retain 11.48% of the supply under similar conditions.
Pudgy Penguins’ Rise in the NFT Space
Since its launch in 2021, Pudgy Penguins has become one of the most popular NFT collections. According to CoinGecko data, it recently surpassed Bored Ape Yacht Club, becoming the second-largest NFT collection with a market cap of $1.2 billion, just behind CryptoPunks at $1.6 billion.
As the PENGU token launch continues to gain traction, it will be interesting to see how the broader NFT and crypto market responds to this latest development.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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