Pudgy Penguins to Launch Native Token PENGU by End of 2024

Pudgy Penguins, the viral Ethereum-based NFT collection known for its iconic cartoon penguin characters, is preparing to launch its own native token, PENGU, by the end of 2024. The announcement came via the official Pudgy Penguins account on X, although a specific launch date has not yet been confirmed.

Key Details of the PENGU Token

The PENGU token will have a total supply of over 88 billion tokens and will be listed on the Solana blockchain. Pudgy Penguins, backed by Igloo Inc., plans to distribute the token across various segments of its community and stakeholders. According to the announcement:

• Community Allocation: 25.9% of the PENGU token supply will be distributed to the Pudgy Penguins community, while 24.12% will be allocated to other communities, including the potential addition of around 5 million new huddle members.
• Team and Company Allocation: 17.8% of the token supply will go to current and future team members, while 11.48% will be allocated to the company itself. Notably, these tokens will be subject to a one-year cliff period and a three-year lock-up. This means that team members and the company will not be able to sell or transfer their PENGU tokens for at least a year, after which the tokens will be gradually released over the subsequent three years.
• Liquidity and Public Good: Approximately 12.35% will go to maintaining token liquidity, 4% will be allocated for public good, and another 4% will be used for proliferation efforts to promote the token and increase its reach.
• FTX Token Holders: A small portion (0.35%) of the token supply will be allocated to traders who hold the FTX native utility token (FTT).

The Vision Behind PENGU

The launch of PENGU represents a significant step in the evolution of the Pudgy Penguins brand. According to the official post, the introduction of the token marks the beginning of a vision “years in the making,” emphasizing Pudgy Penguins’ role as one of the early pioneers of crypto culture and a continued force driving the mass adoption of crypto assets.

The token will aim to foster deeper engagement within the Pudgy Penguins ecosystem, giving holders more opportunities for participation, governance, and access to exclusive events and experiences tied to the NFT collection. Additionally, the token is set to expand the use cases for Pudgy Penguins beyond just owning an NFT by adding another layer of utility to the community.

The NFT Collection

Launched in 2021, Pudgy Penguins consists of 8,888 unique NFTs. The collection has garnered significant attention, with a total trading volume of 389,742 ETH according to OpenSea. Beyond their artistic value, holders of Pudgy Penguins NFTs receive access to exclusive experiences, events, and even licensing opportunities for using the Pudgy Penguins intellectual property.

Impact on the Market

The introduction of PENGU is expected to further solidify Pudgy Penguins’ standing in the NFT and crypto space. With its broad community allocation and strategic focus on liquidity and expansion, PENGU could serve as an important milestone for the project, allowing it to reach a wider audience while continuing to support the growing Pudgy Penguins ecosystem.

As the Pudgy Penguins project continues to evolve, the launch of its native token is poised to bring increased visibility, engagement, and innovation to the world of NFTs and DeFi.