Pudgy Penguins shared on Friday that it is planning to launch its own cryptocurrency token, Pengu, by 2024-end.
Pudgy Penguins, the NFT brand that has captured global attention with its iconic digital collectibles, is planning to launch its own cryptocurrency token, Pengu, by 2024-end. This announcement marks a major milestone for the brand, which has steadily expanded its footprint both within and beyond the blockchain space.
As per the official X post, Pengu will launch on the Solana network with a total supply of 88,888,888,888 tokens, offering its fans and newcomers an opportunity to engage directly with the Pudgy Penguins ecosystem. It is important to note that the Pudgy Penguins NFTs still remain based on the Ethereum network.
The tokenomics of Pengu reveal a community-centric allocation. Around 25.9% of the token supply will go to the Pudgy Penguins community, while another 24.12% will be reserved for other communities and new “Huddle” members.
Team members, both current and future, will receive 17.8% of the supply, with vesting schedules to ensure long-term commitment. Additionally, 11.48% will remain under company control under similar conditions, as per the announcement.
Notably, Pudgy Penguins has warned its community to stay vigilant against scams, urging users to avoid fake Pengu websites or tokens that may emerge as bad actors seek to exploit the launch.
Pudgy Penguins has already reached millions through its partnerships with Walmart and Target, bringing its cheerful characters into households worldwide and amassing 50 billion views online. The latest token launch announcement follows closely on the heels of Pudgy Penguins’ October revelation of a AAA mobile game, signaling the brand’s intent to diversify its offerings.
While Pudgy Penguins continues to innovate, the broader NFT market remains under pressure. As of November 2024, analysts from NFT Evening reported that 96% of the 5,000+ NFT collections have effectively “died,” meaning zero trading activity, no sales in over seven days, and complete silence on social media platforms.
Regulatory scrutiny from the US Securities and Exchange Commission (SEC) has also cast a shadow over the sector. Notable enforcement actions, including penalties against Impact Theory and settlements with Flyfish Club, have highlighted the risks of non-compliance with securities laws.
In September, Luca Schnetzler, CEO of Pudgy Penguins, dismissed the SEC’s actions as “nonsense”, reinforcing the brand’s commitment to advocating for clearer regulations.
Despite the challenges, Pudgy Penguins maintains strong market traction. It has a floor price of 17.75 ETH ETH $3 890 24h volatility: 0.4% Market cap: $468.87 B Vol. 24h: $54.25 B , worth around $68,535 at the current market rate, and a market cap of $609 million. The brand has also recorded a surge in trading volume, which rose 245% in the past day.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
