Pudgy Penguins, the third-largest NFT aggregator by market capitalization, announced Thursday evening that it will launch a new token called PENGU on the Solana blockchain before the end of the year.
The announcement comes as Pudgey Penguin's NFT trading floor price soared to new all-time highs in the crypto market.
According to the project, Pudgy Penguins, Lil Pudgies, Pudgy Rhodes and others will distribute 88 billion PENGU tokens to NFT holders who have collections related to the project.
The token will be a supply. assigned Based on the following distribution, 23.5% is reserved for existing Pudgy Penguin NFT holders and 22.02% is reserved for the wider Solana and Ethereum communities. Provides additional 12.32% liquidity on decentralized exchanges.
Pudgy Penguin launched in July 2021 with 8,888 NFT pieces, with the “8” acting as a metaphor for how comic characters look like.
Based on a promotional video shared by Pudgy Penguins, the Pengu Token is considered a “Master Coin”, a symbol of their “collective power” from the main group of seven Golden Eggs.
Decrypt It's up to Pudgy Penguin on Solana's pick.
Tide changer
The collection's floor price rose more than 40% this week to reach an all-time high of more than $62,000, surpassing the previous high of $57,000 in February 2024. Decrypt reported Thursday.
The increase coincides with Bitcoin Discovery of more than 100,000 dollars And it reflects broader market momentum affecting major NFT clusters.
Pudgy Penguin has maintained a strong market presence despite historical NFT market volatility, with a total market capitalization of around $550 million.
The brand has expanded beyond digital properties, generating more than $10 million in physical toy sales through major retailers including Walmart, Target and Walgreens.
Pengu's token launch represents a strategic pivot as market focus shifts from NFTs to cryptocurrency tokens and meme coins.
At X (formerly Twitter), Pudgy Penguins made this change by a Post “The tide is turning. A new beginning is upon us.”
The move addresses the challenges of historical NFT liquidity while leveraging Pudgy Penguins' established brand presence, which includes more than 3 million social media followers and 32 billion views on Giphy.
Crypto bull run is driving NFTs higher. Decrypt reported on Monday. This increase helped push the total NFT market capitalization to $8.6 billion, according to CoinGecko. DataWeekly Ethereum NFT trading volume has doubled to more than 101 million dollars.
The transformation of the project was initiated by Luca Netz. He got it in 2022expanding from an NFT collection to a popular crypto-native brand. Netz predicted a major breakthrough for the project in July, citing a possible floor price of 200 ETH (roughly $780,000 at current rates) this market cycle.
The project plans to eventually integrate with Abstract, the upcoming Ethereum layer-2 solution, although the immediate focus is on validating PENGU's presence in the Solana ecosystem.
Edited by Sebastian Sinclair
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