The Pudgy Penguin NFT project is set to release the Pengu Token on Solana.
Pengu Tokinomics has a strategic approach to group and company allocations with a high stake in the community.
The Pudgy Penguin NFT project will launch its own crypto-cryptoPengu later this year, as revealed in X's Thursday post.The Pengu token will offer a total of 88,888,888,888 tokens on the Solana blockchain.
Despite this, Pudgy Penguins NFTs themselves are based on the Ethereum network.
Pengu Token
According to Pengu Tokenomics, 25.9% of the total token supply is allocated to the Pudgy Penguin community, while 24.12% is allocated to other communities and new “huddle” members.
The project team, including current and future members, will receive 17.8% of the tokens, with plans to sustain long-term participation.
Additionally, 11.48% of the coins remain under the company's control, with similar long-term conditions.
“At PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto who see and share Pudgy Penguin every day finally have a chance to align themselves with the character. Now everyone can join The Huddle.”
Pudgy penguin development
Pudgy Penguin entered the top 10 NFT stacks in September 2023, claiming a 2.7% market dominance as the floor price held steady during a broader NFT market correction. By October 2024, the project's dominance had risen to 9.5%, according to a CoinGecko report.
This significant growth comes after a number of ‘blue chip' NFT clusters including Moonbirds, Veefriends, Doodles, Meebits, World of Women and Cool Cats dropped in price and fell out of the top 10 rankings.
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Amid a broad market rally, Pudgy Penguins' floor price also hit a new all-time high on Thursday, along with Bored Up Yacht Club (BAYC) and CryptoPunks, among others.
As of this writing, Pudgy Penguin has a floor price of approximately 19.49 ETH, which is worth about $75,406, with a market cap of around $670 million, according to CoinGecko's dashboard. In the last 24 hours, the trading volume has increased by 331%, exceeding $16.47 million.
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