The Pudgy Penguin NFT project is set to release the Pengu Token on Solana.

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.

“With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people who see and share Pudgy Penguin every day, people outside of crypto finally have a chance to align themselves with the character. Now everyone can join Hadl.

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.

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.