Compilation: Felix, PANews
The Ethereum NFT project Pudgy Penguins announced today that it will launch the token PENGU on the Solana chain in 2024, with a total supply of 88,888,888,888 tokens. Although the PENGU token is based on Solana, Pudgy Penguins' parent company Igloo stated that PENGU will adopt a multi-chain deployment strategy, with future launches planned on Ethereum and Abstract Chain.
The distribution of the PENGU token focuses on community building and ecological development, with the distribution details as follows:
- Pudgy Penguins community: 25.9%
- Other communities: 24.12%
- Team: 17.8% (1-year lock-up period, 3-year linear vesting)
- Partners: 11.48% (1-year lock-up period, 3-year linear vesting)
- Liquidity support: 12.35%
- Promotion and public sale: 4% each
- FTT holders: 0.35%
The official team stated that over the past three years, Pudgy Penguins has become a representative of cryptocurrency, accumulating millions of fans worldwide, with content garnering over 50 billion views. By issuing the PENGU token, more fans will have the opportunity to participate in the project ecosystem.
Perhaps influenced by this news, NFT Price Floor data shows that the Pudgy Penguins floor price increased by 19.87% in 24 hours, reaching 17.98 ETH, with a current market cap of approximately $617 million; the 24-hour trading volume was 2433 ETH, an increase of 227.99%. Its floor price is close to the historical high of 20.5 ETH set in February 2024.
Pudgy Penguins was launched in 2021, consisting of 8,888 penguin NFT avatars (PFP), known for their cute, quirky designs and inclusive community spirit. Luca Netz acquired the project from the founders in 2022. Under Luca Netz's leadership, Pudgy Penguins transformed from a failed project into a well-known crypto-native IP.
In September last year, Pudgy Penguins launched its toy product Pudgy Toys in 2,000 Walmart stores across the United States. The series gained widespread mainstream attention, allowing users to claim unique features of their digital "Forever Pudgy" characters in Pudgy World (an online virtual world based on the zkSync Era blockchain) by scanning QR codes. The launch of the toy products not only enhanced Pudgy Penguins' brand awareness and accumulated a large following on social media but also showcased the potential for NFTs to integrate with the traditional retail market. Earlier this year, Pudgy Penguins won the Walmart Business Award, and Pudgy Toys will return to Walmart stores in 2025.
Regarding the price of Pudgy Penguins, Luca Netz claimed in July this year that Pudgy Penguins would reach a floor price of 200 ETH in this cycle. However, based on the current floor price, it is still far from Netz's target.
Nevertheless, with the overall recovery of the crypto market, the NFT market is heating up again. In November, NFT sales reached $562 million, the highest level since May of this year. The prices of CryptoPunks and Bored Ape Yacht Club remain strong, and Pudgy Penguins achieved a 37.7% increase within a week.
With the recovery of the NFT market and the launch of the PENGU token, it is worth paying attention to whether the 200 ETH floor price can be achieved in the future.
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