$PENGU is a pleasant surprise.
A year ago, it seemed like a bad idea, but the market has changed.
Memecoins are now widely accepted as community, cultural assets.
The thing is, most "memes" are imported from the Web2: DOGE, SHIB, PEPE, POPCAT, etc.
In contrast, Pudgy Penguins is a Web3-first brand that expanded to Web2 with 1.6M Instagram followers, 515k on TikTok, and toys in major stores.
Yet previously, this "brand" was financially out of reach, with Pudgy NFTs costing thousands of dollars.
The $PENGU token changes that.
Now, you can join the community and benefit from the brand's growth with any amount of money.
They have skin in the game to share and grow the Pudgy brand.
As Murad said, "Instead of 3k people promoting 10k illiquid JPEGs, you now have 100k people promoting one single liquid token."
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I'm really glad they chose Solana as EVM experience is inferior.
Imagine a Web2 user learning about the token on Instagram...
On ETH L2, they would need to understand the differences between Base, Optimism, and Ethereum...
You don't want them to withdraw ETH on the mainnet, pay high gas fees, and then realize that $PENGU is on some unfamiliar L2.
And heaven forbid they need to install and use MetaMask!
Solana memecoin trading experience with Phantom is just superior. Plus, no annoying token approvals.
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Tokenomics isn't revolutionary, but it's not bad either.
A 50% airdrop, with 12.35% allocated for liquidity, is great for price discovery.
Allocating 24% to other communities is high, but only if they dare to exclude Ordinal NFTs.
Excluding BTC NFTs would be a mistake due to the whale concentration in Ordinals—and for my personal bags.
FTT holders? Need explanation for this.
I hope it launches below $1B FDV and rises gradually.
I don't want Instagram normies to buy a token that loses value.
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Pudgy launching a memecoin marks a shift in the NFT market.
For me, Pudgies is a north star for NFTs, spreading positive energy and good vibes.
My personal brand relies on them maintaining these positive connotations.
If Pudgies successfully launch a token without encountering the negative aspects often associated with tokens, I believe other NFTs will follow suit.
Most notably Azukis, and possibly BTC Ordinals too.
Speculation about the future token itself could drive NFT prices up across the board.
This remains to be seen.
TL;DR - Now, everyone can join The Huddle.
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