In a significant development, Pudgy Penguins, a highly popular NFT project, is set to introduce its own cryptocurrency, PENGU, later this year. The Pudgy Penguins team made the official announcement via a post on X on Thursday.
The forthcoming PENGU token will be hosted on the Solana blockchain. It aims to engage the vast number of Pudgy Penguins enthusiasts, as well as those familiar with the charming characters, in the community through this new digital currency.
The total supply of PENGU tokens is slated to be 88,888,888,888. While the Pudgy Penguins NFTs operate on the Ethereum blockchain, PENGU will debut on Solana.
A substantial portion of the PENGU supply is earmarked for the team and the community. More than 25.9% of the tokens will be directed to the Pudgy Penguins community, and 24.12% will be allocated to other communities, such as new members of the “Huddle” group.
The core team of Pudgy Penguins will receive 17.8%, though they will face a one-year cliff and a three-year vesting period before being able to access these tokens. The company itself will hold 11.48% of the token supply, also subject to similar vesting stipulations.
Since its inception in 2021, Pudgy Penguins has emerged as one of the most prosperous NFT projects. Comprising 8,888 distinct penguin NFTs, it has achieved remarkable popularity and even formed retail partnerships with major retailers like Walmart and Target.
Presently, the floor price of Pudgy Penguins NFTs stands at approximately 17.90 ETH, equivalent to around $68,535. According to CoinGecko, the market cap of the collection amounts to $609 million (159,086 ETH).
Subsequent to the announcement, the trade volume of the NFT collection skyrocketed by 212%, reaching 2,877 ETH (about $8 million) within a single day.
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