Pudgy Penguin NFTs Soar on Token Plans

Pudgy Penguins, a leading Ethereum-based non-fungible token (NFT) collection, announced on Thursday the launch of its new token, PENGU, slated for release on the Solana blockchain by the end of 2024.

A promotional video shared on X revealed that PENGU will have a total supply of about 88 billion tokens. Following the announcement, Pudgy Penguins NFT sales spiked by approximately 383%, with 290 sales recorded in the past 24 hours at the time of writing, according to NFT Price Floor data. The floor price also climbed around 17% after the reveal, reaching 17.97 ETH (roughly $72,160).

The PENGU token launch signals Pudgy Penguins’ evolution from collectible NFTs into a comprehensive Web3 ecosystem.

Approximately 25.9% of the token supply will be allocated to the Pudgy Penguins community, while 24.12% will be distributed to other communities and new participants in the "Huddle.” Another 17.8% will go to the current and future team with a one-year cliff and three-year vesting schedule, and 12.35% will go toward establishing decentralized exchange (DEX) liquidity.

“Pudgy Penguins was one of the early pioneers of crypto culture and continues to be a driving force behind the mass adoption of crypto assets,” Pudgy Penguin’s X post reads. “The launch of PENGU marks the beginning of a prophecy years in the making.”

Pudgy Penguin Takeover

Launched in 2021, Pudgy Penguins is one of the very few NFT collections to thrive through the NFT bear market. Its flagship collection features 8,888 unique NFTs, and it has also placed licensed physical toys in major retail stores like Walmart.

Pudgy Penguins leads Blur's daily rankings with 5,230 ETH ($21 million) in volume traded, marking a 449% daily increase. It also holds the top spot in terms of weekly volume, with 10,645 ETH traded.