Pudgy Penguins, the beloved NFT collection, is taking its next big step with the launch of its cryptocurrency, PENGU, later this year. The announcement came from the Pudgy Penguins team via a post on X (formerly Twitter), generating excitement among the community.

Why Solana for PENGU?

While the Pudgy Penguins NFTs currently reside on the Ethereum blockchain, the PENGU token will debut on the Solana blockchain. Solana is known for its high-speed transactions and low fees, making it an ideal choice for the token’s utility and community engagement goals.

Token Distribution and Vesting Plan

The PENGU token will have a total supply of 88,888,888,888 tokens, distributed across various stakeholders to ensure a balanced and sustainable ecosystem:

• Community Allocation: 25.9% will go to the Pudgy Penguins community to empower existing members.
• Expanding the Huddle: 24.12% is reserved for onboarding new members into the “Huddle” group.
• Team Allocation: 17.8% will be set aside for the core team with a one-year cliff and three-year vesting period.
• Company Reserve: 11.48% will be retained by the company under the same vesting conditions.

Pudgy Penguins’ Journey So Far

Launched in 2021, Pudgy Penguins quickly became one of the most iconic NFT collections. With 8,888 unique penguin NFTs, the project has built a loyal following and secured retail partnerships with giants like Walmart and Target.

Currently, the floor price for a Pudgy Penguin NFT is approximately 17.90 ETH (around $68,535), with a market cap of $609 million according to CoinGecko.

Following the PENGU token announcement, the trade volume for Pudgy Penguins NFTs soared by 212% in just 24 hours, reaching 2,877 ETH (around $8 million).

What’s Next?

As the Pudgy Penguins team prepares for the token launch, they aim to create new opportunities for fans and collectors to deepen their involvement in the ecosystem. With the launch of PENGU on Solana, Pudgy Penguins is expanding its universe, blending Web3 technology with community-driven initiatives.

Stay tuned as the PENGU token takes flight and gives fans even more ways to connect with their favorite NFT brand.