Pudgy Penguins will launch the official Pengu token based on Solana this month
The popular NFT project Pudgy Penguins will launch its own cryptocurrency called Pengu this year, announced its team in a post on X on Thursday.
“With PENGU, the millions of fans of Pudgy Penguin and the hundreds of millions of people outside the crypto world who see and share Pudgy Penguin every day finally have the chance to align with the character,” stated the project.
The Pengu token is expected to launch on the Solana blockchain with a total supply of 88,888,888,888.
However, Pudgy Penguins NFTs are based on the Ethereum network.
An image attached to the X post describes the tokenomics of Pengu, showing that 25.9% of the supply is allocated to the Pudgy Penguins community, while 24.12% will be distributed to other communities and new members of the “Huddle.”
Approximately 17.8% will be reserved for current and future team members with a one-year vesting period and a three-year acquisition period. The company will retain 11.48% of the Pengu supply under the same conditions.
Pudgy Penguins, launched in 2021, has grown to become one of the most popular NFT collections, expanding its offline presence by securing retail partnerships with Walmart and Target.
According to data from CoinGecko, Pudgy Penguins has a floor price of around 17.75 ETH ($68,535) and a market capitalization of around $609 million. Its trading volume increased by 245% in the last day to 2082 ETH, or approximately $8 million.
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