_$PENGU currently operates on Solana but plans to expand to Ethereum and Abstract, an Ethereum Layer 2 scaling solution developed by Igloo Inc. The total supply of the token is 88.88 billion, with 25.9% allocated to Pudgy Penguins NFT holders via airdrop claims.
While an official use case for PENGU has not been confirmed, the token is expected to play a role in governance and possibly provide access to exclusive benefits within the ecosystem, according to Bybit.
Cryptocurrency trader Pentoshi suggested the possibility of a future airdrop for PENGU holders:
“$PENGU holders will receive Abstract (possibly another 6-figure airdrop or more). You could qualify by obtaining the Pengu Holder Role and the Pengu Enjoyer Role on the Pudgy Discord.”
Pudgy Penguins NFT sales drop
Despite the token rally, Pudgy Penguins NFT sales have declined dramatically.
Over the past week, total sales fell to $5.5 million, representing a 52% decrease from the previous week. NFT transactions were down 51%, while buyers and sellers were down 56% and 41% respectively.
In comparison, Azuki, another leading NFT collection on Ethereum, saw a 17.65% drop in sales, while DMarket on Mythos bucked the trend with a 10.43% increase in sales.
Launched in 2021, Pudgy Penguins has grown to become the second-largest NFT collection by market cap, valued at $721 million, behind only CryptoPunks at $1.4 billion, according to NFT Price Floor.
Notably, the project has secured partnerships with retail giants such as Walmart and Target to offer licensed Pudgy Penguins toys in their stores, leading to over one million toy sales.