After amassing over 50 billion social media views and selling toys in nationwide Walmart and Target stores, the Ethereum NFT project Pudgy Penguins has officially announced the launch of its new token.
This development has significantly increased the Pudgy Penguins floor price, pushing it past the $100,000 mark and cementing its status as one of the largest profile picture (PFP) projects in the NFT space. Luca Netz, the owner of Pudgy Penguins' intellectual property, shared:
“A founder's job in crypto is to maximize excitement.”
As anticipation builds across the Pudgy Penguins ecosystem, let's explore everything you need to know about the upcoming token, PENGU, which is expected to launch on the Solana blockchain.
What Is the PENGU Token?
PENGU is the ecosystem token for Pudgy Penguins, set to launch on the Solana blockchain with a total supply of 88.88 billion tokens. From this supply, 25.9% is reserved for members of the Pudgy Penguins ecosystem through an upcoming airdrop.
Igloo Inc., the parent company of Pudgy Penguins, stated:
“Launching the PENGU token on Solana will allow Pudgy Penguins to expand and reach a completely new audience.”
Although the PENGU token will be issued on Solana, it is expected to expand to Ethereum and Abstract, an Ethereum Layer 2 scaling network focused on consumers that Igloo Inc. is developing. According to Luca Netz, the PENGU token will create a deeper connection between Pudgy Penguins' millions of global fans and the brand, embodying the essence of tokenization: “unity.”
When Will PENGU Launch?
Currently, PENGU does not have an official release date, but it is expected to launch soon. An announcement from the Pudgy Penguins account on X indicated that the token would be released by the end of 2024.
Although some fake tokens have been traded in attempts to scam investors using similar names, the real token is not yet available.
Who Is Eligible for the PENGU Airdrop?
Over 88 billion PENGU tokens will be issued on the Solana blockchain, allocated to specific holder groups as outlined in Pudgy Penguins' announcement. Below is the estimated token allocation:
Pudgy Community – 25.9%
The majority of PENGU tokens will be allocated to the Pudgy Penguins community, including holders of Pudgy Penguins NFTs, Lil Pudgys, and Pudgy Rods (also known as Rogs). Although specific allocation ratios haven't been disclosed, a large portion is expected to go to original Pudgy Penguins NFT holders, followed by Lil Pudgys and Rogs holders. Luca Netz confirmed that there will be no snapshot to record holder information; instead, access to PENGU will be granted to those who own the assets at the time of the token's release.
Other Communities – 24.12%
The next largest allocation is reserved for other Web3 communities, aiming to attract 5 million new members to the Pudgy Penguins community. Although specific communities haven't been revealed, it's likely that projects with close ties to Pudgy Penguins will qualify for the token.
Netz pointed out that buyers of Pudgy Toys not only interact with the online gaming platform Pudgy World but can also collect “Pudgy Traits”—attributes to equip their virtual penguins. Pudgy Toys owners will be eligible for PENGU and can access Pudgy World by scanning the QR code included with each toy.
Pudgy Penguins Team – 17.8%
Current and former Pudgy Penguins employees will hold nearly 18% of the total PENGU tokens, with a distribution plan spanning one and three years. During this period, selling or transferring tokens will be restricted.
Liquidity Pool – 12.35%
A portion of the PENGU supply will be dedicated to creating sufficient liquidity for token trading activities.
Company – 11.48%
Igloo Inc., the parent company of Pudgy Penguins, will receive 11.48% of the total PENGU tokens, with a distribution plan over one and three years, similar to the rules applied to Pudgy Penguins employees.
Community Benefits – 4%
4% of the total PENGU token supply will be allocated to community benefit initiatives. Although specific details haven't been announced, Pudgy Penguins has undertaken various community activities over the past year, including campaigns like Pudgy Kindness, donations, and support for lesser-known streamers to enhance their social media presence and attract attention.
Brand Development – 4%
A small portion of PENGU tokens will be used for Pudgy Penguins brand expansion efforts, including activities such as listing the token on centralized exchanges and marketing strategies to boost brand recognition.
FTT Holders – 0.35%
The smallest allocation of PENGU tokens is reserved for holders of FTT tokens, the native token of the now-bankrupt FTX exchange, which ceased operations in November 2022. Although FTT saw strong growth, reaching nearly $4 at the time of the PENGU announcement, its value has since declined. Currently, the official criteria for FTT token holdings have not been disclosed.
How to Claim PENGU Tokens
Although detailed information on PENGU distribution hasn't been released, according to a post on X by Netz, users will have 88 days to claim the tokens after PENGU officially goes live.
For the latest updates on the claiming process, 👉 explore more strategies here.
Pre-Market Trading for PENGU
Although the PENGU token is not yet officially active, pre-market trading has begun on platforms like Whales Market. At the time of writing, PENGU is trading at $0.05, with a total trading volume exceeding $948,916 as the 24-hour volume surged by 203%. At this price, PENGU could achieve a fully diluted valuation of over $4 billion.
Pre-market trading is often highly volatile and unpredictable regarding future value. However, in some cases, pre-market values closely match the final price, as seen with the ME token from the NFT marketplace Magic Eden.
With the launch of PENGU, Pudgy Penguins is not only expanding its ecosystem but also creating opportunities to connect millions of fans globally. The PENGU token represents a significant step forward and highlights the immense potential of blockchain applications for NFT brands.
Frequently Asked Questions
What is the total supply of PENGU tokens?
The total supply of PENGU tokens is 88.88 billion. This fixed amount will be distributed across various groups, including the community, team, and liquidity pools, as part of the project's ecosystem development.
How can I qualify for the PENGU airdrop?
To qualify, you typically need to hold specific Pudgy Penguins NFTs, such as Pudgy Penguins, Lil Pudgys, or Pudgy Rods, at the time of the token's release. Ownership of Pudgy Toys may also grant eligibility through QR code access to Pudgy World.
When is the official PENGU token launch?
The official launch is expected by the end of 2024, though no exact date has been confirmed. Stay updated through official Pudgy Penguins channels to avoid missing key announcements and deadlines.
What blockchain will PENGU be launched on?
PENGU will initially launch on the Solana blockchain, with plans to expand to Ethereum and Abstract, an Ethereum Layer 2 network, to enhance accessibility and cross-chain functionality.
Can I trade PENGU tokens before the official launch?
Pre-market trading is available on platforms like Whales Market, but it carries high volatility and risk. Always verify the authenticity of tokens and platforms to avoid scams and ensure secure transactions.
What is the purpose of the PENGU token?
The token aims to deepen engagement within the Pudgy Penguins community, support brand expansion, and facilitate ecosystem growth through utility in gaming, governance, and rewards, fostering a unified global fan base.