Pudgy Penguins Launch Pengu Token on Solana, Bet on NFT Market

• Pengu Token to Launch on Solana with 88 Billion Units
• Pudgy Penguins community will receive 25,9% of the distributed tokens.
• NFT trading volume increased by 331% after announcement.

NFT project Pudgy Penguins has announced the launch of its native token, Pengu, scheduled for late 2024. Issued on the Solana blockchain, the token will have a total supply of 88,8 billion units. This initiative marks a new phase for the project, which has already established a strong presence on the Ethereum network, where the original NFTs were launched.

With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto that see and share the Pudgy Penguin every day finally have the opportunity to align themselves with the character.

Now, everyone can join The Huddle. pic.twitter.com/zGPUMfPJoe

— Pudgy Penguins (@pudgypenguins) December 6, 2024

According to the announced distribution, 25,9% of the Pengu tokens will be reserved for the Pudgy Penguins community, while 24,12% will benefit other communities and new members of the “Huddle.” The team, including future members, will receive 17,8%, while 11,48% will be held by the company, both subject to staggered lockups and releases to foster long-term engagement.

Project CEO Luca Netz highlighted that the token expands the reach of Pudgy Penguins:
“With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto who see and share Pudgy Penguin every day finally have the opportunity to align themselves with the character. Now, everyone can join The Huddle.”

The NFT project, which debuted in 2021, already has a solid foundation. In 2023, it became one of the 10 largest NFT collections, and in 2024 it reached 9,5% market dominance, according to data from CoinGecko. The collection’s minimum price hit a new record, currently at 19,49 ETH (about $75), with an estimated market cap of $670 million.

Following the Pengu announcement, both the Pudgy Penguins and Lil Pudgys NFTs saw significant price increases, following the crypto market’s optimism. In just 24 hours, trading volume increased by 331%, surpassing $16 million.

Furthermore, the NFT ecosystem as a whole has shown a recovery. Data indicates an increase in daily transaction volume to $40 million, with weekly sales surpassing $100 million, strengthening the segment after a period of decline.

Pengu’s launch on Solana, known for its efficiency and low fees, is seen as a strategy to increase liquidity and strengthen the project’s presence. The choice of the network reflects the growing interest in platforms that offer better scalability and integration with active communities in the crypto space.