Solana News Today: Pudgy Penguins Launches PENGU Token on Solana to Fuel Community Growth and Governance

Pudgy Penguins, a prominent NFT collection on the Ethereum blockchain, has launched its native token, PENGU, on the Solana blockchain in late 2024. The token, named after the community’s affectionate reference to the penguin NFTs, aims to expand the project’s community and introduce broader participation. The PENGU token became claimable on December 17, 2024, at 8 AM AST, marking a major milestone for the project [1].

The Pudgy Penguins collection, featuring 8,888 unique cartoon penguins, was one of the largest NFT projects by market capitalization before the PENGU token launch. However, after the token’s debut, the collection dropped to the fourth-largest NFT project, behind BAYC and Infinex Patrons [1]. Despite this shift, the project continues to leverage its strong global community and the iconic, endearing characters that have been adapted into physical toys and distributed in major retail chains like Target and Walmart [1].

PENGU is the first token in Pudgy Penguins’ multichain strategy, with plans to extend to Ethereum and Abstract, a consumer-focused Layer 2 network being developed by the Pudgy Penguins team. The decision to launch on Solana was driven by its fast transaction speeds and low costs, which enable broader accessibility for new users [1]. The token is expected to play a role in community expansion, project governance, member rewards, and overall growth [1]. Pre-market trading on Whales Market reported a total trading volume of over $4.44 million, signaling significant early interest [1].

The total supply of PENGU is 88,888,888,888 tokens, with a detailed tokenomics breakdown as follows: 25.9% allocated to the Pudgy Penguins community, 24.12% for expanding the community, 12.35% for decentralized exchange liquidity, 17.8% to the project team, and 11.48% for development and marketing. Additionally, 0.35% will go to FTX token holders, and 4% will be dedicated to public good. The CEO, Luca Netz, also revealed plans to airdrop 25% of the supply to the Solana ecosystem, potentially reaching over one million wallets [1].

Despite its initial success, the Pudgy Penguins project faced challenges early on, including community backlash over unmet promises and project leadership changes. Lucas Schneltzer acquired the project in 2022 and revitalized it under the leadership of Luca Netz. This has led to a strong recovery in the project’s floor price and brand value [1]. The PENGU token represents a new phase of growth, both in the crypto space and beyond, as the brand continues to expand into physical products and global markets [1].

As the token launch progresses, users are advised to remain cautious of fake tokens and malicious airdrops. Security measures, such as using trusted wallets and browser extensions, are recommended to ensure safe participation in the Pudgy Penguins ecosystem [1].

Source: [1] https://www.coingecko.com/learn/what-is-pengu-pudgy-penguins-token