Pudgy Penguins to launch token PENGU, NFT floor price close to new high

Compiled by: Felix, PANews

Ethereum NFT project Pudgy Penguins announced today that it will launch the token PENGU on the Solana chain in 2024, with a total supply of 88,888,888,888. Although the PENGU token is based on Solana, Pudgy Penguins' parent company Igloo said that PENGU will adopt a multi-chain deployment strategy and will be launched on Ethereum and Abstract Chain in the future.

PENGU token distribution focuses on community building and ecological development. The token distribution details are as follows:

• Pudgy Penguins community accounts for 25.9%
• Other communities accounted for 24.12%
• The team holds 17.8% (1-year lock-up period, 3-year linear vesting)
• Partners account for 11.48% (1-year lock-up period, 3-year linear vesting)
• Liquidity support accounts for 12.35%
• Promotion and public offering each account for 4%
• FTT holders account for 0.35%

The official team said that in the past three years, Pudgy Penguins has become a representative of cryptocurrency, accumulated millions of fans worldwide, and its content has been viewed more than 50 billion times. By issuing PENGU tokens, more fans will have the opportunity to participate in the project ecosystem.

Perhaps affected by this news, NFT Price Floor data shows that Pudgy Penguins' floor price rose by 19.87% in 24 hours to 17.98 ETH, with a current market value of approximately US$617 million; the 24-hour trading volume was 2,433 ETH, an increase of 227.99%. Its floor price is close to the historical high of 20.5 ETH set in February 2024.

Pudgy Penguins was launched in 2021 and consists of 8,888 penguin NFT avatars (PFP), known for its cute, quirky design and inclusive community spirit. Luca Netz acquired the project from the founder in 2022. Under the leadership of Luca Netz, Pudgy Penguins has transformed from a failed project to a well-known crypto-native IP.

Last September, Pudgy Penguins launched its toy line, Pudgy Toys, in 2,000 Walmart stores in the United States. The series has gained widespread mainstream attention, allowing users to claim the unique characteristics of their digital "Forever Pudgy" character in Pudgy World (an online virtual world based on the zkSync Era blockchain) by scanning a QR code. The launch of the toy product not only increased Pudgy Penguins' brand awareness and accumulated a large number of fans on social media, but also demonstrated the potential of NFTs to merge with the traditional retail market. Earlier this year, Pudgy Penguins won the Walmart Business Award, and Pudgy Toys will be available in Walmart stores again in 2025.

Regarding the price of Pudgy Penguins, Luca Netz claimed in July this year that Pudgy Penguins will reach a floor price of 200 ETH in this cycle. However, judging from the current floor price, it is still far from Netz's goal.

However, as the overall crypto market rebounded, the NFT market heated up again. In November, NFT sales reached $562 million, the highest level since May this year. The prices of CryptoPunks and Bored Ape Yacht Club remained strong, and Pudgy Penguins achieved a 37.7% increase in a week.

With the recovery of the NFT market and the launch of the PENGU token, it will be worth paying attention to whether the floor price of 200 ETH can be achieved in the future.

Related reading: Pudgy Penguins’ involvement in the L2 battle has raised questions: the technology acquirer has been “stagnant” for several months, and the CEO expects NFT to return