NFT project Pudgy Penguins introduced the PENGU token
Date: 2024-12-18 Author: Henry Casey Categories: CRYPTO PAYMENTS
Among those who supported the initiative are the largest crypto exchanges, including Binance, which distributes tokens among certain BNB users and opens PENGU trading.
The Pudgy Penguins NFT collection, created in 2021 on the Ethereum blockchain, includes 8,888 unique cartoon penguins. Each character has unique features, symbolizing human values - love and happiness. In addition to digital assets, the brand produces physical toys that can be found in US retail chains such as Walmart and Target.
The project quickly gained popularity: in the first year, the volume of transactions with Pudgy Penguins amounted to over 60 thousand ETH ($240 million at the current rate). However, in 2022, the bear market hit prices, and the project experienced difficulties.
December 2022 was a landmark month for Pudgy Penguins - 10 rare tokens of the collection were sold at Sotheby's for $ 129 thousand, and the average price of NFT reached $ 12.9 thousand. Today, the project ranks second in capitalization among NFTs, second only to CryptoPunks and ahead of Bored Ape Yacht Club.
PENGU is a new token of the Pudgy Penguins ecosystem, which is initially launched on Solana, with a subsequent transition to Ethereum. The total emission volume is 88.88 billion tokens, of which 25.9% is allocated to the project community.
The Pudgy Penguins team says that the launch of PENGU on Solana will open up the project to a new audience. The tokens will be distributed among various user groups, including NFT Pudgy Penguins holders, as well as members of other Web3 communities such as Abstract, Doodles, Azuki, and others.
In addition, buyers of the brand's physical toys will be able to get tokens by scanning the QR code on the packaging. However, in New York, there have already been cases of theft of QR codes from toys, which indicates high interest in the new token.
Despite the lack of an official launch, trading of the PENGU token has already begun on the Whales Market platform, where its price has reached $0.043 with a daily trading volume of $4.5 million. If this level is maintained, the token's capitalization may exceed $3.7 billion, which will make it one of the 50 largest crypto assets.
Experts warn that pre-market trading is associated with risks, including possible errors in token emission data, which can lead to losses. Users are advised to exercise caution when participating in such transactions.
