Pudgy Penguins, the third-largest NFT collection by market capitalization, is making waves with the announcement of its new token, PENGU, set to launch on the Solana blockchain before the end of the year. This marks a major step for the popular Ethereum-based brand as it expands its reach across blockchains. The news comes amid surging NFT floor prices, with Pudgy Penguins reaching a record $62,000, buoyed by increasing interest in the crypto market.
The PENGU token will have a total supply of 88 billion and will be distributed among NFT holders, including those owning Pudgy Penguins, Lil Pudgys, Pudgy Rods, and other related collections. Of the total supply, 23.5% is allocated to current Pudgy Penguins NFT holders, 22.02% to the broader Solana and Ethereum communities, and 12.32% to provide liquidity on decentralized exchanges.
Since its debut in July 2021, Pudgy Penguins has established itself as a pillar of the NFT ecosystem. Starting with a collection of 8,888 unique NFTs, it has gained fame for its whimsical, community-centered design and continues to attract a growing fanbase.
According to a teaser video released alongside the announcement, the PENGU token plays a central role in the brand’s lore, referred to as the “Master Coin.” The Pudgy Penguins team of seven will “hatch” the token from a golden egg, symbolizing the collective strength and future ambitions of the project as it moves into its next phase of development.
