Pudgy Penguins launches the highly anticipated PENGU token, and Binance announces spot trading and airdrops.
The total supply of PENGU tokens is 88.88 billion, with a large portion allocated to NFT collectibles, the Pudgy Penguins community, and the Pudgy Penguins team.
PENGU Token Launched
Pudgy Penguins, the second largest NFT series by market cap, announced the launch of the PENGU token. Based on available market data, the token’s fully diluted valuation (FDV) could reach $4.4 billion. Chubby Penguin previewed the launch via its official X account, posting a video of Chubby Penguin holding a token engraved with the penguin symbol representing the new token. Following the announcement, Binance confirmed that it will launch the PONGU token for spot trading on multiple currency pairs, including USD, BNB, FDUSD, and TRY. The exchange also announced an airdrop of the token. This airdrop will distribute tokens to users participating in Binance’s HODLer airdrop program.
Pudgy Penguins announced that the PENGU token will be launched before the end of 2024, but no official date was given.
Token distribution
The token issuance is 88.88 billion. 25.9% is allocated to the Pudgy Penguins NFT community, and 21.12% is allocated to other NFT communities, including Bored Ape, Mutant Ape, Memeland, and Azuki. The Pudgy Penguins project team received a 17% bonus with a one-year cliff and three-year vesting period. 12.35% is allocated to the liquidity pool and 11.48% is allocated to Igloo Inc., the parent company of Pudgy Penguin. Another 4% has been allocated for public goods and professional brand expansion.
According to data from Whale Market, the PENGU token is trading at $0.05 per token, with a fully diluted market capitalization of $4.4 billion.
Chunky penguin bottom price soars
As NFT projects and their airdrops on Solana heat up, the base price of Pudgy Penguins soars to over $100,000, an increase of more than 20%. Last week, 8,888 Penguin NFT series hit an all-time high, trading at approximately $62,000. The team also announced the upcoming launch of its PENGU token on Solana to reward NFT holders and users of the Pudgy Penguins ecosystem.
The NFT project has since become the second most expensive personal profile picture (PFP) project, rising 99% in the past seven days to cross $100,000, surpassing Bored Ape Yacht Club in the process.
Disclaimer: This article is for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
