Sign UpExplained: Why Are Pudgy Penguins Making Waves?
MemecoinsBeginner
2024-12-25
Pudgy Penguins, an NFT collection launched in the previous crypto bull cycle, has poised itself as a rising NFT collection. The project recently announced the launch of its native token, PENGU, based on the Solana blockchain. PENGU is now available on Toobit for spot and futures trading with up to 75x leverage. Let's take a look at the tokenomics of PENGU and upcoming plans for its ecosystem.
What Are Pudgy Penguins?
Launched in 2021, Pudgy Penguins consists of nearly 9 thousand unique and cute Penguins NFTs. Each penguin was generated from various hand-drawn components. It quickly carved out a name as an NFT collection known for its adorable artwork. As of this December, the collection has a total market cap of around 300,000ETH, currently worth almost $1.2 billion. Its floor price has risen by 200% in the past month, reaching 33 ETH.
In recent years, the Pudgy brand has expanded into physical goods stores with Pudgy Toys, a line of collectible igloos and figures inspired by NFT artwork. These toys have become a major source of revenue, generating over $10 million in sales through partnerships with major retailers like Walmart.
Pudgy Penguins' Ecosystem and Missions
Pudgy Penguins has a thriving community centered around its holders and users. Despite the recent NFT bear market, the Pudgy community has remained strong and active. The brand has a large online presence, with over 2 million followers on Instagram and 214,000 followers on X. The team behind the project notes on X that their mission is “to spread good vibes across the meta.”
Pudgy Penguins’ ecosystem has since expanded beyond just its original collections. It now includes the Pudgy Penguins NFT collection, Pudgy Toys and Abstract Chain, a new Layer2 chain built on Ethereum.
The PENGU Token
In Dec 2024, the Pudgy Penguins team announced the launch of its official token, PENGU based on the Solana blockchain. PENGU is designed to deepen the community’s alignment with the Pudgy Penguins brand, serving as a gateway for new enthusiasts to become part of the community. The PENGU token seeks to enhance the Pudgy Penguins ecosystem by offering various use cases within the community.
Token Distribution
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About 48% of the total PENGU tokens are reserved for the community airdrop.
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About 30% of the total tokens are reserved for the team and investors.
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12% of the tokens are set for liquidity.
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4% of the total token amount goes to the public good.
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3% of the tokens are reserved for HODLer Airdrop.
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Another 3% of the tokens are reserved for proliferation and marketing.
Will the NFT Bull Market Return?
One of the biggest impacts of the PENGU token announcement has been the price of Pudgy Penguins NFTs. The floor price has surged about 60% since the announcement in December, reaching a high of 34 ETH on December 16. Will PENGU drive a new NFT bull cycle as the crypto market steps into 2025? Stay tuned with Toobit Academy.
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