NFT Project Pudgy Pegniuns to Launch New Token on Solana

Pudgy Penguins, the well-known NFT collection, is venturing into the cryptocurrency space with the introduction of its own token, Pengu.

The team revealed that the token would cater not just to the community of Pudgy Penguin fans but also to a broader audience outside of crypto who engage with the brand.

The Pengu token will be launched on the Solana blockchain, with a total supply of 88.88 billion tokens. Although the Pudgy Penguins NFTs are hosted on the Ethereum network, this new venture will operate on Solana. In terms of token distribution, 25.9% of the supply is earmarked for the Pudgy Penguins community, while another 24.12% will be allocated to external communities and new “Huddle” members.

The team and future staff will also receive approximately 17.8% of the token supply, with a one-year cliff and a three-year vesting schedule. The company itself will retain 11.48% of the supply under similar terms.

Since its launch in 2021, Pudgy Penguins has gained considerable popularity, even branching out into offline retail by forming partnerships with major stores like Walmart and Target. The collection currently boasts a floor price of about 17.75 ETH (roughly $68,535) and a market cap nearing $609 million. Its trading volume has seen a dramatic increase of 245%, reaching around $8 million over the past 24 hours.