As a seasoned analyst with years of experience in the crypto market, I have witnessed the rapid growth and evolution of numerous projects. The recent announcement by the Pudgy Penguins team regarding their upcoming cryptocurrency, PENGU, has certainly piqued my interest.
Later this year, the well-liked NFT project, Pudgy Penguins, plans to introduce its own digital currency known as ‘Pengu’. This news was shared by the Pudgy Penguins team through a post on their platform, X, on Thursday.
The novel digital asset, PENGU, will debut on the Solana blockchain, providing a unique opportunity for enthusiasts of Pudgy Penguins, as well as those fond of these charming creatures, to engage with the community through this freshly minted cryptocurrency.
As reported by the team, a grand total of 88,888,888,888 PENGU tokens have been set for circulation. Unlike its Pudgy Penguins NFT counterparts which operate on the Ethereum blockchain, the PENGU project is slated to debut on the Solana network.
The distribution of the PENGU tokens will be as follows:
- 23.5% will go to current Pudgy Penguins NFT holders.
- 22.02% will be for both the Ethereum and Solana communities.
- 12.32% will be used to provide liquidity on decentralized exchanges.
Approximately a quarter of the tokens will be designated for both the team and various communities, such as the Pudgy Penguins community (25.9%) and other groups like the “Huddle” (24.12%).
As a researcher delving into the details of Pudgy Penguins’ token distribution, I found that the core team will secure 17.8% of the tokens, but there’s a catch: they won’t be able to access these tokens for a full year (referred to as a “cliff”). After this initial period, there will be a three-year vesting period before they can fully access their allocated tokens. Interestingly, the company itself will hold onto 11.48% of the token supply, with a similar vesting schedule for its release.
Ever since its debut in 2021, Pudgy Penguins has risen to become one of the most thriving NFT projects. Boasting a collection of 8,888 distinct penguin NFTs, this project has garnered significant attention, even landing retail collaborations with heavyweights like Walmart and Target.
At present, a single Pudgy Penguins NFT typically costs around 17.90 Ether, which equates to approximately $68,535 USD. The total value of this collection is estimated to be a staggering $609 million (or 159,086 Ether), as per CoinGecko data. Remarkably, in a single day, the trading volume experienced a substantial increase of 212%, amounting to approximately 2,877 Ether, or roughly $8 million.
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2024-12-06 11:00