As a seasoned crypto investor with over a decade of experience in this wild and unpredictable world of digital assets, I must admit that the launch of the PENGU token by the second-largest NFT collection, Pudgy Penguins, has piqued my interest. The potential $4.4 billion fully diluted valuation (FDV) is certainly a figure that catches the eye, and the fact that Binance is involved adds a level of credibility to the project.
The eagerly awaited PENGU token, issued by Plump Penguins, is now available for trading on Binance, along with an airdrop announcement.
Approximately 88.88 billion units of the PENGU token have been minted in total. A substantial portion of this supply has been set aside for Non-Fungible Token (NFT) collections, the Pudgy Penguins community, and the Pudgy Penguins team.
PENGU Token Launches
The popular NFT collection known as Pudgy Penguins, which ranks second in market capitalization, recently unveiled their new digital currency called PENGU token. Initial market data suggests the token could be valued at an impressive $4.4 billion when fully diluted (FDV). Excited fans got a sneak peek of the new token through a video posted by Pudgy Penguins on their official X account, featuring a Pudgy Penguin holding a symbolic token for the upcoming currency. Following this announcement, Binance, a well-known crypto exchange, confirmed they will offer the PENGU token for trading in various pairs such as USD, BNB, FDUSD, and TRY. Additionally, Binance announced an airdrop of the tokens to users involved in their HODLer Airdrops program.
The Pudgy Penguins team hinted at the upcoming release of their PENGU token by the close of 2024; however, they did not specify an exact launch date.
Token Allocation
Initially, the token will be released with a total supply of approximately 88.88 billion. Here’s how the distribution breaks down:
According to information from Whale Market, each PENGU token is being traded for approximately 0.05 US dollars. This trade activity values the entire market capitalization of PENGU (when all potential tokens are taken into account) at around 4.4 billion US dollars.
Pudgy Penguins Floor Price Skyrockets
The cost of a single Pudgy Penguin NFT surpassed $100,000, marking a rise of more than 20%, due to heightened enthusiasm about the NFT project and its upcoming airdrop on Solana. Last week, the collection of 8,888 Penguin NFTs set a new record when it was exchanged around $62,000. Furthermore, the team revealed that their PENGU token will soon be available on Solana, designed to reward holders of Pudgy Penguin NFTs and users within the Pudgy Penguins ecosystem.
Over the last week, the value of this NFT project has skyrocketed, making it the second most expensive Profile Picture (PFP) collection currently available. It has experienced a significant increase of 99%, pushing its price above $100,000 and dethroning the Bored Ape Yacht Club in the process.
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2024-12-17 17:03