As a researcher with a decade of experience in the crypto space, I find myself intrigued by the upcoming launch of Pudgy Penguins’ native token, PENGU. Having witnessed the meteoric rise and fall of several cryptocurrencies throughout my career, I can’t help but feel a sense of deja vu with this new entry into the market.
This year, the official native token of Pudgy Penguins will be introduced. Known as PENGU, it boasts over 88 billion tokens in its total supply.
The popular Ethereum Non-Fungible Token series depicting a cartoon penguin is planning to release its token named PENGU. This token could potentially be listed on Solana in 2024, although the official announcement does not provide an exact launch date; however, it does suggest that the launch will occur this year.
As a crypto enthusiast, I’ve always admired Pudgy Penguins for their pioneering role in shaping the crypto world. They’ve been instrumental in pushing forward the widespread acceptance of digital assets. The introduction of PENGU is not just an event; it’s the realization of a vision that’s been brewing for years.
The digital asset called PENGU will be issued in an amount of 88,888,888,888 units and it is scheduled to debut on the Solana platform. Here’s a look at its tokenomic structure and distribution details:
— Pudgy Penguins (@pudgypenguins) December 6, 2024
As per the article, PENGU is set to mint over 88 billion tokens on the Solana blockchain. The NFT collection backed by Igloo inc intends to distribute roughly a quarter (25.9%) of these tokens to the Pudgy community and another 24.12% to various other communities, potentially welcoming approximately 5 million new members into their “huddle”.
Additionally, around 30% of the total PENGU token supply is set aside for allocation – about 11.48% for the company and approximately 17.8% for current and future team members.
Instead, the company’s and its team members’ assigned tokens are subject to a one-year vesting period followed by a three-year holding restriction. This implies that PENGU token holders won’t be able to trade or transfer their tokens for one year. After this initial period, the tokens will become gradually accessible over a span of three years.
In addition to our team members and community, approximately 12.35% of the total token supply is earmarked for ensuring token liquidity, while 4% is designated for supporting public causes and another 4% for fostering growth and expansion (referred to as “proliferation”).
As an analyst, I’d like to highlight a key point from the recent announcement: 0.35% of the tokens will be distributed among FTT (FTT) holders – these are individuals who continue to possess the native utility token of the FTX platform.
Introduced in the year 2021, Pudgy Penguins comprises a set of 8,888 non-fungible tokens (NFTs), as confirmed by OpenSea, with a combined value of approximately 389,742 Ether. Owners of each NFT not only receive an exclusive penguin icon but also gain entry to special Pudgy Penguin events, experiences, licensing rights for the intellectual property, and more.
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2024-12-06 14:33