Pudgy Penguins PENGU Token Launches Tomorrow with Binance Listing and Airdrop

Pudgy Penguins, the second largest nft collection by market capitalization, announced that it will launch its PENGU token tomorrow.

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Tomorrow. <a target="_blank" href="https://twitter.com/search?q=%24PENGU&src=ctag&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>$HOSTAGE. pic.twitter.com/80LHuf9vZj

— Chubby Penguins (@pudgypenguins) <a target="_blank" href="https://twitter.com/pudgypenguins/status/1868656605899927850?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>December 16, 2024

The official Pudgy Penguins x account posted a video showing a Pudgy Penguin holding a token engraved with a penguin symbol, representing the new PENGU token.

Following this announcement, Binance shared its <a target="_blank" href="https://twitter.com/binance/status/1868669471738511638″ target=”_blank” rel=”noopener nofollow noreferrer”>update in x, confirming that it will launch PENGU for spot trading with pairs including USD, BNB, FDUSD and TRY.

Additionally, Binance announced an airdrop for PENGU, which will be distributed to users who have subscribed their BNB to Binance's Simple Earn products.

The token is launched with a total supply of 88,888,888,888 PENGU tokens.

The distribution allocates 25.9% to the Pudgy Penguins nft community, while 24.12% is designated for other nft communities including Azuki, Bored Ape Mutant Ape, Doodles, and Memeland.

The project team receives 17% with a one-year cap and a three-year vesting period.

Additional allocations include 12.35% to liquidity pools and 11.48% to Igloo Inc., the parent company of Pudgy Penguins. Public goods and the expansion of professional brands will each receive 4% of the offer.

Pre-market negotiation data from Whale Market shows PENGU trading at $0.05 per token, implying a fully diluted market value of $4.4 billion.

The news of PENGU's launch follows the recent surge in Pudgy Penguins nfts, as the minimum price of the original nfts surpassed the $100,000 mark.

Since then, the price floor has continued to rise, reaching a staggering 33 eth, which is currently valued at over $133,000, with eth trading just above $4,000.