The Pudgy Penguins nft project will introduce its own cryptocurrency, Pengu, later this year, as revealed in a Thursday post on x. The Pengu token will be launched on the Solana blockchain, with a total supply of 88,888,888,888 tokens.
Despite this, Pudgy Penguins' own nfts are based on the ethereum network.
Pengu Tab
According to Pengu <a target="_blank" href="https://x.com/pudgypenguins/status/1864852010886930887″ target=”_blank” rel=”noopener” data-wpel-link=”external”>tokenomicsApproximately 25.9% of the total token supply will be allocated to the Pudgy Penguins community, while 24.12% will be designated for other communities and new “Huddle” members.
The project team, including current and future members, will receive 17.8% of the tokens, subject to vesting schedules to maintain long-term commitment.
Additionally, 11.48% of the coins will remain under the company's control, with similar long-term conditions.
“With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of non-crypto people who watch and share Pudgy Penguin every day finally have the opportunity to align themselves with the character. Now everyone can join The Huddle.”
The growth of plump penguins
Pudgy Penguins first entered the top 10 largest nft collections in September 2023, claiming 2.7% market dominance as its price floor remained stable during a broader nft market correction. As of October 2024, the project's dominance had increased to 9.5%, according to CoinGecko's report.
This significant growth comes after several top nft collections, including Moonbirds, Veefriends, Doodles, Meebits, World of Women, and Cool Cats, experienced price drops and fell out of the top 10 rankings.
Amid a broader market rally, the bottom price of Pudgy Penguins also hit a new all-time high on Thursday, along with other collections such as Bored Ape Yacht Club (BAYC) and CryptoPunks.
At the time of writing, Pudgy Penguins has a minimum price of approximately 19.49 eth, which is valued at approximately $75,406, with a market capitalization reaching around $670 million, according to CoinGecko. <a target="_blank" href="https://www.coingecko.com/en/nft/pudgy-penguins” target=”_blank” rel=”noopener” data-wpel-link=”external”>panel. In the last 24 hours, its trading volume has skyrocketed by 331%, exceeding $16.47 million.
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