Pudgy Penguins Launches Cryptocurrency: Pengu

Popular non-fungible token project Pudgy Penguins is launching its own cryptocurrency named Pengu this year, as announced in an X post on Thursday.

“With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto that see and share the Pudgy Penguin every day finally have the opportunity to align themselves with the character,” the project stated.

The Pengu token is expected to launch on the Solana network with a total supply of 88,888,888,888. In contrast, Pudgy Penguins NFTs are based on the Ethereum network.

An image attached to the X post outlined Pengu’s tokenomics:
– 25.9% of the supply allocated to the Pudgy Penguins community.
– 24.12% distributed to other communities and new "Huddle" members.
– 17.8% set aside for current and future team members with a one-year cliff and a three-year vesting period.
– 11.48% retained by the company under the same conditions.

Launched in 2021, Pudgy Penguins has grown into one of the most popular NFT collections, expanding its presence offline through retail partnerships with Walmart and Target.

Pudgy Penguins NFTs have a floor price of around 17.75 ETH (approximately $68,535) and a market cap of about $609 million, according to CoinGecko. The trade volume surged 245% in the past day to 2,082 ETH, or roughly $8 million.