As a seasoned researcher with a keen interest in the dynamic world of NFTs and cryptocurrencies, I find the Pudgy Penguins project’s expansion into the realm of their own token, Pengu, particularly intriguing. Having closely observed the growth trajectory of numerous projects, it’s clear that the Pudgy Penguins have managed to carve a niche for themselves in the competitive NFT market.
This year, the Pudgy Penguins NFT initiative plans to introduce its native digital currency, called Pengu. According to a recent post on X, this announcement was made on Thursday. The Pengu token will be issued on the Solana blockchain and will have a maximum supply of 88,888,888,888 units.
Despite this, the Pudgy Penguins NFTs themselves are based on the Ethereum network.
Pengu Token
As per the token distribution plan outlined by Pengu, around a quarter (25.9%) of the total tokens are set aside for the Pudgy Penguins community, with another slightly less than that (24.12%) earmarked for other communities and fresh “Huddle” participants.
As a crypto investor, I understand that the project’s team, encompassing both existing and upcoming members, will be allocated 17.8% of the tokens in a vesting schedule arrangement. This structure aims to keep the team committed for the long haul.
Furthermore, approximately 11.48% of the coins will be managed by the company, following comparable long-term terms.
Now, thanks to PENGU, both the countless followers of the Pudgy Penguin and the non-crypto masses who encounter this lovable creature daily can now identify with the iconic figure. It’s time for everyone to become part of The Huddle.
Pudgy Penguins’ Growth
In September 2023, Pudgy Penguins broke into the top 10 biggest NFT collections, controlling a 2.7% share of the market with their stable floor price during a broader correction in the NFT market. However, by October 2024, CoinGecko’s report showed that the project’s influence had significantly grown to a dominance of 9.5%.
As a researcher delving into the world of Non-Fungible Tokens (NFTs), I’ve observed an intriguing trend. Notably, after a series of high-profile NFT collections such as Moonbirds, Veefriends, Doodles, Meebits, World of Women, and Cool Cats experienced price declines and slipped out of the top 10 rankings, there’s been a substantial resurgence.
On Thursday, I witnessed an exciting moment in the crypto world as my investment in Pudgy Penguins reached a brand-new all-time high, joining the likes of Bored Ape Yacht Club (BAYC) and CryptoPunks in this market rally.
Currently, each Pudgy Penguin is priced at around 19.49 Ether (ETH), which equates to approximately $75,406 USD. The total market capitalization of these digital penguins has reached about $670 million. According to CoinGecko’s data, the trading volume for Pudgy Penguins has experienced a massive increase of over 331%, amounting to more than $16.47 million within the past 24 hours.
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2024-12-07 18:46