Catenaa, Thursday, December 12, 2024- Pudgy Penguins, one of the largest NFT collections by market capitalization, is set to debut a new token, PENGU, on the Solana blockchain by year’s end.
The announcement coincides with the collection’s floor price reaching an all-time high of over $62,000, marking a 40% increase this week.
The project plans to distribute 88 billion PENGU tokens, with 23.5% reserved for existing NFT holders and 22.02% allocated to Solana and Ethereum communities. The tokens will also provide liquidity on decentralized exchanges, aiming to address liquidity challenges in the NFT space.
In a promotional video, the PENGU token is depicted as a “Master Coin,” emerging from a golden egg to symbolize collective community strength. The launch signals Pudgy Penguins’ strategic pivot as market interest shifts from NFTs to fungible tokens and meme coins.
The brand’s expansion extends beyond digital assets, boasting $10 million in physical toy sales through major retailers like Walmart and Target. Pudgy Penguins’ parent company, Igloo, Inc., also raised $11 million to develop Abstract, an Ethereum Layer-2 network, further solidifying its crypto ecosystem presence.
The NFT market has seen a broader resurgence, with Bitcoin surpassing $100,000 and Ethereum NFT trading volumes doubling to over $101 million weekly. Pudgy Penguins’ transformation under CEO Luca Netz has positioned the brand as a leader in the evolving digital asset landscape.
With over 3 million social media followers and a market capitalization nearing $550 million, Pudgy Penguins aims to establish a strong foothold in the Solana ecosystem while integrating with future Ethereum solutions.
