Pudgy Penguins Announces PENGU Token on Solana Blockchain

TLDR

• Pudgy Penguins NFT project announces PENGU token on Solana blockchain, launching December 2024
• Total token supply will be 88.88 billion PENGU
• Project reaches new all-time high floor price of over $74,000
• Token distribution includes NFT holders, public good, DEX liquidity, and team allocation
• Follows recent expansion including Pudgy Party mobile game and Walmart toy line

Pudgy Penguins, the popular NFT project, announced plans to launch a new token called PENGU on the Solana blockchain this December. The announcement comes as the project’s NFT floor price reaches a new all-time high of over $74,000.

The PENGU token will have a total supply of 88.88 billion tokens. The project team has outlined plans for broad distribution, including allocations to current NFT holders, public initiatives, and providing liquidity on decentralized exchanges (DEXs).

This token launch follows the project’s recent expansion into mobile gaming with Pudgy Party, announced just last month. The gaming venture represents one of several moves by the project to grow beyond its NFT roots.

The project’s reach already extends into traditional retail through a partnership with Walmart, where physical Pudgy Penguins toys are sold across stores in the United States. This retail presence, established a year ago, marked an early step in the project’s broader expansion strategy.

In announcing PENGU, the project team emphasized their goal of uniting existing fans while opening doors for new participants who may not own their NFTs. They’ve dubbed the upcoming period as the start of “prophecy years,” though specific details about this concept remain unclear.

Introducing $PENGU, the official coin of Pudgy Penguins.

Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6

— Pudgy Penguins (@pudgypenguins) December 6, 2024

Current Pudgy Penguins NFT holders will receive a portion of the token allocation, though exact distribution amounts haven’t been disclosed. The development team plans to retain a small percentage of the tokens for operational purposes.

Both Ethereum and Solana communities will receive token allocations, highlighting the project’s cross-chain approach despite choosing Solana for the token launch. This decision could help bridge communities across different blockchain platforms.

The project has positioned itself as “the face of crypto,” claiming presence “in millions of households worldwide.” While exact numbers aren’t independently verified, their Walmart partnership does provide substantial retail exposure.

Token allocations will include funds for “public good” initiatives, though specific details about these programs haven’t been announced. The team plans to provide liquidity on decentralized exchanges to ensure trading availability.

The timing of the token launch coincides with strong performance in the NFT collection’s trading prices. The floor price reaching over $74,000 represents the highest level in the project’s history.

The PENGU token launch marks another step in Pudgy Penguins’ expansion from digital collectibles into broader applications. Their development timeline shows consistent growth from NFTs to physical toys, mobile gaming, and now tokens.

Project leaders have emphasized accessibility in their token launch plans, aiming to include both cryptocurrency veterans and newcomers. This approach aligns with their earlier moves into mainstream retail through Walmart.

The cross-chain nature of the token distribution, including both Ethereum and Solana communities, suggests an attempt to unite different blockchain user bases. This could create new opportunities for collaboration across platforms.

Technical details about the token, including smart contract specifications and security measures, are still forthcoming. The team hasn’t yet announced which decentralized exchanges will list PENGU at launch.

The December launch timeline places the token debut during a period of increased activity in digital asset markets. The project’s established brand recognition through retail presence and NFT success could influence initial token reception.