Pudgy Penguins to Launch Native Token PENGU by End of 2024

Pudgy Penguins, the viral Ethereum-based Non-Fungible Token (NFT) collection featuring cartoon penguins, has announced plans to launch its official native token, PENGU, by the end of 2024. The token will be launched on the Solana blockchain and will have a total supply of over 88 billion tokens.
The announcement was made via a post on X (formerly Twitter), where the Pudgy Penguins account shared that the PENGU token will be available later this year, although a specific launch date has not been disclosed. The post highlighted that Pudgy Penguins has been a pioneer in the crypto space, driving the mass adoption of crypto assets, and the release of PENGU marks a significant milestone in its journey.
Tokenomics and Distribution Plans
The PENGU token will have a total supply of 88,888,888,888 tokens, and the distribution is designed to benefit both the Pudgy community and broader crypto ecosystems. According to the announcement, 25.9% of the token supply will be allocated to the Pudgy Penguins community, with an additional 24.12% earmarked for other communities, including potential new members joining the ecosystem.
The company behind Pudgy Penguins, Igloo Inc., will receive approximately 11.48% of the token supply, while 17.8% will be reserved for current and future team members. These tokens will be subject to a one-year cliff period and a three-year lock-up, meaning that the team and company will not be able to sell or transfer their PENGU tokens until one year after the launch, with gradual releases over the following three years.
In addition, 12.35% of the token supply will be allocated to maintain liquidity, 4% for public good initiatives, and 4% for further proliferation of the token within the broader ecosystem. A small portion, 0.35%, will be distributed to FTX token holders, acknowledging those who still hold the FTX native utility token.
Pudgy Penguins: A Historic NFT Collection
Launched in 2021, Pudgy Penguins consists of 8,888 unique NFTs and has generated a total trading volume of 389,742 ETH, according to OpenSea. Each NFT grants holders access to exclusive Pudgy Penguin experiences, events, and IP licensing opportunities, solidifying its role as a major player in the NFT and crypto space.
The launch of PENGU is poised to be another milestone for Pudgy Penguins as it continues to innovate and expand within the world of digital assets.
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