Pudgy Penguins Launches PENGU on Solana with 88-Day Limited Redemption

• Pudgy Penguins launches PENGU with 88,88 billion supply.
• Redemption available for 88 days on the Solana blockchain.
• Tokens connect NFTs, Pudgy Toys and Abstract Chain.

The NFT project pudgy penguins officially launched its long-awaited token PENGU on the blockchain Solana, establishing a deadline of 88 days so that eligible holders can claim your allocations before unclaimed tokens are burned. With a total supply of 88,88 billion units, the launch represents a significant milestone for the brand's expansion into the cryptocurrency and NFT ecosystem.

$PENGU is now live.

CA: 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv

Learn more how to claim your PENGU below. pic.twitter.com/ROWgq02YbF

— Pudgy Penguins (@pudgypenguins) December 17, 2024

Redemption is available to holders of pudgy penguins, Lil Pudgys, Rogs and non-transferable tokens (SBTs), as announced by Luca Netz, CEO of Igloo, the company behind the project. To carry out the process, it is necessary to connect Ethereum and Solana wallets, in addition to having US$ 10 in SOL to cover transaction fees. Desktop wallets were recommended for greater practicality in the process.

In addition to holders of digital NFTs, owners of Pudgy Toys — physical plush toys available at chains like Walmart and Target — will also be eligible for the token PENGU. Toys are connected to the metaverse Pudgy World, integrated into Abstract Chain, Ethereum's layer 2 solution currently in testing. Once the mainnet is live, it will be possible to use the Layer Zero to redeem the tokens.

PENGU Token Allocation

The supply of 88,88 bilhões of PENGU was strategically distributed:

• 25,9% for the Pudgy Penguins community;
• 24,12% to other NFT communities such as Azuki and Bored Ape Yacht Club;
• 17,8% reserved for the team, with a 3-year vesting period after a one-year grace period;
• 12,35% for liquidity pools;
• 11,48% destined for Igloo Inc., the company responsible for the project;
• 4% allocated to public initiatives and brand expansion;
• 0,35% for FTT token holders.

The launch of the PENGU has already started to move the market, with the token available for trading on exchanges such as Binance, bybit e OK, in pairs like USD, BNB Faucet, FDUSD e TRY. Preliminary data shows that PENGU recorded US$90 million in trading volume within the first hour of launch, reaching an initial market capitalization of US $ 2,3 billion.

Impact on Pudgy Penguins NFTs

With the hype surrounding the token, the floor price of Pudgy Penguins NFTs has skyrocketed 2,6%, reaching 34,1 ETH (about U.S. $ one thousand 136), consolidating its position as the second most valuable NFT collection, second only to CryptoPunks. The surge comes as the NFT market struggles to recover from a prolonged slump.

The Pudgy Penguins project had previously distinguished itself with over 50 billion views on social media and entering physical retail through Pudgy Toys. The launch of PENGU reinforces the brand's strategy of uniting the physical and digital world, bringing innovation and expanding the reach of the ecosystem.

According to the project team, about 7 million wallets will be eligible to redeem PENGU, including users from other Web3 protocols and communities. Additionally, the token is designed to enable future integrations with the Ethereum blockchain and its Abstract Chain.

Interested participants should be aware of the deadline for 88 days to redeem PENGU as unclaimed tokens will be permanently removed from the supply.