Here’s Everything to Know About Pudgy Penguins’ PENGU Token

Solana-based NFT project Pudgy Penguins will launch its native crypto asset, PENGU, later today. Ahead of the listing, prominent crypto exchanges like Binance, Bybit, and OKX revealed they would list the cryptocurrency. Here’s everything you need to know about Pudgy Penguins’ PENGU token:

Pudgy Penguins to Launch PENGU

Pudgy Penguins is a collection of 8,888 digital collectibles themed around plumpy penguins stored on the Ethereum blockchain. The NFT collection sold out in minutes after Igloo Inc. launched it in July 2021. Over the years, Pudgy Penguins has expanded its tentacles into other blockchains like Solana and explored several businesses, including Pudgy Toys, across stores like Walmart.

The project’s developer team harnessed the Solana network to launch the PENGU token. The digital asset has a total supply of 88,888,888,888 tokens, 25.9% of which will be airdropped to members of the Pudgy Penguins ecosystem, who can claim them within 88 days. These include holders of NFTs, such as Pudgy Penguins, Lil Pudgys, and Pudgy Rogs (or Rogs). Pudgy Toys and other plush toy holders are eligible to claim free PENGU tokens.

The tokenomics added that 24.12% of the supply would be allocated to other communities to onboard the next five million users into its ecosystem.

Although PENGU will initially launch on Solana, it will eventually expand to Ethereum and Abstract, an Ethereum layer-2 network developed by Igloo Inc.

The project’s team believes that launching PENGU will allow the NFT-centric project to reach more audiences, including crypto natives.

Pudgy Penguins’ decision to launch PENGU trails a similar action other NFT-centric projects have explored. Last week, the Solana-based NFT marketplace Magic Eden launched the ME token. A few years ago, the prominent Bored Ape Yacht Club (BAYC) NFT collection saw the introduction of its ecosystem token, Apecoin.

Crypto Exchanges to List PENGU

Even though PENGU has yet to launch, prominent crypto exchanges have indicated they would list the token upon debut. Among them is Binance. The exchange noted that PENGU will feature on its spot and futures market. It added that BNB holders whose assets are locked in the Simple Earn feature will receive portions of the new penguin-themed token.

Other exchanges that have announced their plan to list PENGU include Bybit and OKX.