In a latest development, the Pudgy Penguins NFT Project has released its own token, PENGU, on the Solana blockchain and allowed NFT holders to claim tokens via an airdrop. Holders of Pudgy Penguins, Lil Pudgys, Rogs, and soulbound tokens (SBTs) were eligible to participate in the airdrop, which went live at 8:00 AM ET.
The PENGU token was announced by Pudgy Penguins on December 5. The goal is to provide millions of Pudgy Penguins fans and a broader audience with a way to connect more directly with the brand.
88 day claim period
According to recent reports, there are now more than 88 billion PENGU tokens circulating on the Solana blockchain. The allocation is structured in such a way that multiple categories of holders benefit from it. The project’s CEO, Luca Netz, noted that in order to claim the tokens, users would need to link both their Ethereum and Solana wallets. The users were also required to have at least $10 worth of SOL tokens in their wallets for gas fees. The claim period is 88 days and any unused tokens will be burned after the expiration of that period.
According to the token’s developers, approximately 25.9% of the total supply is reserved for the Pudgy Penguins community, while 24.12% will go to other communities and new “Huddle” members. Another 17.8% is for team members with a one-year vesting period and a three-year vesting period, while 11.48% is retained by the company under similar circumstances.
Notably, the Holders of Pudgy Toys, physical plushies inspired by the Pudgy Penguins NFT collection available at Walmart and Target, are also eligible for PENGU tokens. The toy is tied to the Pudgy World metaverse and built on Igloo’s Ethereum Layer 2 Abstract Chain, which is currently in testnet. Once the mainnet is live, toy buyers will be able to claim their tokens via a PENGU bridge via LayerZero.
Token price increases by 800%!
Notably, PENGU reached a trading volume of around $90 million in the first hour and within 24 hours, the token’s price increased by 870%, reaching an all-time high of $0.05. Furthermore, the token’s market capitalization reached $3 billion, making PENGU one of the top 200 cryptocurrencies by market capitalization.
Trader makes $8.36 million profit in 20 minutes
One of the most important transactions involved a trader made a profit of $8.36 million within 20 minutes from the token price increase when he bought 239.6 million PENGU with 23,742 SOL and then sold the tokens for 60,726 SOL.
The team said on Discord that in addition to the Pudgy Penguins community, approximately 7 million wallets are eligible to claim PENGU tokens, including users who have interacted with different protocols and members of different communities.
Binance, OKX, Bybit Including PENGU
Several centralized exchanges, including Binance, OKX and Bybit, have listed PENGU. Binance also revealed that it would enable PENGU on several products such as Binance Futures, allowing up to 75x leverage on PENGU/USDT perpetual contracts. OKX has also added the token to its spot trading market.
The release of PENGU has had a positive impact on the Pudgy Penguins NFT market. The floor price for the Pudgy Penguins collection rose to 34.1 ETH (approximately $136,000), marking a 2.6% increase, making the collection the second most expensive on the NFT market after CryptoPunks.
Credit : coinpedia.org
