"Pudgy Penguins" to Launch Token PENGU as NFT Floor Price Nears All-Time High
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"Pudgy Penguins" to Launch Token PENGU as NFT Floor Price Nears All-Time High
The CEO of Pudgy Penguins once claimed that the floor price of "Pudgy Penguins" would reach 200 ETH in this cycle.
Navigating Web3 tides with focused insightsCompiled by: Felix, PANews
Pudgy Penguins, an Ethereum NFT project, announced today that it will launch its token PENGU on the Solana blockchain in 2024, with a total supply of 88,888,888,888 tokens. Although PENGU is built on Solana, Igloo—the parent company of Pudgy Penguins—stated that PENGU will adopt a multi-chain deployment strategy and will also be launched on Ethereum and Abstract Chain in the future.
The PENGU token distribution focuses heavily on community building and ecosystem development. The detailed allocation is as follows:
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25.9% for Pudgy Penguins community
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24.12% for other communities
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17.8% for team (1-year lock-up, linear vesting over 3 years)
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11.48% for partners (1-year lock-up, linear vesting over 3 years)
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12.35% for liquidity support
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4% each for marketing and public sale
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0.35% for FTT holders
The official team stated that over the past three years, Pudgy Penguins has become a representative of cryptocurrency, amassing millions of fans globally and achieving over 50 billion cumulative views across content platforms. With the launch of the PENGU token, more fans will have the opportunity to participate in the project's ecosystem.
Following this announcement, according to NFT Price Floor data, the floor price of Pudgy Penguins surged 19.87% within 24 hours to reach 17.98 ETH, with a current market cap of approximately $617 million. Its 24-hour trading volume reached 2,433 ETH, up 227.99%. This floor price is approaching the historical high of 20.5 ETH set in February 2024.
Launched in 2021, Pudgy Penguins consists of 8,888 penguin-themed profile picture (PFP) NFTs and is known for its cute, quirky designs and inclusive community spirit. In 2022, Luca Netz acquired the project from its original founders. Under his leadership, Pudgy Penguins transformed from a failed project into a prominent crypto-native intellectual property (IP).
Last September, Pudgy Penguins launched its toy product line, Pudgy Toys, in 2,000 Walmart stores across the United States. The product series received widespread mainstream attention, allowing users to scan QR codes to claim unique traits of their digital "Forever Pudgy" characters within Pudgy World—an online virtual world built on zkSync Era. The launch significantly boosted brand visibility, cultivated a large social media following, and demonstrated the potential for integration between NFTs and traditional retail markets. Earlier this year, Pudgy Penguins won a Walmart Business Award, and Pudgy Toys are set to return to Walmart stores in 2025.
Regarding the value of Pudgy Penguins, Luca Netz claimed in July this year that the collection would reach a floor price of 200 ETH in this market cycle. However, based on current prices, that target remains distant.
Nevertheless, with the overall recovery of the crypto market, the NFT sector is heating up again. November saw $562 million in NFT sales, the highest monthly volume since May this year. Prices for blue-chip collections like CryptoPunks and Bored Ape Yacht Club remain strong, while Pudgy Penguins achieved a 37.7% gain within a week.
Given the resurgence of the NFT market and the upcoming launch of the PENGU token, whether the ambitious target of a 200 ETH floor price can be realized in the future remains to be seen.
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