Pudgy Penguins To Issue A Token Called PENGU This Year On Solana

Pudgy Penguins launched three years in the past as a set of 8,888 NFTs that includes the colourful and humorous birds. Now, the workforce behind the mission has introduced that they are going to subject a token referred to as PENGU on the Solana blockchain this 12 months. 23.5% of the 88 billion PENGU tokens shall be reserved for house owners of the mission’s NFT collections, similar to Pudgy Penguins, Lil Pudgys, Pudgy Rods, and extra. One other 22.02% shall be accessible to the Solana and Ethereum communities, and 12.32% shall be reserved to supply liquidity on decentralized exchanges.

Pudgy is among the many uncommon collections which have managed to retain cultural relevance within the NFT enterprise after the worth collapse of the 2021-2022 bull market. Many NFTs lacked any actual utility past digital bragging rights. It was additionally troublesome to completely understand earnings after worth spikes, because the market liquidity was usually inadequate to satisfy orders.

Pudgy Penguins are the third-largest NFT assortment by market cap, with a complete of $550 million, behind solely CryptoPunks and Bored Apes Yacht Membership. The gathering launched in 2021, and every penguin is hand-painted and options completely different distinctive options, similar to a background, physique, face, head, and pores and skin. The official Pudgy Penguins social media channels have over 3 million followers, and movies that includes the characters have been seen 32 billion occasions on Giphy.

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