Key Takeaways
- Pudgy Penguins launches the PENGU token, with Binance announcing spot trading and an airdrop.
- Pengu token’s total supply is set at 88.88 billion, with significant allocations to the community, NFT collections, and the Pudgy Penguins team.
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Pudgy Penguins, the second-largest NFT collection by market cap, announced that they will launch their PENGU token tomorrow.
Tomorrow. $PENGU. pic.twitter.com/80LHuf9vZj
— Pudgy Penguins (@pudgypenguins) December 16, 2024
The official Pudgy Penguins X account posted a video showcasing a Pudgy Penguin holding a token engraved with a penguin symbol, representing the new PENGU token.
Following this announcement, Binance shared its update on X, confirming that it will launch PENGU for spot trading with pairs including USD, BNB, FDUSD, and TRY.
Additionally, Binance announced an airdrop for PENGU, which will be distributed to users participating in Binance’s HODLer Airdrops program.
The token launches with a total supply of 88,888,888,888 PENGU tokens.
The distribution allocates 25.9% to the Pudgy Penguins NFT community, while 24.12% is designated for other NFT communities including Azuki, Bored Ape Mutant Ape, Doodles, and Memeland.
The project team receives 17% with a one-year cliff and three-year vesting period.
Additional allocations include 12.35% for liquidity pools and 11.48% for Igloo Inc., Pudgy Penguins’ parent company. Public goods and professional brand expansion will each receive 4% of the supply.
Pre-market trading data from Whale Market shows PENGU trading at $0.05 per token, implying a fully diluted market value of $4.4 billion.
The news of PENGU’s launch follows the recent surge in Pudgy Penguins NFTs, as the floor price of the original NFTs surpassed the $100,000 mark.
Since then, the floor price has continued to rise, reaching a staggering 33 ETH, which is currently valued at over $133,000, with ETH trading just above $4,000.
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