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

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

Pudgy is among the many uncommon collections which have managed to keep up their cultural relevance within the NFT enterprise after the collapse of costs 2021-2022 bull market. Many NFTs lacked any use aside from digital bragging rights. It was additionally tough to completely understand earnings after value spikes, as market liquidity was typically inadequate to execute orders.

Pudgy Penguins is 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 has a number of distinguishing options corresponding to a background, physique, face, head and pores and skin. Pudgy Penguins’ official social media channels have greater than 3 million followers, and movies that includes the characters have been considered 32 billion occasions on Giphy.

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