Pudgy Penguins, renowned as the second-largest NFT collection by market cap, has introduced the much-anticipated PENGU token. The token launches with a predicted fully diluted valuation (FDV) of $4.4 billion, marking a significant milestone for the Pudgy Penguins ecosystem. Binance has emerged as a pivotal partner, confirming the initiation of spot trading for the token with pairs including USD and BNB, as well as announcing an associated airdrop for participants in its HODLer Airdrops program.
The PENGU token comes to market with a total supply of 88.88 billion tokens. A noteworthy portion, 25.9%, is allocated to Pudgy Penguins' NFT community, with another 21.12% distributed across various other NFT communities such as Bored Ape and Azuki.
The Pudgy Penguins team received a 17% allocation, subject to a one-year cliff and three-year vesting schedule. Furthermore, 12.35% is directed toward liquidity pools, while 11.48% will bolster Igloo Inc., the parent company. Investing in public goods and brand expansion accounts for an additional 4% of the supply.
Market data from Whale Market reveals the PENGU token trading at $0.05, leading to its substantial FDV. The announcement has had ripple effects.
The Pudgy Penguins' floor price has soared past $100,000, a rise of more than 20%, fueled by enthusiasm for the NFT project and impending Solana airdrop. Previously, the NFT collection hit a monumental high trading at $62,000. Pudgy Penguins has made it clear that the PENGU token will be integrated with Solana, offering rewards to NFT holders and ecosystem participants.
Through these developments, Pudgy Penguins has cemented its status as the second-most valuable profile picture (PFP) NFT project, experiencing a 99% surge over the past week. This ascension notably outstrips the Bored Ape Yacht Club.