Pudgy Penguins To Concern A Token Referred to as PENGU This Yr 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 staff behind the challenge has introduced that they’ll concern a token referred to as PENGU on the Solana blockchain this yr. 23.5% of the 88 billion PENGU tokens might be reserved for house owners of the challenge’s NFT collections, reminiscent of Pudgy Penguins, Lil Pudgys, Pudgy Rods, and extra. One other 22.02% might be out there to the Solana and Ethereum communities, and 12.32% might be reserved to offer liquidity on decentralized exchanges.

Pudgy is among the many uncommon collections which have managed to retain cultural relevance within the NFT enterprise after the value collapse of the 2021-2022 bull market. Many NFTs lacked any actual utility past digital bragging rights. It was additionally troublesome to totally understand earnings after value spikes, because the market liquidity was typically 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 totally different distinctive options, reminiscent of 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 instances on Giphy.

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