Pudgy Penguins to Launch Pengu Cryptocurrency Token on Solana by 2024-End
Pudgy Penguins, an NFT brand known for its digital collectibles, plans to launch its cryptocurrency token, Pengu, by the end of 2024. This marks a significant development as the brand expands within and beyond blockchain.
Pengu Tokenomics
Pengu will be launched on the Solana network with a total supply of 88,888,888,888 tokens, allowing fans and newcomers to engage with the Pudgy Penguins ecosystem. The NFTs will continue to operate on the Ethereum network.
The tokenomics include a community-focused distribution: 25.9% for the Pudgy Penguins community, 24.12% for other communities and new "Huddle" members, 17.8% for team members with vesting schedules, and 11.48% under company control.
Pudgy Penguins has advised its community to remain cautious of scams related to the token launch, warning against fake websites or tokens.
Partnerships with Walmart and Target have helped Pudgy Penguins reach millions, leading to 50 billion online views. The announcement follows the October revelation of a AAA mobile game, indicating the brand's strategy to diversify offerings.
Challenges in the NFT Landscape
Despite innovation, the NFT market faces challenges. As of November 2024, analysts report that 96% of over 5,000 NFT collections have ceased trading activity, experiencing no sales for more than seven days and lacking social media presence.
Regulatory scrutiny from the US Securities and Exchange Commission (SEC) has impacted the sector, with enforcement actions highlighting compliance risks. Luca Schnetzler, CEO of Pudgy Penguins, has criticized the SEC’s actions, advocating for clearer regulations.
Pudgy Penguins shows resilience in the market with a floor price of 17.75 ETH (approximately $68,535) and a market cap of $609 million. Trading volume surged by 245% in the past day.