Pudgy Penguins Unveils Plans to Release New Token, PENGU

Pudgy Penguins, a standout in the NFT world, is branching out into cryptocurrency with the launch of its own token. Famous for its quirky, hand-drawn penguin NFTs, this collection has earned a dedicated following, amassing millions of fans across social media platforms such as Instagram, X (formerly Twitter), and YouTube. The project, which began three years ago with 8,888 unique digital penguins, is now gearing up to launch the PENGU token on the Solana blockchain.

The PENGU token, which will have a total supply of 88 billion coins, will be distributed with 23.5% allocated to holders of Pudgy Penguins NFTs, including related collections like Pudgy Rods and Lil Pudgys. Another 22.02% of the supply will be made available to the broader Solana and Ethereum communities, while 12.32% will be used to provide liquidity on decentralized exchanges.

The Pudgy Penguins team explained that the token gives their vast community an opportunity to become even more connected to the brand. “With $PENGU, the millions of fans and hundreds of millions who engage with Pudgy Penguins can now align with the characters and be part of The Huddle,” they said in a statement.

Despite the challenges the broader NFT space has faced in recent years, Pudgy Penguins has managed to maintain its relevance and cultural impact. Many NFT collections have struggled after the market downturn following the 2021-2022 bull run, with some losing value and lacking any real utility. Pudgy Penguins, however, has stayed popular due to its vibrant community and consistent engagement.

In the past two years, the popularity of fun tokens and memecoins, similar in nature to NFTs, has surged, partly due to their lower cost, viral nature, and ease of use. These types of assets have attracted large numbers of retail investors, building communities similar to those around NFTs but in a new form.

The Pudgy Penguins brand extends beyond just digital art. With over 3 million followers across social media, its videos on Giphy have accumulated a staggering 32 billion views. One of the brand’s TikTok accounts promotes “Pudgy Kindness,” a movement focused on spreading positivity, making the brand’s reach extend far beyond crypto enthusiasts.

Additionally, Pudgy Penguins has successfully expanded into physical merchandise through the Pudgy Toys line, which launched last year. The brand has sold over $10 million worth of products, including plush toys and igloos, with items available at major retailers like Walmart, Target, and Amazon.

Currently, Pudgy Penguins holds the title of the third-largest NFT collection by market capitalization, valued at $550 million, behind only CryptoPunks and Bored Apes Yacht Club. Since its launch in 2021, each penguin in the collection has been meticulously hand-drawn, with unique traits that set them apart from other digital collectibles, making them highly sought after by collectors and enthusiasts alike.