Pudgy Penguins Releases the PENGU Token: A Detailed Analysis

Yesterday, the team of the well-known NFT project Pudgy Penguins officially released the airdrop of the new token PENGU, debuting with an FDV of 4.4 billion dollars. The launch encountered quite a few problems, but the supporters of the digital penguin collection still celebrated a prize of 92,000 dollars. However, right after the airdrop, the price of Pudgy Penguins dropped by 50%. Let’s see all the details below.

NFT project Pudgy Penguins airdrops new token PENGU

Yesterday, the team behind the well-known NFT project Pudgy Penguins officially released the airdrop of the new token PENGU, debuting with an FDV of $4.4 billion.

The launch encountered some difficulties, but the supporters of the digital penguin collection still celebrated a prize of $92,000.

However, right after the airdrop, the price of Pudgy Penguins dropped by 50%.

Let's see all the details below.

Pudgy Penguins launches the long-awaited airdrop of the PENGU token

Pudgy Penguins, the fourth NFT project in terms of market cap, debuted yesterday in the crypto market with its native token PENGU.

The launch of the new resource was used to celebrate the success of the digital avatar community experienced in the last 3 years.

Since the introduction of the collection of 8,888 items that represent unique and adorable penguins, the ecosystem has grown significantly, attracting extraordinary attention.

The group led by CEO Luca Netz has garnered over 50 billion views across various social media platforms, becoming entrenched in the collective imagination of virtual animation.

Consider even that at Walmart and other 10,000 stores, over 1.5 million toys of this brand have been sold.

The design of penguins, which appear cute and cuddly, has made them highly desirable as profile pictures (PFP) on various social platforms, driving significant speculative activity in the NFT market.

To recognize all the milestones achieved up to today, the Pudgy Penguins team has decided to reward its community by inaugurating PENGU.

Introducing $PENGU, the official coin of Pudgy Penguins.Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6

PENGU has a circulating supply of 62.41 billion tokens, with a maximum supply of 88.88 billion units. It was launched on the Solana blockchain, famous for the solid trading activity in the memecoin sector.

The tokenomics of the new currency is presented as shown in the figure, with the Pudgy community enjoying 25.9% of the supply.

Other groups connected to Pudgy Penguins receive an allocation equal to 24.12%, while the initial liquidity for the crypto exchanges is met with 12.35% of PENGU tokens.

The digital penguins company is allocated 11.48%, while the NFT project team earns 17.8%, both with a one-year cliff and three years of vesting.

A sum of 4% is also allocated for charity works, 4% for marketing purposes, and 0.35% for the holders of FTT.

$92,000 in tokens to the holders of the NFTs: the price of the collection plummets after the launch of PENGU

The airdrop of the PENGU token involved a wide range of users, with over 783,000 addresses claiming the coin. Several people involved in the NFT sector were rewarded, such as holders of the Pudgy Penguins and Lil Penguins collections.

The “Original Gangster” (OG) of the Ethereum and Solana blockchains have also received the incentive, meaning those people who have been active for years in the respective chains.

Here is the link to check eligibility: https://claim.pudgypenguins.com

What stands out the most, however, is the allocation set aside for each individual item of the Pudgy Penguins collection, as at launch it corresponded to a monetary value of $92,000.

At the moment, the holders amount to about 394,000 addresses, highlighting that almost half of the eligible subjects sold PENGU on the first day of trading.

Curious to note how according to Dune Analytics data, 85% of current holders have less than 10,000 PENGU, or about $330.

Check your Pudgy Penguin airdrop allocation 🪂The site is a bit buggy at the momentDeadline: 88 days from nowClaim link:https://t.co/DXmRmmW5MM– Connect your ethereum and phantom wallets to check– Even Ethereum OG users are eligibleLet me know in the comments if you… https://t.co/W9gTVJ41R9 pic.twitter.com/OXI3bE4H8R

Equally interesting to observe how the value on the market of the NFT collection Pudgy Penguins has collapsed, despite the juicy prize received.

While in the last 3 months the price of such virtual penguins had skyrocketed, going from a floor price of about 10 ETH up to 35 ETH, yesterday the value dropped by 50%.

In a few hours, the users who redeemed the PENGU