Ethereum

Token

2024

Pudgy Penguins will launch its official native token this year. The token is dubbed PENGU with a token supply of more than 88 billion tokens. 
The viral Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>) <a rel="" href="https://crypto.news/tag/nft/">Non-Fungible Token</a> collection featuring a cartoon penguin is set to launch its official token PENGU, which will be listed on Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>) in 2024. Though, the official <a rel="nofollow" href="https://x.com/pudgypenguins/status/1864851993094664602" target="_blank">announcement</a> on X did not mention a specific launch date, the caption did specify that it will be launching within this year. 
“Pudgy Penguins was one of the early pioneers of crypto culture and continues to be a driving force behind the mass adoption of crypto assets. The launch of PENGU marks the beginning of a prophecy years in the making,” wrote the Pudgy Penguin account. 
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 PENGU will have a total supply of 88,888,888,888 and will launch on Solana. Check out our tokenomics and distribution below: <a rel="nofollow" href="https://t.co/I8WFBBa3mW" target="_blank">pic.twitter.com/I8WFBBa3mW</a>— Pudgy Penguins (@pudgypenguins) <a href="https://twitter.com/pudgypenguins/status/1864852026212983067?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">December 6, 2024</a>
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According to the post, PENGU will prepare a total supply of more than 88 billion tokens on the Solana blockchain. The Igloo inc-backed NFT collection plans to allocate 25.9% of the tokens to the Pudgy community and 24.12% to other communities, including around 5 million potential new huddle members. 
Moreover, approximately 11.48% of the token supply will be allocated to the company, while 17.8% will go to current and future team members. When combined, this means that nearly 30% of the PENGU token supply will go to the company and team members. 
 You might also like: <a rel="" href="https://crypto.news/heres-what-hashkeys-30-token-allocation-for-staff-could-mean-for-investors/"> Here’s what HashKey’s 30% token allocation for staff could mean for investors </a> 
However, the tokens allocated to the company and its team members are bound by a one-year cliff period and a three year lock-up period. This means token holders will not be able to sell or transfer any PENGU tokens until one year has passed, afterwards tokens will be gradually released over a period of three years. 
Aside from team members and community, 12.35% of the total token supply will go to maintaining token liquidity, 4% will be allocated to public good and 4% for proliferation. 
The announcement also mentioned that 0.35% of the tokens will go to FTT (<a rel="" href="https://crypto.news/price/ftx/">FTT</a>) holders, which are traders who still hold the <a rel="" href="https://crypto.news/tag/ftx/">FTX</a> native utility token. 
Launched in 2021, Pudgy Penguins is a collection of 8,888 NFTs with a total volume of 389,742 ETH according to <a href="https://opensea.io/collection/pudgypenguins" target="_blank" rel="nofollow">OpenSea</a>. Along with getting a unique penguin icon, each NFT holder also receives access to Pudgy Penguin experiences, events, IP licensing opportunities among others. 
 You might also like: <a rel="" href="https://crypto.news/pudgy-penguins-floor-price-rises-key-metrics-improve/"> Pudgy Penguins floor price rises as key metrics improve </a>

Pudgy Penguins plans to launch native token PENGU by end of 2024

crypto.news

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