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Pudgy Penguins has made a new announcement of their official coin launch, PENGU, scheduled for release in 2024 on the Solana blockchain.
Pudgy Penguins has a broad fanbase for its non-fungible token (NFT) collection. In a recent X post, the Pedgy Penguins team shared the success they earned over the last three years.
The team announced that they had amassed over 50 billion views on social media combined. Here’s the latest about their new PENGU coin.
What is PENGU coin?
The PENGU coin is slated to launch with a total supply of 88,888,888,888 coins. Their NFT collection also has a collection of 8,888 different pieces. The coins are allocated and distributed as below for various purposes:
- 25.9% for the PUDGY community.
- 24.12% for other communities.
- 17.48% for the current and future team.
- 12.35 for liquidity.
- 11.48% for the company.
- Public goods and proliferation receive 4% each.
- 0.35% for FTT holders.
Following the announcement, there has been much speculation about the potential of the token. In a recent podcast with WSH Podcast’s Kevin, Pudgy Penguin’s owner Luca Netz stated that “there is a PENGU prophecy where some people claim that the PENGU meme coin can be bigger than any other meme coin.”
Netz spoke about how Pudgy Penguins evolved and shifted towards more crypto-centric operations due to community demand. Natz highlighted the limitations of previous approaches, such as high-profile retail partnerships with Walmart, which did not benefit the community or reflect positively on the platform’s market performance.
Netz expressed: “I hate doing something and not moving the needle,” showing his frustration with efforts that failed to generate anticipated rewards for the community.
The introduction of a liquid token aimed to rectify these issues and make the platform’s successes more financially beneficial for token holders.
Pudgy Penguins NFT price surges
Following the news, Pudgy Penguins NFT floor price surged to its highest price in over six months. At the time of writing, the NFT collection was trading at a floor price of 18.75 ETH, a 130% monthly increase. Its daily trading volume also surged by nearly 400%.
Pudgy Penguins was launched on the Ethereum blockchain on 23 July 2021. During that time, the collection was sold out in 20 minutes. The NFT gained further attention in August 2021 when New York Times writer Kevin Roose published a story about the project’s role in the Metaverse.
However, the collection has faced several backlashs over the years, with founders called out for their inability to deliver on promises such as developing a game, token, and educational content on NFTs. The breaking point came when community members overwhelmingly voted to remove co-founder Cole ‘Cole Thereum’ from leadership.
The NFT collection was later acquired by Netz in April 2022 for 750 ETH. Under his leadership, the collection expanded into physical merchandise and partnerships. The new token launch has seemingly revived its declining engagement, but NFT collections, in general, continue to fade.
It would be interesting to see whether the PENGU token can help Pudgy Penguins revive in a dying NFT industry or if the hype would be short-lived.
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01.
What is Pudgy Penguin?
Pudgy Penguins is a collection of 8,888 unique NFT artworks featuring cute, hand-drawn penguin characters, launched on the Ethereum blockchain in July 2021. The project embodies themes of love, empathy, and compassion, offering holders access to exclusive experiences, events, and licensing opportunities. In April 2022, entrepreneur Luca Netz acquired Pudgy Penguins for 750 ETH (approximately $2.5m), leading to expanded ventures like physical merchandise and toys.
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02.
Are NFTs still profitable?
The profitability of NFTs has significantly declined since their peak in 2021. By September 2023, reports indicated that over 95% of NFT collections had zero monetary value, suggesting that the market has cooled and many assets have become worthless. While some high-profile NFTs may still hold value, the overall market has seen a downturn, making profitability less certain.
