Pudgy Penguins launches PENGU token on Solana with 88-day claim period
There are about 7 million wallets claiming the token
The parent company of the NFT project Pudgy Penguins, Igloo, Inc., which has led recent weeks in sales volume, announced the launch of the PENGU token on the Solana blockchain.
Starting December 17, for 88 days, several categories of eligible users can connect their wallets and claim PENGU.
The initial launch will take place on Solana, but future updates are expected to include compatibility with Ethereum and Igloo's Ethereum Layer 2 Abstract Chain.
To claim tokens, Igloo CEO Luca Netz advised community members to ensure their Solana wallets contain at least $10 worth of SOL to cover gas fees. However, users can also connect Ethereum wallets.
PENGU tokens will be traded on several centralized exchanges, including Binance, Bybit, and OKX. Binance has announced that PENGU will be integrated into its ecosystem, using features such as Binance Simple Earn, Binance Convert, and Binance Auto-Invest.
Tokenomics and claim eligibility
According to the project's tokenomics, the total supply of PENGU tokens is 88,888,888,888.
25.9% is reserved for the Pudgy Penguins community, 24.12% will go to other communities and new members of the "Huddle."
Approximately 30% of the token supply will remain with the Pudgy Penguins team and Igloo, subject to a three-year vesting schedule, with no distribution within the first year.
The company estimates that around 7 million wallets outside the Pudgy Penguins community could be eligible for PENGU tokens.
These include owners of related assets such as Lil Pudgys, Rogs, SBTs, and purchasers of soft toys recently sold in retail stores like Walmart.
However, before the token launch, there were multiple instances of QR code theft from Pudgy Toys packaging. These toys are linked to the Pudgy World metaverse, powered by Igloo's Ethereum Layer 2 Abstract Chain. After the mainnet launch, toy owners will be able to bridge their tokens through LayerZero.
Currently, the price of PENGU tokens is $0.004999, but after the claim process ends, the circulating supply will decrease, potentially driving the price up.
Amid mixed dynamics in the cryptocurrency market, NFT sales continued to grow, with the Pudgy Penguins collection, which dominated earlier this month, expanding beyond digital art.
