Pudgy Penguins launches the PENGU token and gives an airdrop worth 92,000 dollars to the NFT holders
The Pudgy Penguins NFT project has launched its native token, PENGU, and alongside it, a $92,000 airdrop for NFT holders, celebrating the community’s growth and success. Here’s an overview of the key points:
Launch and Airdrop: The PENGU token debuted with a Fully Diluted Valuation (FDV) of $4.4 billion and a circulating supply of 62.41 billion tokens, with a maximum supply of 88.88 billion. The airdrop involved over 783,000 addresses, including holders of the Pudgy Penguins and Lil Penguins collections, as well as long-time users on the Ethereum and Solana blockchains. Each Pudgy Penguin NFT holder received an airdrop valued at $92,000 at launch.
Tokenomics: The PENGU token has the following allocations:
25.9% for the Pudgy community
24.12% for other connected groups
12.35% for initial liquidity
11.48% for the Pudgy Penguins company
17.8% for the NFT project team
4% for charity
4% for marketing
0.35% for FTT holders
Initial Trading: The token was launched on Solana's blockchain and was listed on major centralized exchanges such as Bybit, Bitget, Okx, and Gate.io, as well as decentralized exchanges like Raydium and Orca. The initial trading price of PENGU was around $0.05 per token, but within hours, selling pressure dropped the price to around $0.027 before stabilizing at $0.033.
Market Reaction: Despite the excitement surrounding the airdrop, the Pudgy Penguins NFT collection saw a 50% drop in price shortly after the launch of the token. The price of Pudgy Penguins NFTs, which had recently surged from about 10 ETH to 35 ETH over the past three months, plummeted, suggesting that many holders had purchased the NFTs just to qualify for the airdrop and had little long-term interest in the NFTs themselves.
Current Market: As of now, the PENGU token has a market cap of $2 billion and an FDV of $3 billion. Data from Dune Analytics shows that 85% of holders possess less than 10,000 PENGU tokens (worth about $330), indicating that most participants received a relatively small payout.
The massive drop in the value of the Pudgy Penguins NFTs post-airdrop points to a lack of sustained utility or long-term interest in the NFTs, with many users seemingly holding them just for the airdrop reward.
The token's volatility reflects the speculative nature of such projects, with significant early selling pressure despite the token’s large initial valuation.
The project continues to garner attention, with PENGU now actively traded on prominent platforms, and the Pudgy Penguins brand enjoying global popularity through various ventures, including toy sales.
This release underscores the ongoing intersection of the NFT and cryptocurrency markets, where community-driven initiatives like airdrops can drive short-term excitement but also result in market corrections as participants quickly monetize their rewards.
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