Pudgy Penguins Token Is Now Launched

Key Points:

• Pudgy Penguins, a leading NFT collection, has launched the PENGU token, which is available for trading on decentralized exchanges.
• Pudgy Toys holders are also eligible for Pudgy Penguins tokens linked to the Pudgy World metaverse.

Pudgy Penguins, the second-largest NFT collection by market capitalization, has finally dropped its long-awaited PENGU token.

Read more: Pudgy Penguins Supports OTC Trading With New Platform   

Pudgy Penguins Token Has Been Launched With Massive Airdrop

The Pudgy Penguins token is now live and tradable on DEXs, with users encouraged to connect their Solana or Ethereum wallets to check whether they are eligible for an airdrop via the project’s official website.

The announcement on Discord estimates that close to 7 million wallets are eligible for the airdrop. There is a period of 88 days in which users can claim their Pudgy Penguins tokens, after which the unclaimed tokens will be burnt, reducing the total supply.

Igloo CEO Luca Netz recommended that participants make sure their Solana wallets have at least $10 worth of SOL for gas fees. Claiming requires wallets on both Solana and Ethereum, so desktop wallets are preferred.

The project also allows users to link their wallets to their Pudgy Penguins NFTs during the claim process, which will enable cross-chain airdrops from other projects on Ethereum and Solana. Holders of Pudgy Toys, along with physical plushies inspired by the NFT collection, are also eligible for tokens.

These toys, connected to the Pudgy World metaverse, run on Igloo’s Ethereum Layer 2 Abstract Chain. When the mainnet is live, a LayerZero bridge will allow the buyers of the toys to claim their PENGU tokens.

Market Buzz as PENGU Debuts With $443 Million Valuation

The tokenomics are as follows: 25.9% to the Pudgy Penguins community and 24.12% to other NFT communities, such as Azuki and Bored Ape Yacht Club. Further distributions include 17% to the project team, 12.35% to liquidity pools, and 11.48% to Igloo Inc. Smaller allocations go to public goods and brand expansion.

The pre-market trading price of PENGU, at $0.005 per token, represents a fully diluted market valuation of $443.35 million. The Pudgy Penguins token launch comes amid a surge in the prices of NFTs, with floor prices exceeding $100,000.