Key takeaways
- Pudgy Penguins launches PENGU token, Binance announces spot trades and airdrop.
- The total supply of Pengu tokens is set at 88.88 billion, with significant allocations to the community, NFT collections, and the Pudgy Penguins team.
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Pudgy Penguins, the second largest NFT collection by market capitalization, announced that it will launch its PENGU token tomorrow.
Tomorrow. $PENGU. pic.twitter.com/80LHuf9vZj
– Pudgy Penguins (@pudgypenguins) December 16, 2024
The official Pudgy Penguins X account posted a video featuring a Pudgy Penguin holding a token engraved with a penguin symbol, representing the new PENGU token.
Following this announcement, Binance shared its update on confirming that it will launch PENGU for spot trading with pairs including USD, BNB, FDUSD and TRY.
Additionally, Binance announced an airdrop for PENGU, which will be distributed to users participating in Binance’s HODLer Airdrops program.
The token is launched with a total supply of 88,888,888,888 PENGU tokens.
The distribution allocates 25.9% to the Pudgy Penguins NFT community, while 24.12% goes to other NFT communities including Azuki, Bored Ape Mutant Ape, Doodles, and Memeland.
The project team receives 17% with a one-year vesting period and a three-year vesting period.
Additional allocations include 12.35% for liquidity pools and 11.48% for Igloo Inc., the parent company of Pudgy Penguins. Public goods and professional brand expansion will each receive 4% of the supply.
Pre-market trading data from Whale Market shows PENGU trading at $0.05 per token, implying a fully diluted market value of $4.4 billion.
News of the PENGU launch follows the recent surge in Pudgy Penguins NFTs, with the floor price of original NFTs surpassing the $100,000 mark.
Since then, the price floor has continued to rise, reaching a staggering 33 ETH, currently valued at over $133,000, with ETH trading just above $4,000.
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