Popular non-fungible token project Pudgy Penguins is launching its own cryptocurrency named Pengu within this year, its team announced in an X post on Thursday.
“With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto that see and share the Pudgy Penguin every day finally have the opportunity to align themselves with the character,” the project said.
The Pengu token is expected to launch on the Solana network with a total supply of 88,888,888,888. Pudgy Penguins NFTs, however, are based on the Ethereum network.
An image attached to the X post described Pengu’s tokenomics, showing that 25.9% of the supply is allocated to the Pudgy Penguins community, while 24.12% will be distributed to other communities and new "Huddle" members.
Roughly 17.8% will be set aside for current and future team members with a one-year cliff and a three-year vesting period. The company will retain 11.48% of the Pengu supply under the same conditions.
Pudgy Penguins, launched in 2021, has grown to become one of the most popular NFT collections, expanding its presence offline by securing retail partnerships with Walmart and Target.
Pudgy Penguins have a floor price of around 17.75 ETH ($68,535) and a market cap of around $609 million, according to CoinGecko data. Its trade volume surged 245% in the past day to 2,082 ETH, or roughly $8 million.
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