Thoughts on PENGU.
Written by: Crazy Sleep in the Rain
First, let me mention three points that I am quite bullish on:
- Pudgy Penguins has survived a series of events, including team changes and FUD against the new team, and is doing quite well. The key to this is the team's strong self-sustaining ability—making money through selling toys and other operations utilizing the penguin IP (the toys are selling very well), which ensures the long-term operation of the project. For example, launching a metaverse and issuing tokens are some of the results of its operations.
It is important to note that after Blur captured user attention, many NFT projects declined due to "losing royalty income." This issue sparked a lot of debates. You need money to do things; without money, it’s hard to get things done. Isn’t the Ethereum Foundation also selling $ETH to operate? (manual dog head), the struggling Ethereum Foundation.
The team is the core of a project's continuous development and expansion. The new penguin team has already proven itself—self-sustaining + creating new expectations for the market (drawing a bigger pie).
- $PENGU Valuation
We can now completely regard $PENGU as a memecoin—a meme of an NFT IP, that’s the general feeling. I see many people treating $PENGU as a meme, comparing it to projects like $DOGE, $MEME, and $SHIB. However, considering its upcoming Abstract L2 launch, perhaps we should view it as a Layer2 Ticker.
Abstract is built on the ZKSync ZK Stack framework, with the mainnet launch expected in January 2025. Abstract's feature is Native Account Abstraction. Simply put, users can create and use wallets with social information like email. The penguin team aims to develop Abstract into a consumer application chain (friends who have seen my previous tweets should know I am optimistic about this concept).
Another point is that Abstract will distribute the income from on-chain sorters to token holders who actively participate in governance, and the tokens involved in governance and dividends will likely be $PENGU. Token holders participating in governance will have the right to direct future token emissions to a specific ecological project.
Some projects have already confirmed they will deploy on the Abstract mainnet after its launch.
It is worth mentioning that the penguin team will achieve the circulation of $PENGU between Abstract and the Solana ecosystem through LayerZero.
However, considering the initial cold start and subsequent development, Abstract will likely have its own token in the future. $PENGU may become a medium for users to obtain Abstract tokens, for example, by staking to accumulate points, similar to Blur - Blast. Initially, governance will be conducted through $PENGU, and later it will be jointly governed by the Abstract token and $PENGU holders. (I haven’t found a definitive statement regarding the Abstract token; if you know where to find it or if I misunderstood, feel free to share and correct me.)
By the way, the background of the investors is also quite good.
- Most airdrop recipients have already sold their chips. The general process is as follows: wash trading, absorbing chips, pumping, and then selling.
Now, let’s discuss two bearish points ⬇️
Currently: The overall market is not doing well, and as we enter the Christmas - New Year period, the market is generally weak; now is not a good time to buy coins. However, this period usually gives us a bottom.
In the future: When the Abstract mainnet launches, Pudgy Toys players will receive $PENGU airdrops, which may create some new selling pressure. I think the impact won’t be significant.
If you like $PENGU and want to buy, it’s best to wait for the market to stabilize + for $PENGU to level out. The expectation is that Abstract may have a connection with $PENGU. If there is no connection, for short-term holders, selling is a better choice; for long-term holders, we can only hope for Abstract's future performance.
DYOR
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