Pudgy Penguins PENGU token airdrop goes live
Pudgy Penguins, a well-known non-fungible token project, has introduced its PENGU token. Eligible participants have 88 days to claim their tokens before they are burned and essentially taken out of circulation.
$PENGU is now live.
— Luca Netz 🐧✳️ (@LucaNetz) December 17, 2024
Ca:
2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv https://t.co/9sTzfRywtI pic.twitter.com/SwmFbao7eq
A trader made an incredible 36,984 $SOL($8.36M) profit by trading $PENGU in less than 20 minutes.
— Lookonchain (@lookonchain) December 17, 2024
As soon as $PENGU launched, the trader spent 23,742 $SOL($5.36M) to buy 239.6M $PENGU and later sold it for 60,726 $SOL($13.72M).
A massive profit!😱https://t.co/hIpkzxZjES pic.twitter.com/z5ZDKL3cfn
The team stated on Discord that about 7 million wallets, including users who have interacted with different protocols and members of different communities, are eligible to claim PENGU tokens in addition to the Pudgy Penguins community.
PENGU token launches with a total supply of 88,888,888,888
According to the project, PENGU token has a total supply of 88,888,888,888 and will be launched on the Solana network. Ethereum and Abstract Chain compatibility will follow. The Ethereum network is the foundation of Pudgy Penguins NFTs.
On Tuesday, claims for holders of Pudgy Penguins, Lil Pudgys, SBTs, and Rogs went live at 8 a.m. ET. The CEO of the firm supporting the project, Igloo, Luca Netz, confirmed on X that trading on centralized cryptocurrency exchanges like Binance, Bybit, and OKX will come next.
In the Pudgy Penguins ecosystem, rogs are rare and collectible items, and soulbound tokens, or SBTs, are non-transferable tokens that are issued to symbolize participation, achievements, or identities. For the core collections, claims are linked to the NFTs themselves; for SBTs, a snapshot was taken on December 8.
PENGU tokenomics
Regarding PENGU's tokenomics, the Pudgy Penguins community will receive 25.9% of the supply, with the remaining 24.12% going to other communities and new "Huddle" members. The company will keep 11.48% of the PENGU supply under the same terms, and 17.8% are reserved for present and future team members with a one-year cliff and a three-year vesting period.
Associated gas fees to make claims
Netz advised participants prior to the launch to make sure their Solana wallet had at least $10 in SOL in order to cover the gas costs involved in submitting their claims. They also mentioned that holders of the Pudgy Penguins ecosystem would have to connect both their Solana and Ethereum wallets in order to make a claim, so desktop wallets would be the most appropriate.
During the claiming process, users can create a universal name that connects their Pudgy Penguin to their wallet, the team explained on its official Discord channel. This makes it possible for other projects to airdrop tokens to holders on Solana and Ethereum.
PENGU tokens can also be earned by holders of Pudgy Toys, which are physical plush toys based on the Pudgy Penguins NFT collection and sold online and at Walmart and Target.
Pudgy Penguins now the second-largest NFT collection
Since its launch in 2021, Pudgy Penguins has grown to become one of the industry's most popular NFT collections. The anticipated token launch was first announced by Pudgy Penguins on December 5. Four days later, whaleinsider.news reported that the Pudgy Penguins has overtaken Bored Ape Yacht Club (BAYC) to become the second-largest NFT collection in terms of market capitalization.
PENGU price increases over 500% as Pudgy Penguins airdrop goes live
The price of Pudgy Penguins' PENGU token has increased by more than 500% since its launch and distribution via airdrop. Immediately following its launch, the Solana-based token saw a notable increase in trading volume, indicating high demand from both NFT holders and the broader cryptocurrency market.
In its first hour of trading, the PENGU token generated a trading volume of roughly $90 million, marking a successful debut. As of the time of writing. The token price jumped 528.96% and is currently trading at $0.03144 in the last 24 hours, according to CoinMarketCap.
Crypto trader earns $8.36 million from PENGU token's price surge
A trader who profited $8.36 million in 20 minutes due to the token's price spike was involved in one of the most significant transactions. Using 23,742 SOL, the trader purchased 239.6 million PENGU, which he later sold for 60,726 SOL.
Disclaimer
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