Popular NFT brand Pudgy Penguins announced the launch of its native PENGU token on the Solana blockchain by the end of 2024. This could be a pivotal moment for the NFT brand which has been lately struggling due to the slowdown in the NFT market. As a result, the popular NFT brand is looking to expand its footprint in the fun games and meme coin market and revive its prospects.
PENGU Token Will Have A Total of 88 Billion Tokens Supply
According to an official post on X, PENGU will debut on the Solana network with a total supply of 88,888,888,888 tokens. The goal is to provide fans and newcomers a chance to connect with the Pudgy Penguins ecosystem. However, users must note that the Pudgy Penguins NFTs will continue to operate on the Ethereum blockchain network.
To incentivize community participation, Pudgy Penguins ensures a fair and equitable distribution of the tokens. Approximately 23.5% of the 88 billion PENGU tokens will be allocated to holders of the project’s NFT collections, including Pudgy Penguins, Lil Pudgys, and Pudgy Rods. Additionally, 22.02% will be distributed to the Solana and Ethereum communities, while 12.32% is designated for providing liquidity on decentralized exchanges. In an official statement, the Pudgy Penguin team noted:
“With $PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people who see and share the Pudgy Penguin every day now get the opportunity to align themselves with the character and become a part of The Huddle”.
How Can the Pudgy Tokens Succeed
The launch of the PENGU token could be a pivotal moment for the Pudy Penguin ecosystem including the future of NFTs, blockchain games and meme coins. Despite the NFT market downturn, the platform stands out for its ability to attract public interest. Below are the three major advantages of launching PENGU on the Solana blockchain.
- Expanding ecosystem: Solana’s rapidly growing blockchain ecosystem, known for its scalability and increasing adoption in the DeFi sector, makes it a popular choice for token creation.
- Community-driven approach: By allocating a significant portion of tokens to Pudgy Penguins non-fungible token holders, the project seeks to deepen connections with its dedicated fanbase while attracting new participants.
- Cultural significance: Pudgy Penguins, as an established and recognizable brand, is well-positioned to promote Pengu beyond the crypto space, leveraging its broader appeal.
Earlier this year in August, NFT marketplace Magic Eden also took a similar route by launching its own ME tokens as a measure to expand its crypto offerings. Launched on the Solana blockchain, this token also facilitates cross-chain trading. Magic Eden said that it would integrate the ME tokens with third-party protocols and dApps.
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