Pudgy Penguins, the third-largest NFT collection by market capitalization, announced Thursday evening that it’s launching a new token called PENGU on the Solana blockchain before the year ends.

The announcement comes in as Pudgy Penguins’ NFT collection floor price hit a new all-time high amid surging crypto market valuations.

According to the project, it will distribute 88 billion PENGU tokens to NFT owners who have Pudgy Penguins, Lil Pudgys, Pudgy Rods, and other collections associated with the project.

The token’s supply will be allocated based on the following distribution: 23.5% is reserved for existing Pudgy Penguins NFT holders, while 22.02% is reserved for the broader Solana and Ethereum communities. An additional 12.32% will provide liquidity on decentralized exchanges.

Pudgy Penguins launched in July 2021 with 8,888 NFT pieces, with the “8” working as a metaphor alluding to how the comical characters look.

Based on the announcement video shared by Pudgy Penguins, the PENGU token is considered through its lore as

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Author: Vince Dioquino