Pudgy Penguins Launches $PENGU Token, Here's the Price Analysis!

Bittime - Pudgy Penguins officially launched the $PENGU token on the Solana blockchain. Learn the details of $PENGU token allocation and the latest price analysis in this article!

Pudgy Penguins just launched their native token called $HOSTAGE. The token was launched on Solana blockchain, which is known for its low transaction fees and high speed, and this is a strategic move for Pudgy Penguins to expand its reach and increase community engagement.

The token launch was accompanied by an airdrop for NFT holders of the Pudgy Penguins, Lil Pudgys, and Pudgy Rods collections, as well as recipients Soulbound Tokens (SBT). While it was initially expected to bring great enthusiasm, $PENGU's price performance in the post-launch market showed significant volatility.

Pudgy Penguins Launches $PENGU Token

$PENGU token launch on December 17, 2024 became an important milestone in the journey of Pudgy Penguins. After more than two years of building its NFT community, the project is now introducing tokens that will be used to strengthen the Pudgy Penguins ecosystem.

This token is present in Solana blockchain, offers fast transactions and low fees which makes it a great choice for global expansion.

The $PENGU token was launched via an airdrop limited to Pudgy Penguins, Lil Pudgys, Pudgy Rods NFT holders, as well as Soulbound Tokens (SBT) holders, who provide proof of participation or achievement in the ecosystem.

This airdrop is open for claims within 88 days, after which unclaimed tokens will be burned, which is designed to create scarcity and increase the value of the token itself.

Details of $PENGU Token and its Allocation

The $PENGU token has a total supply, a very large one, that is 88.88 billion tokens, and the distribution is designed to reward the community and support long-term growth. Here are the details of $PENGU token allocation:

Pudgy Penguins Community (25,9%): These tokens will be distributed to NFT holders of the Pudgy Penguins, Lil Pudgys, and Pudgy Rods collections.
Web3 Community (24,12%): Allocated to expand reach to other Web3 and NFT communities.
Team and Company (17,8%): These tokens are set aside for development teams and companies with a vesting schedule to ensure long-term commitment.
Liquidity Pools (12,35%): This allocation ensures there is enough liquidity for active trading of $PENGU tokens in the market.
Public Good (4%): Dedicated to public initiatives and community-based activities.
Brand Proliferation (4%): Used to introduce and expand the Pudgy Penguins brand worldwide.
FTX Holders (0,35%): Intended for FTX token holders as part of a broader community outreach effort.

vital Records: Eligible NFT holders have 88 days to claim their tokens before the claim period expires and unclaimed tokens will be burned.

$PENGU Token Price Analysis

Chart Harga Token PENGU

Sumber: Coingecko

Once launched, price $HOSTAGE experienced quite large fluctuations. At the start of trading, this token was recorded as having a market capitalization of approx $2.8 billion (around IDR 45.1 trillion).

However, as trading progressed, the price of this token decreased more than 50% in the first few hours, and the market capitalization fell below $2 billion (around IDR 32.2 trillion). This indicates high volatility, which often occurs with the launch of new tokens in the crypto market.

One of the factors that influences price movements is uncertainty regarding $PENGU token function in the future. Although this token is promised to be used for the purpose governance or project governance, many investors are still waiting for further details regarding implementation and deeper utility within the Pudgy Penguins ecosystem.

However, on the positive side, tokenomics which supports fair distribution of tokens to the community, as well as implementing mechanisms token burn, could increase the scarcity and potential value of the token in the future, if the Pudgy Penguins ecosystem continues to grow rapidly.

Conclusion

The launch of the $PENGU token by Pudgy Penguins marks a major step for this NFT project in developing their ecosystem in the Web3 world. Although the price showed sharp volatility after launch, there is long-term potential to be aware of.

For NFT holders who have claimed their tokens, this could be an opportunity to gain more benefits in a growing ecosystem. However, for investors interested in purchasing this token, it is important to remain cautious given the large price fluctuations and lack of details about the long-term use of this token.

Pudgy Penguins clearly has a big vision in the world of NFTs. Although the price of $PENGU was initially depressed, if ecosystem development continues well, this token could become a very valuable asset in the future.

FAQ About Pudgy Penguins

What is PENGU?

PENGU is the native token of the Pudgy Penguins ecosystem that will be launched on the Solana network. This token is designed to strengthen community relationships and expand the reach of the Pudgy Penguins brand.

Who is eligible for PENGU airdrop?

The PENGU airdrop will be awarded to Pudgy Penguins, Lil Pudgys, and Pudgy Rods NFT holders, as well as several other Web3 communities participating in the token distribution.

How to claim PENGU tokens?

Once PENGU launches, eligible NFT holders will have 88 days to claim their tokens. Further instructions will be announced by the Pudgy Penguins team.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference

Cointelegraph, Pudgy Penguins’ PENGU token down more than 50% after launch, accessed December 18, 2024.

Africalogistics, Pudgy Penguins NFT Project Launches PENGU Token on Solana Blockchain, accessed December 18, 2024.

Author: Y

Related to