$PENGU is the official token of Pudgy Penguins’ a popular NFT collection that went live in 2021 on the Ethereum network. Interestingly, the native token of Pudgy went live on Solana blockchain. The token went live at $2.3 Bn market cap and $90 Mn worth of $PENGU was traded in its first hour of release.
Pudgy Penguin airdropped tokens for early adopters of the project. $PENGU comes under the top 70 airdrops list.
What is a $PENGU token?
$PENGU is the native token of the Pudgy Penguins ecosystem, which includes a popular collection of NFTs.
Designed to enhance community engagement and extend the brand’s reach, Prngu coin serves multiple functions within this digital ecosystem.
What makes $PENGU unique?
The $PENGU token is unique for several reasons that distinguish it within the cryptocurrency and NFT landscape. Following are the key aspects that make the token unique
Integration with a Popular NFT Collection: $PENGU is deeply embedded in the Pudgy Penguins ecosystem, which is already home to a vibrant community of NFT collectors. This connection allows $PENGU to leverage an established fanbase, unlike many new tokens that start from scratch.
Cross Chain Integrated: Initially launched on the Solana blockchain, $PENGU is also expected to have compatibility with Ethereum and other networks in the future. This cross-chain capability enhances its accessibility and usability across different platforms.
Differentiation from Memecoins: Unlike many meme-based cryptocurrencies, $PENGU is tied to a well-known NFT collection rather than a viral trend. This gives it a niche advantage and positions it as a more stable investment within the volatile crypto market.
What Are The Use Cases of $PENGU?
Staking & Incentives: $PENGU tokens can be staked to earn rewards, which incentivizes long-term holding and active participation in the ecosystem. This staking system allows users to earn additional tokens or exclusive digital items as rewards.
Access to Exclusive Content: The token provides holders with access to exclusive content, early releases, and special events, enhancing engagement beyond mere ownership of NFTs. This feature emphasizes the brand’s commitment to building a deeper relationship with its fanbase.
Governance and Utility Features Governance Functionality: Holders of $PENGU can participate in community voting, influencing key decisions about future developments, collaborations, and project directions. This governance aspect empowers the community and fosters a sense of ownership among token holders.
Who Are The Founders of $PENGU?
In April 2022, the project was acquired by Luca Netz, who became the CEO and has been instrumental in expanding the brand’s vision, including the development and launch of the $PENGU token.
The $PENGU token is associated with the Pudgy Penguins NFT collection, which was initially created by a group of four college students: Cole Villemain, Clayton Patterson, MickyJ, and Jonah.
Tokenomics of $PENGU Coin
$PENGU Token Airdrop: The $PENGU token from the Pudgy Penguins ecosystem features a unique 88-day claim window for eligible holders. Here are the essential details regarding this claim process:
- Duration: The claim period for $PENGU tokens began on December 17, 2024, and will last for 88 days. During this time, eligible participants can claim their tokens.
- Burn Mechanism: Any unclaimed tokens after the 88-day period will be permanently burned, effectively reducing the total supply of $PENGU tokens in circulation.
- Eligibility: Eligible holders include those with Pudgy Penguins NFTs, Lil Pudgys, Rogs, and Soulbound Tokens (SBTs). The claims process is tied directly to ownership of these NFTs, which were verified through a snapshot taken on December 8, 2024. Additionally, participants must use a Solana-compatible wallet and maintain a minimum balance of $10 SOL to cover transaction fees during the claiming process.
Allocation of $PENGU: The total supply of $PENGU tokens is capped at 88.88 billion, a figure that reflects the project’s playful branding and aims to maintain scarcity in the market.
- 25.9% of the total supply is allocated to the Pudgy Penguins community through airdrops, targeting NFT holders and fostering loyalty.
- 24.12% is reserved for other communities and new “Huddle” members, facilitating wider engagement beyond existing NFT holders.
- 17.8% is set aside for team members, with a vesting schedule that includes a one-year cliff and a three-year vesting period to align their interests with the project’s long-term success.
- The company retains 11.48% of the supply under similar vesting conditions.
How to buy $PENGU on Bitunix?
To buy $PENGU, you need to create an account on Bitunix. If you are already a registered user, you can skip this step.
To buy $PENGU you need to deposit USDT in your Bitunix account. Simply head to your profile and click on the wallet icon. Click on deposit and follow the steps to deposit crypto into your account.
Watch our step by step tutorial on How to Deposit Crypto on Bitunix.
If you don’t own crypto, you can buy crypto from our third party on-ramp crypto providers. Simply head to the Buy Crypto tab in the main menu and choose the crypto you wish to buy.
To trade in PENGU/USDT, navigate to the main menu and choose the Markets tab. Next, choose ‘spot’ or ‘futures’ and search for $PENGU. Now, you can start trading in Pengu memecoin.
