YEREVAN (CoinChapter.com) — The Pudgy Penguins Ethereum NFT project launched its token, PENGU, on Solana on Dec. 17, 2024, following increasing retail presence.
What Is PENGU Coin?
PENGU is the ecosystem token for Pudgy Penguins, created to enhance community engagement. It launched on Solana with a total supply of 88.88 billion tokens, with 25.9% reserved for the Pudgy Penguins community through an airdrop—the token plans to expand to Ethereum and Abstract, an Ethereum layer-2 scaling network.
PENGU is intended to strengthen the connection between the Pudgy Penguins brand and its supporters. Igloo Inc., the parent company, stated that launching PENGU on Solana allows the project to reach a wider audience and diversify its ecosystem.
How the PENGU Airdrop Works
Collections such as Pudgy Penguins, Lil Pudgys, and Pudgy Rods received token allocations based on rarity and ownership. Pudgy Penguins NFT holders received approximately 1.7 million PENGU tokens, while Lil Pudgy owners received over 188,000 tokens. Depending on rarity, Pudgy Rod holders were allocated between 105,000 and 195,000 tokens.
No snapshot was taken to identify eligible holders in advance. Instead, token claims were made available to holders at the time of token generation. Any NFTs sold after the airdrop claim period were not eligible for additional tokens.
What is Driving PENGU Token’s Decline Despite Its High-Profile Debut
The PENGU token entered the market with considerable attention. However, despite the initial excitement, PENGU’s price dropped significantly after the airdrop.
The token’s value declined 57% from its launch price, followed by an additional 33% drop, reaching $0.030. Indicators like the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) suggest ongoing selling pressure—the token trades near its support level of $0.026, with market participants closely monitoring its movement.
PENGU Price Analysis. Source: GeckoTerminalWhat Are PENGU’s Community Expansion Goals
PENGU was also distributed to members of various Web3 communities, including holders of collections like Azuki, Bored Ape Yacht Club, and Doodles. Buyers of Pudgy Penguins toys who interacted with the Pudgy World platform were also eligible. The project aims to broaden its reach and increase participation in its ecosystem by engaging with these groups.
How to Claim PENGU Airdrop Tokens and Where to Trade Them
The Pudgy Penguins team has outlined the token claim process, allowing users to claim their PENGU tokens within 88 days, up to March 15, 2025. Tokens not claimed by the deadline will be permanently locked.
The PENGU token launched on major centralized exchanges, including Binance, OKX, and Bybit, and is also available on Solana-based decentralized exchanges.
Token Distribution Breakdown
The PENGU token supply was distributed across several categories:
25.9% to the Pudgy Penguins community. 24.12% to other Web3 communities, aiming to attract new members to the ecosystem. 17.8% to the Pudgy Penguins team, locked for a year and vested over three years. 12.35% to liquidity pools for trading. 11.48% to Igloo Inc., with the same vesting conditions as the team. Smaller percentages were set aside for public good, proliferation efforts, and FTT token holders.
