PENGU’s market capitalization exceeds $2 billion.
In its first hour of launch, over $150 million was traded on PENGU.
The Pudgy Penguins token (PENGU) had an excellent efficiency at its market launch and its worth rose greater than 500% in lower than a day. It’s, on the time of this publication, the digital asset with the best share improve within the final 7 days.
PENGU is the native token of the Pudgy Penguins NFT assortment, a set of 8,888 animated penguins that was launched on the Ethereum community in 2021. Every of those hand-drawn drawings has particular options akin to our bodies, placing beaks, shirts, equipment and backgrounds .
In accordance with information from CoinGecko, Pudgy Penguins is likely one of the largest NFT tasks in the marketplacewhose worth exceeds 613 million {dollars}.
The holders of those NFTs are a part of a collective referred to as “The Huddlers”, which in that context the phrase “huddle” means “to get collectively in a gaggle”. This similar neighborhood spirit was what motivated Luca Netz, CEO of Pudgy Penguins, to create the PENGU token, with the aim of additional increasing its member community.
The asset operates on the Solana community (though the NFT assortment originates from Ethereum) and has a complete provide of 88,888,888,888 PENGU. The quantity 8 is a trademark on this mission and never solely defines the restricted dimension of the NFT assortment.
In his tokenomics it’s highlighted that the 25.9% is allotted to NFT holders of the Pudgy Penguins assortmentwhereas the remaining share is split into different Solana and Ethereum communities, and mission members amongst others.
The whole sum of those percentages provides as much as 88%, a transparent instance of the inclination there may be for that quantity. The remaining 12% was allotted as liquidity in decentralized exchanges.
Upon its market debut on December 17, its worth soared above $0.052.
On the time of publication of this be aware, its worth is $0.032.
For its half, PENGU’s market capitalization, in the meantime, is greater than $2 billion.
Along with the nice advertising and marketing marketing campaign and the expectation that was generated in its neighborhood, There have been different components that drove this worth improve on its first day in the marketplace.
One of many major components was that the token was listed on cryptocurrency exchanges akin to OKX and Binance. The latter supplied a number of methods to help the launch of PENGU. Initially, it supplied as much as 75x leverage on its futures contracts and an airdrop program for HODLers. That’s to say, A dealer with solely $100 in his account might open a place value $7,500..
Individuals, BNB holders who had been a part of the Easy Earn program in the course of the qualification interval, obtained tokens earlier than the official opening of buying and selling, boosting market liquidity.
Lastly, the Pudgy Penguins workforce had set a interval of 88 days (one other reference to the quantity 8) for holders of the Pudgy Penguins Lil Pudgys, Rogs, and Pudgy Toys NFTs that met sure necessities. have your wallets linked to Ethereum and Solana and have at the least 10 SOLthe equal of $2,100, to cowl transaction charges.
Unclaimed tokens had been burned by the developer workforce, which elevated the scarcity of PENGU and, consequently, might increase the value of the asset sooner or later.
