Pudgy Penguins, a popular NFT collection known for its colorful and comical bird designs, is making waves again by launching its own cryptocurrency token called PENGU on the Solana blockchain. The team behind the project plans to release 88 billion PENGU tokens, with a significant portion reserved for owners of the project’s NFT collections. This move comes as NFTs have struggled to maintain relevance following a price crash from the 2021-2022 bull market, and fun tokens and memecoins have emerged as the new hot asset classes.
Despite the challenges faced by the NFT market, Pudgy Penguins has managed to stay culturally relevant with over 3 million followers across various social media platforms. The brand’s TikTok account, “Pudgy Kindness,” aims to spread positivity and good vibes beyond the crypto community. Additionally, the parent company Igloo has launched a successful toy line based on the digital art collection, generating over $10 million in sales at major retailers.
Pudgy Penguins is currently the third-largest NFT collection by market capitalization, valued at $550 million, trailing only CryptoPunks and Bored Apes Yacht Club. Each penguin in the collection is hand-drawn and features unique traits, making them highly sought after by collectors. The team behind Pudgy Penguins is excited to offer fans and newcomers alike the opportunity to join “The Huddle” by owning PENGU tokens and becoming part of the passionate community.
The decision to launch a cryptocurrency token comes at a time when fun tokens and memecoins have gained popularity due to their liquidity, affordability, and ease of use. Pudgy Penguins aims to tap into this trend by offering a token that connects fans with the beloved characters and allows them to participate in the community in a meaningful way. By leveraging the brand’s massive following and mainstream appeal, Pudgy Penguins hopes to continue spreading positivity and making a lasting impact on people’s lives.
With the success of Pudgy Penguins’ toy line and social media presence, the brand has proven its ability to resonate with a wide audience and expand beyond the world of NFTs. By launching the PENGU token, the team is taking another step towards creating a more immersive and engaging experience for fans while capitalizing on the growing interest in cryptocurrencies. As the project continues to evolve and grow, Pudgy Penguins is poised to solidify its position as a leader in the ever-changing digital art and crypto space.
