Pudgy Penguins plans to launch native token PENGU by end of 2024

Pudgy Penguins will launch its official native token this year. The token is dubbed PENGU with a token supply of more than 88 billion tokens.

The viral Ethereum (ETH) Non-Fungible Token collection featuring a cartoon penguin is set to launch its official token PENGU, which will be listed on Solana (SOL) in 2024. Though, the official announcement on X did not mention a specific launch date, the caption did specify that it will be launching within this year.

“Pudgy Penguins was one of the early pioneers of crypto culture and continues to be a driving force behind the mass adoption of crypto assets. The launch of PENGU marks the beginning of a prophecy years in the making,” wrote the Pudgy Penguin account.

According to the post, PENGU will prepare a total supply of more than 88 billion tokens on the Solana blockchain. The Igloo inc-backed NFT collection plans to allocate 25.9% of the tokens to the Pudgy community and 24.12% to other communities, including around 5 million potential new huddle members.

Moreover, approximately 11.48% of the token supply will be allocated to the company, while 17.8% will go to current and future team members. When combined, this means that nearly 30% of the PENGU token supply will go to the company and team members.

However, the tokens allocated to the company and its team members are bound by a one-year cliff period and a three year lock-up period. This means token holders will not be able to sell or transfer any PENGU tokens until one year has passed, afterwards tokens will be gradually released over a period of three years.

Aside from team members and community, 12.35% of the total token supply will go to maintaining token liquidity, 4% will be allocated to public good and 4% for proliferation.

The announcement also mentioned that 0.35% of the tokens will go to FTT (FTT) holders, which are traders who still hold the FTX native utility token.

Launched in 2021, Pudgy Penguins is a collection of 8,888 NFTs with a total volume of 389,742 ETH according to OpenSea. Along with getting a unique penguin icon, each NFT holder also receives access to Pudgy Penguin experiences, events, IP licensing opportunities among others.