The crypto world as we know it is diverse, comprising everything from cryptocurrencies to NFTs, as well as other digital assets and blockchain products. But of all of them, crypto tokens seem to be the only ones getting the spotlight, with Bitcoin breaking daily headlines. However, the NFT space has also made a surprising headline with a surprise announcement from one of the space’s biggest players. 

In a December 6 X post, Pudgy Penguins, the third-largest NFT collection by market cap, announced a late-year surprise. The collection’s official X account revealed in the post that it would be launching a new official token called PENGU right before the year runs out.

This announcement also comes at a great time for the project as Pudgy Penguins’ NFT collection floor price reached new ATHs just recently, which aligns with the general surge in crypto prices throughout the market. 

Moving on to the Tokenomics of the newly announced project, it was revealed that 88 billion PENGU tokens would be distributed to holders of the NFTs related to the Pudgy Penguins project, including Lil Pudgy, Pudgy Rods, Pudgy Penguins, and others. 

The allocation of the PENGU token will reportedly be based on the following distribution: 23.5% reserved for existing holders of any of the Pudgy Penguins NFT, 22.02% for the broader Solana and Ethereum communities, and an additional 12.32% kept to provide liquidity on decentralized exchanges. 

PENGU, the new coin, is also being marketed as part of the Pudgy Penguins lore as the “Master Coin,” to be hatched by the core team of seven, will “hatch” from a golden egg as a symbol of their “collective might.”

Pudgy Penguin’s new token project will reportedly try to reach newer communities in addition to its current users. PENGU is set to be used in achieving the collection’s aim of connecting real-world shopping behaviors with crypto culture. The announcement of the token launch also comes after Pudgy Penguins received a funding round from Animoca Brands. 

According to the announcement, the PENGU token will be launched on Solana, a blockchain with some of the most active meme communities and wallet users. The token is expected to run with a total supply of 88,888,888,888.

There has not been a token generation event (TGE) for this project yet. Pudgy Penguins has also yet to announce the mechanism they will employ to airdrop the tokens.

More information about the new announcement is still to be revealed. Luca Netz, the CEO of the Pudgy Penguins project, has announced a virtual meeting on December 7, which should contain more potential information about the details of the token and its launch.

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