DeFi Daily News
Thursday, May 8, 2025
Advertisement
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos
No Result
View All Result
DeFi Daily News
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos
No Result
View All Result
DeFi Daily News
No Result
View All Result
Home DeFi Web 3

rewrite this title Pudgy Penguins to Hatch a ‘Master Coin’ On Solana as NFT Floor Prices Surge – Decrypt

Vince Dioquino by Vince Dioquino
December 5, 2024
in Web 3
0 0
0
rewrite this title Pudgy Penguins to Hatch a ‘Master Coin’ On Solana as NFT Floor Prices Surge – Decrypt
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Telegram
Listen to this article


rewrite this content using a minimum of 1000 words and keep HTML tags

Pudgy Penguins, the third-largest NFT collection by market capitalization, announced Thursday evening that it’s launching a new token called PENGU on the Solana blockchain before the year ends.

The announcement comes in as Pudgy Penguins’ NFT collection floor price hit a new all-time high amid surging crypto market valuations.

According to the project, it will distribute 88 billion PENGU tokens to NFT owners who have Pudgy Penguins, Lil Pudgys, Pudgy Rods, and other collections associated with the project.

The token’s supply will be allocated based on the following distribution: 23.5% is reserved for existing Pudgy Penguins NFT holders, while 22.02% is reserved for the broader Solana and Ethereum communities. An additional 12.32% will provide liquidity on decentralized exchanges.

Pudgy Penguins launched in July 2021 with 8,888 NFT pieces, with the “8” working as a metaphor alluding to how the comical characters look.

Based on the announcement video shared by Pudgy Penguins, the PENGU token is considered through its lore as the “Master Coin,” which the core team of seven will “hatch” from a golden egg as a symbol of their “collective might.”

Decrypt has reached out to Pudgy Penguins on its choice of Solana.

Shifting tides

The collection’s floor price surged more than 40% this week to reach a new all-time high above $62,000, surpassing its previous peak of $57,000 in February 2024, Decrypt reported Thursday.

The increase coincides with Bitcoin’s breakthrough above $100,000 and reflects broader market momentum affecting major NFT collections.

Pudgy Penguins has maintained a strong market presence despite historical NFT market volatility, with a total market capitalization of around $550 million.

The brand has expanded beyond digital assets, generating over $10 million in physical toy sales through major retailers, including Walmart, Target, and Walgreens.

The PENGU token launch represents a strategic pivot as market attention shifts from NFTs to fungible tokens and meme coins.

On X (formerly Twitter), Pudgy Penguins pointed to this shift with a post saying: “Tides are shifting. A new beginning is upon us.”

The move addresses historical NFT liquidity challenges while leveraging Pudgy Penguins’ established brand presence, which includes over 3 million social media followers and 32 billion views on Giphy.

Crypto’s bull run is also driving NFTs higher, Decrypt reported on Monday. This surge has helped push the overall NFT market capitalization to about $8.6 billion, according to CoinGecko data, while weekly Ethereum NFT trading volume doubled to exceed $101 million. 

The project’s transformation began when Luca Netz acquired it in 2022, expanding from a struggling NFT collection into a prominent crypto-native brand. Netz projected ambitious growth for the project in July, suggesting a potential floor price target of 200 ETH (approximately $780,000 at current rates) during this market cycle.

The project plans to eventually integrate with Abstract, an upcoming Ethereum Layer-2 solution, though the immediate focus remains on establishing PENGU’s presence in the Solana ecosystem.

Edited Sebastian Sinclair

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website http://defi-daily.com and label it “DeFi Daily News” for more trending news articles like this



Source link

Tags: coinDecryptFloorHatchMasterNFTPenguinspricesPudgyrewriteSolanaSurgetitle
ShareTweetShare
Previous Post

rewrite this title Earnest Money: Everything You Need to Know + Handling Tips

Next Post

Donald Trump Picks David Perdue as Ambassador to China

Next Post
Donald Trump Picks David Perdue as Ambassador to China

Donald Trump Picks David Perdue as Ambassador to China

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result
  • Trending
  • Comments
  • Latest
rewrite this title with good SEO Best Crypto Presales Tapping Into the Stablecoin Boom

rewrite this title with good SEO Best Crypto Presales Tapping Into the Stablecoin Boom

April 6, 2025
rewrite this title Gate Dubai Secures Full VARA VASP Licence for Crypto Exchange Services

rewrite this title Gate Dubai Secures Full VARA VASP Licence for Crypto Exchange Services

April 29, 2025
Setting Up OpBNB RPC Nodes: Step-by-Step Guide to Creating an opBNB Node for Free Using Moralis Web3 API

Setting Up OpBNB RPC Nodes: Step-by-Step Guide to Creating an opBNB Node for Free Using Moralis Web3 API

June 27, 2024
A Deep Dive into Solana: An Industry-Leader in Blockchain Technology

A Deep Dive into Solana: An Industry-Leader in Blockchain Technology

August 8, 2024
Video: ‘Twisters’ | Breaking Down a Scene

Video: ‘Twisters’ | Breaking Down a Scene

July 19, 2024
Complete Guide: Obtaining Wallet Transactions with RPC Nodes – Moralis Web3 | Advanced Web3 API Services

Complete Guide: Obtaining Wallet Transactions with RPC Nodes – Moralis Web3 | Advanced Web3 API Services

August 20, 2024
rewrite this title American Cardinal Prevost Elected Pope in Major Betting Markets Upset – Decrypt

rewrite this title American Cardinal Prevost Elected Pope in Major Betting Markets Upset – Decrypt

May 8, 2025
rewrite this title Breaking: Celsius Founder Alex Mashinsky Hit With a 12-Year Prison Sentence for Crypto Fraud

rewrite this title Breaking: Celsius Founder Alex Mashinsky Hit With a 12-Year Prison Sentence for Crypto Fraud

May 8, 2025
rewrite this title and make it good for SEOAmidst ongoing Indo-Pak conflict, what GIFT Nifty futures signal ahead of Friday’s opening bell on Dalal Street

rewrite this title and make it good for SEOAmidst ongoing Indo-Pak conflict, what GIFT Nifty futures signal ahead of Friday’s opening bell on Dalal Street

May 8, 2025
rewrite this title Arizona Passes Bitcoin Reserve Bill, Becomes Second US State

rewrite this title Arizona Passes Bitcoin Reserve Bill, Becomes Second US State

May 8, 2025
rewrite this title Man Utd now prioritising move to sign “dominant” Champions League finalist

rewrite this title Man Utd now prioritising move to sign “dominant” Champions League finalist

May 8, 2025
rewrite this title Frugal Summer Activities for Kids Just  and Under!

rewrite this title Frugal Summer Activities for Kids Just $1 and Under!

May 8, 2025
DeFi Daily

Stay updated with DeFi Daily, your trusted source for the latest news, insights, and analysis in finance and cryptocurrency. Explore breaking news, expert analysis, market data, and educational resources to navigate the world of decentralized finance.

  • About Us
  • Blogs
  • DeFi-IRA | Learn More.
  • Advertise with Us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2024 Defi Daily.
Defi Daily is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos

Copyright © 2024 Defi Daily.
Defi Daily is not responsible for the content of external sites.