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Pudgy Penguins launched three years ago as a set of 8,888 NFTs featuring the colorful and funny birds. Now, the team behind the project has announced that they will issue a token called PENGU on the Solana blockchain this year. 23.5% of the 88 billion PENGU tokens will be reserved for owners of the project’s NFT collections, such as Pudgy Penguins, Lil Pudgys, Pudgy Rods, and more. Another 22.02% will be available to the Solana and Ethereum communities, and 12.32% will be reserved to provide liquidity on decentralized exchanges.
Pudgy is among the rare collections that have managed to retain cultural relevance in the NFT business after the price collapse of the 2021-2022 bull market. Many NFTs lacked any real utility beyond digital bragging rights. It was also difficult to fully realize profits after price spikes, as the market liquidity was often insufficient to fulfill orders.
Pudgy Penguins are the third-largest NFT collection by market cap, with a total of $550 million, behind only CryptoPunks and Bored Apes Yacht Club. The collection launched in 2021, and each penguin is hand-painted and features different distinctive features, such as a background, body, face, head, and skin. The official Pudgy Penguins social media channels have over 3 million followers, and videos featuring the characters have been viewed 32 billion times on Giphy.
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