Pudgy Penguins' PENGU Token Launches with a $2.3 Billion Valuation

PENGU Token's Impressive Debut

PENGU, the native token for the Pudgy Penguins NFT project, has officially launched with a remarkable market cap of $2.3 billion following its distribution to NFT holders through an airdrop.

The Solana-based token, with a total supply of 88.88 billion, achieved around $90 million in trading volume within the first hour of its release, according to CoinMarketCap.

Key Facts:

23.5% of PENGU's total supply has been designated for airdrop recipients.
Another 22% is reserved for the Solana and Ethereum communities.
An additional 12.3% will serve as liquidity for decentralized exchanges.

With the release of PENGU, the floor price of Pudgy Penguin NFTs has surged; the least expensive NFT is currently trading at 34.1 ETH (approximately $136,000), marking a 2.6% increase. This places the collection as the second most expensive after CryptoPunks.

The NFT market continues to recuperate from previous downturns, particularly amid the resurgence of meme coins as of late. In comparison, the NFT trading platform OpenSea had a turnover of over $2.7 billion on a single day in 2022, though it has recently struggled to exceed $30 million monthly.

CORRECTION: Updated on Dec. 17, 15:26 UTC to clarify the correct market capitalization of PENGU.