Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Pudgy Penguins launches PENGU token with 88-day claim window before burn

Source Cryptopolitan

NFT project Pudgy Penguins’ PENGU token has gone live, opening the claims process for eligible participants. The token, which has a total supply of 88,888,888,888, debuted on the Solana blockchain. Holders have 88 days to claim their tokens before any unclaimed amounts are burned, permanently reducing the supply.

The PENGU token launch was first announced by Pudgy Penguins on December 5. According to the team, the token aims to provide millions of Pudgy Penguins fans and broader audiences with a way to connect more directly with the brand.

While the initial launch is on Solana, compatibility with Ethereum and Igloo’s Ethereum Layer 2 Abstract Chain is expected in future updates.

PENGU token claims commence

According to recent reports, more than 88 billion PENGU tokens are now circulating on the Solana blockchain. The allocation is structured to benefit multiple holder categories.

The @pudgypenguins $PENGU claim is live 🎉

If you swapped in Phantom prior to 2024, you’re eligible.

Here’s how to claim your tokens and stay safe 👇 pic.twitter.com/6lUh5GiUdu

— Phantom (@phantom) December 17, 2024

Per the token’s developers, approximately 25.9% of the total supply is reserved for the Pudgy Penguins community, while 24.12% will go to other communities and new “Huddle” members. Another 17.8% is designated for team members under a one-year cliff and three-year vesting period, with 11.48% retained by the company under similar conditions.

Pudgy Penguins holders, along with owners of related assets like Lil Pudgys, Rogs, and SBTs (soulbound tokens), are eligible to claim PENGU tokens. The claims process went live today, as confirmed by Luca Netz, CEO of Igloo, the company behind Pudgy Penguins. Claims are tied directly to NFTs for core collections, as is evident from a snapshot of SBTs taken on December 8.

$PENGU is now live.

Ca:

2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv https://t.co/9sTzfRywtI pic.twitter.com/SwmFbao7eq

— Luca Netz 🐧✳️ (@LucaNetz) December 17, 2024

Netz advised participants to ensure their Solana wallets contain at least $10 worth of SOL to cover gas fees. He also noted that users would need to connect both their Solana and Ethereum wallets, recommending desktop wallets for optimal compatibility.

As part of the process, claimants can link their Pudgy Penguin NFTs to their wallets through a universal naming feature, which facilitates future airdrops across Ethereum and Solana ecosystems.

The Pudgy Penguins team has not yet released comprehensive instructions for the claims process, though it has communicated updates through its Discord channel. Trading and other functionalities for the token are expected to ramp up as integrations with additional chains and platforms roll out.

Millions of wallets eligible for the airdrop

The team revealed that nearly 7 million wallets are eligible for PENGU claims, spanning users who have interacted with various protocols and communities. Holders of Pudgy Toys, physical plushies inspired by the NFT collection and available at retailers like Walmart and Target, are also eligible.

7M wallets are eligible for $PENGU Token outside @pudgypenguins Ecosystem Holders

What is your price prediction for $PENGU 👀 pic.twitter.com/GWTYO4iCxJ

— LeadFourB (@LeadFourB) December 17, 2024

However, some reports indicate incidents of QR codes from the toy packaging being stolen in anticipation of the launch. Pudgy Toys are linked to the Pudgy World metaverse, which operates on Igloo’s Ethereum Layer 2 Abstract Chain. Once the mainnet is live, toy holders will be able to bridge their tokens through LayerZero.

PENGU tokens are set to trade on several centralized exchanges, including Binance, Bybit, and OKX. Binance announced that PENGU will be integrated into its ecosystem, leveraging features such as Binance Simple Earn, Binance Convert, and Binance Auto-Invest.

The Pudgy Penguins ecosystem includes collectible items like Rogs and SBTs. Rogs are rare, limited-edition items within the Pudgy Penguins universe, while SBTs represent achievements or participation and are non-transferable. These assets contribute to the growing utility and engagement surrounding the project.

At press time, PENGU tokens are priced at $0.004999 per token, with analysts expecting the value to grow following its listing on exchanges.

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Hurricane Isaias has shut in a quarter of Gulf oil output — can WTI clear $92 before Thursday's EIA report?WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

Author Irene Q.

Oct 09, Fri

WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

US September CPI preview: inflation set to hit 3.7% — will the Fed hike in December?US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Author Irene Q.

Oct 10, Sat

US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Gold posts first weekly gain in three weeks — can $4,200 hold through CPI?Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Author Irene Q.

Oct 10, Sat

Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Brent swings $105.63 to $102.33 as Gulf risk meets an 'energy ceasefire' — can $100 hold into CPI?Brent spiked to $105.63 in Asian trade on fresh Middle East supply incidents, then reversed to $102.33 after the US announced a Russia-Ukraine 'energy ceasefire' and 300,000+ tonnes of Russian diesel headed to global markets; WTI fell through $90. Here are the drivers, the levels and the scenarios into Wednesday's US CPI.

Author Irene Q.

Yesterday 05: 47

Brent spiked to $105.63 in Asian trade on fresh Middle East supply incidents, then reversed to $102.33 after the US announced a Russia-Ukraine 'energy ceasefire' and 300,000+ tonnes of Russian diesel headed to global markets; WTI fell through $90. Here are the drivers, the levels and the scenarios into Wednesday's US CPI.

Popular Symbols