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

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.

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