The Pudgy Penguins NFT project has taken the crypto world by storm once again, debuting its native token, PENGU, with a market cap of $312 million. Following an airdrop to NFT holders, the Solana-based token witnessed impressive trading activity, reflecting the enduring appeal of the Pudgy Penguins brand.

Airdrop and Allocation

PENGU launched with a total supply of 88.88 billion tokens, of which 23.5% was distributed via an airdrop to NFT holders. An additional 22% has been reserved for the Solana and Ethereum communities, while 12.3% will serve as liquidity for decentralized exchanges, ensuring a robust trading environment for the token.

Within its first hour, $90 million worth of PENGU tokens changed hands, according to CoinMarketCap. This significant trading volume underscores the high anticipation surrounding the token’s release, with investors eager to participate in this latest development from the Pudgy Penguins ecosystem.

NFT Floor Price Surge

The launch of PENGU also boosted the floor price of Pudgy Penguin NFTs. The cheapest NFT in the collection now trades at 34.1 ETH (approximately $136,000), marking a 2.6% increase. This places Pudgy Penguins as the second most expensive NFT collection, trailing only CryptoPunks, despite the broader NFT market slump.

Outpacing the NFT Market

While the NFT market remains subdued, weighed down by declining hype and liquidity, Pudgy Penguins continues to shine. The collection’s growing ecosystem and the successful rollout of PENGU demonstrate its resilience and ability to capture market interest, even as other NFT projects struggle to maintain relevance.

Pudgy Penguins’ latest success signals a bright future for the project as it leverages its community-driven ethos to stand out in a challenging market.