Pudgy Penguins Prepares for PENGU Token Launch on Binance

Updated : Tue Dec 17 2024 10:31:13 GMT+0000 (Coordinated Universal Time)

The non-fungible token (NFT) market continues to witness significant developments, with Pudgy Penguins set to launch its PENGU token on the Binance exchange tomorrow, December 17. The highly anticipated release comes on the heels of the NFT project's rapid growth, with the floor price of its digital collectibles reaching a record 33 ETH, valued at over $133,000. This surge in value has brought Pudgy Penguins to the second-largest NFT collection by market cap.

The PENGU token boasts a total supply of 88.88 billion, with substantial allocations reserved for the community, NFT collections, and the project's management team. This community-driven approach is expected to foster engagement and loyalty among holders, potentially driving further growth for the project. Furthermore, the listing of PENGU on Binance will enable users to engage in spot trading with multiple currency pairs, including USD, BNB, FDUSD, and TRY, expanding the token's accessibility and appeal.

The launch of PENGU is also set to be accompanied by an airdrop, allowing users to receive the token. Additionally, Pudgy Penguins has partnered with Binance to offer tokens through their HODLer Airdrops program, targeting users who have held funds on their platform, further broadening the distribution of the token. The estimated fully diluted valuation of the token is $4.4 billion, based on pre-market trading data, indicating a considerable market potential for PENGU.

As the NFT market continues to experience remarkable growth, the success of Pudgy Penguins and its PENGU token could have implications for the wider industry. Meanwhile, Binance has also listed Simon's Cat, a cat-themed memecoin, and is taking steps to ensure user understanding of associated risks by introducing seed tags for lower-liquidity projects. With Pudgy Penguins joining the ranks of Binance-listed tokens, a closer look at the rollouts will offer insight into market trends and investor appetite for NFT-based assets in the coming days.