What is Pudgy Penguins (PENGU) Cryptocurrency and How Does It Work?

Pudgy Penguins (PENGU) is the native token of the Pudgy Penguins brand and it was launched on the Solana blockchain.

The long-anticipated launch and listing of PENGU on Binance played a key role in the coin achieving a remarkable market cap of $2.1 billion on its first day.

Let’s explore what's the story behind this token with adorable penguins and why it’s generating so much excitement among the crypto community.

What is the story behind the Pudgy Penguins?

Pudgy Penguins is an Ethereum-hosted NFT collection that started out in July 2021. It is a collection of 8,888 distinct cartoon penguin NFTs owned by over 4,000 people, each having a random feature.

Since each penguin can have up to five randomly created unique traits - from body types to special backdrops to clothes and accessories - no two penguins are the identical.

Besides NFTs, Pudgy Penguins brand also produces toys and various merchandise such as pins and hoodies featuring these cute little penguins.

But the most significant aspect of Pudgy Penguins is its strong community, which is also the most vital feature that any cryptocurrency project should have. In just three years, they built their own community of millions of followers.

However, it wasn’t always like this. After the initial hype in 2021, Pudgy Penguins had to deal with a challenging period which they now call the “Great Blizzard”. For almost half a year, they were mocked by other established NFT projects.

Luckily, the positivity of this project and their community brought them back on track.

What’s interesting, the most expensive Pudgy Penguins NFT ever sold was sold on September 8, 2021, for 225 ETH ($775,000 at the time). The same item was later auctioned for 400 ETH on August 22, 2022.

What is $PENGU and what are its features?

$PENGU is the native utility token of the Pudgy Penguins ecosystem, launched on 17th December 2024.

It was deployed on the Solana blockchain, chosen for its high throughput and low transaction fees which benefit user experience and overall accessibility.

$PENGU Tokenomics

The token has a total supply of 88,888,888,888 PENGU tokens.

The PENGU token allocation is designed to foster community growth, ensure long-term project sustainability, and support public initiatives.

A significant 50% of the total supply is dedicated to community growth and expansion, rewarding active participants.

The core team and company reserves hold 29.28% with vesting schedules to secure long-term commitment. Liquidity pools receive 12.35% to ensure smooth market trading, while 8% is allocated for public good initiatives and token proliferation.

Additionally, 0.35% is reserved for FTX token holders.

What is $PENGU price?

PENGU coin was listed at an initial price of around $0.068. However, due to the volatile and unpredictable nature of cryptocurrencies the coin witnessed substantial volatility, PENGU’s value dropped by 51% on its first day of trading.

Despite the initial price drop, PENGU achieved a market capitalization of approximately $2.1 billion, ranking it among the top 100 cryptocurrencies by market cap.

You can check the real-time price change of Pudgy Penguins (PENGU) here.

How to buy Pudgy Penguins (PENGU)?

Buying PENGU coins is a simple and easy process, so here’s how you can buy them on the Bitcoin Store platform:

1. Create an account and verify your identity

For starters, you will need a wallet to store your coins. In case you already don’t have one, you can follow our guide on how to create an account and buy your first cryptocurrency on the Bitcoin Store.

The next step is to complete the identity verification process, which is essential to ensure compliance with all legal regulations for users.

2. Make a deposit into your account

To be able to buy PENGU tokens , it is necessary to deposit funds in your wallet.

• Select a Payment Method: On the Bitcoin Store platform, you can deposit funds using a bank transfer, credit or debit card, or cash at one of the physical exchange offices.
  
• Fund Your Account: Pick your preferred payment method, specify the amount you want to deposit, and follow the platform’s provided instructions. Your funds will be credited to your Bitcoin Store account shortly.
  

3. Buy PENGU coins

Once you have your funds in the Bitcoin Store Wallet, you can now buy the desired amount of PENGU coins.

Go to the Prices tab and type PENGU or Pudgy Penguins in the search bar. Click on the Buy PENGU and specify the amount you want to purchase, either in euros or PENGU tokens. The platform will automatically convert the amount based on the token's current market price.

Check the purchase details carefully, then click Buy PENGU for EUR to finalize the transaction.

Once completed, the PENGU tokens will be visible in your Bitcoin Store Wallet.

Is the future of $PENGU promising?

The future of PENGU certainly looks bright, though it comes with expected volatility typical of the cryptocurrency market.

While PENGU’s success depends on market adoption and project execution, its backing by the Pudgy Penguins wide community and its ambitious roadmap suggests a potentially strong future.

Disclaimer:

The information provided in this content is for informational and educational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency investments carry significant risk, and prices can be highly volatile. Always conduct your own research (DYOR) and consult with a qualified financial advisor before making any investment decisions.