The Rise of Pudgy Penguins & its Upcoming $PENGU Airdrop

Introduction

Pudgy Penguins is a leading NFT collection of 8,888 hand-drawn, penguin-themed profile pictures (PFPs) that launched in July 2021. Launched in July 2021, this NFT project quickly gained popularity due to its charming designs and a strong community ethos, referred to as "The Huddle" or "Pengus." Each penguin is characterized by various rarity traits such as clothing, accessories, and backgrounds, making them collectible digital assets that appeal to both investors and enthusiasts alike.

Originally founded by ColeThereum and Mr. Tubby, the project hit some rough patches in early 2022. That’s when Los Angeles entrepreneur Luca Netz stepped in, buying it for 750 ETH (about $2.5 million). Under his leadership as CEO, Pudgy Penguins made an impressive comeback, focusing on building its brand and reconnecting with the community.

How Pudgy Penguins Stood Out in a Bear Market

While most NFTs struggled during the crypto downturn, Pudgy Penguins managed to not just survive but thrive. Here’s why:

• Expansion Beyond NFTs: They didn’t stay confined to just NFTs. By launching toys, squishies and other merch in Walmart and Amazon, they introduced Pudgy Penguins to millions who’d never heard of NFTs before.
• Killer Social Media Game: Pudgy Penguins dominates platforms like TikTok and Instagram, attracting both crypto enthusiasts and mainstream audiences. One recent TikTok video promoting smaller creators received over 1.5 million likes, showcasing their viral potential.
• Community Engagement: The project has fostered a vibrant community that actively participates in various events and experiences tied to their NFTs. This engagement has helped maintain interest and investment in the collection even during market downturns.
• Leadership Reset: Luca Netz brought in a fresh vision, revamped the brand, and prioritized community engagement.

Pudgy Penguins’ rapid growth, Source: Twitter

They’re now gearing up to launch their native token, and despite a not-so-successful season for token launches, many in the crypto community are feeling optimistic about its potential success.

The $PENGU Airdrop: What You Need to Know

Running on Solana, the $PENGU token will have a total supply of 88.8 billion, with a big chunk reserved for rewarding their community. Around 50% of the total token supply will be allocated to holders of various Pudgy NFT collections, including 25.9% of the tokens that are reserved specifically for Pudgy Penguins holders.

$PENGU token distribution, Source: Twitter

If you’re curious about the numbers behind the airdrop, below is a rough breakdown of the possible token allocations for the Pudgy NFTs. It's important to note that the allocation percentages for Pudgies is an educated guess based on market value, and may be very different from the official drop.

Token Supply and Allocation:

• Total supply of the token is 88,888,888,888.
• Allocation percentages for different NFTs:
  • Lil Pudgies are allocated 2.45% of the token supply.
  • Pudgy Penguins are allocated 24.45%.
• This implies that Pudgy Penguins holders receive a significantly larger allocation than Lil Pudgies holders.

Token Quantity Per NFT:

• Based on these allocations:
  • Each Pudgy Penguin receives approximately 2,450,245 tokens.
  • Each Lil Pudgy receives about the same amount, 245,024 tokens, as their allocation percentage is adjusted by supply.

Token Value at Different FDVs:

• At a $2 billion FDV, each Pudgy Penguin’s allocation is worth $55,130, while each Lil Pudgy’s is worth $5,513.
• At a $5 billion FDV, the allocations increase to $137,826 per Pudgy Penguin and $13,782 per Lil Pudgy.

Multiplier Insight:

Pudgy Penguins holders could benefit roughly 10x more than Lil Pudgies holders in terms of token value due to their higher allocation percentage combined with their lower supply. The actual allocation has not yet been disclosed, however Pudgy Penguins trade at roughly 10x the price of Lil Pudgies, indicating where the market values the allocations for the two collections.

So, What’s Ahead for Pudgy Penguins?

Pudgy Penguins is rewriting the playbook for what an NFT brand can be. They’ve moved beyond just digital collectibles to create a cultural movement—one that’s fun, welcoming and packed with innovation. Whether it’s through viral TikToks, utterly adorable toys, or the upcoming $PENGU token airdrop, this project continues to prove it’s not just here to stay but to lead.

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