The NFT project Pudgy Penguins has launched its native token, PENGU, with remarkable success. Released via an airdrop, the Solana-based token has captivated the crypto community, achieving significant milestones in its early trading hours.

A Strong Debut: $312M Market Cap

PENGU made its entry with a market capitalization of $312 million, reflecting widespread enthusiasm among NFT enthusiasts and investors. CoinMarketCap data revealed an impressive trading volume of $90 million within the first hour of its launch.

With a total supply of 88.88 billion tokens, 23.5% of PENGU was distributed to Pudgy Penguin NFT holders through an airdrop. Another 22% has been reserved for Solana and Ethereum communities, while 12.3% of the supply is set aside for liquidity provision on decentralized exchanges.

Impact on Pudgy Penguin NFTs

The token launch has invigorated the Pudgy Penguin NFT collection, which has seen its floor price rise to 34.1 ETH (approximately $136,000). This represents a 2.6% increase, solidifying its position as the second most valuable NFT collection after CryptoPunks.

Pudgy Penguins has outperformed the broader NFT market, which has struggled in the face of declining trading volumes and investor interest.

While the overall NFT market remains in a downturn, PENGU’s debut signals renewed optimism. The NFT sector has seen a steep decline since its 2022 peak, when platforms like OpenSea recorded $2.7 billion in daily trading volume. In contrast, this month’s volume has struggled to exceed $30 million.

What Lies Ahead for PENGU?

As PENGU gains traction, its impact on the crypto landscape will be closely watched. By bridging NFT communities across Solana and Ethereum, Pudgy Penguins is striving to solidify its ecosystem and attract broader participation.

For now, PENGU’s debut stands out as a testament to the enduring appeal of innovative NFT projects amidst a challenging market.