From failed penguin to NFT star: how PENGU aims to dominate Solana after surpassing BAYC

The Triumphal Return of Pudgy Penguins: From Collapse to Leading Market Cap

Pudgy Penguins is a story of resilience in the NFT ecosystem. Launched in July 2021 on Ethereum as a collection of 8,888 adorable cartoon-style penguins, the series experienced dramatic drops when its original founders were removed by the community in January 2022 due to unfulfilled promises and accusations of price manipulation. The floor price of the collection plummeted below 0.6 ETH, bringing the project to the brink of collapse.

However, when Lucas Schneltzer acquired the project in April 2022 for 750 ETH (approximately $2.5 million), everything changed. Under the leadership of Luca Netz, the collection not only regained its value but evolved: it became the first Web3 brand to obtain significant licenses, launching Pudgy Toys in stores like Target, Walmart, and Amazon. Today, Pudgy Penguins ranks second in market capitalization among NFT projects, surpassing the legendary Bored Ape Yacht Club (BAYC) in just a few weeks.

PENGU: the token that consolidates the Pudgy Penguins ecosystem

With this market momentum, Pudgy Penguins introduces PENGU, its native token that will mark an important milestone in the project’s evolution. PENGU is not merely a speculative asset but a tool designed to expand the community, implement governance, and reward early holders.

The architecture of PENGU reveals clear ambitions:

• Community distribution (25.9%): reserved for current Pudgy Penguins and Lil Pudgy holders, as well as holders of derivative assets like PenguPins and Pudgy Rods
• External expansion (24.12%): aimed at attracting five million new users to the ecosystem
• Liquidity (12.35%): funds to create pools on DEXs and ensure active trading
• Team (17.8%): with a one-year lockup and three-year vesting thereafter
• Company (11.48%): for project development and marketing
• Public interest (4%): aligned with the brand’s “good vibes in the metaverse” philosophy

With a total supply of 88,888,888,888 tokens, the project aims to create an inclusive ecosystem where the community actively participates in its growth.

Why Solana and not Ethereum? The strategic move to bring PENGU to new audiences

The decision to launch PENGU on Solana has sparked debate within the Pudgy Penguins community. After all, the original collection was born on Ethereum, where it established its roots and built its legacy with active holders.

However, the choice of Solana responds to a compelling market logic. Solana has established itself as the most active blockchain in the industry: its daily active addresses and transaction volume significantly surpass Ethereum and its layer 2 solutions. With fast transactions, virtually zero costs, and an exponentially growing user community, Solana offers access to a completely new audience.

For current Pudgy Penguins holders, launching on Solana requires an additional step: setting up a compatible wallet on the Solana network to claim their airdrop. Although this presents a minor technical barrier, understanding the Solana ecosystem is essential before participating.

It is also noteworthy that the team plans a future multi-chain deployment: PENGU will arrive on Ethereum and Abstract (the layer 2 solution developed by Igloo, the creators of Pudgy Penguins). Launching first on Solana allows the token to gain traction in a dynamic ecosystem before expanding to other networks.

Market data and current expectations

Although PENGU has not yet been officially listed on major exchanges, pre-market data on P2P trading platforms already show significant activity. The preliminary transaction volume demonstrates massive community interest.

With an current price of $0.01, a circulating supply of 62,860,396,090 tokens, and a 24-hour trading volume of $2.73 million, PENGU enters the market with solid metrics. These numbers reflect the community’s confidence in the project and its demonstrated resilience.

Final considerations: security and long-term perspective

As the airdrop approaches, staying alert is critical. Launches of tokens from popular projects inevitably attract scam attempts: fake tokens, malicious airdrops, and phishing schemes proliferate during the chaos of launch.

Practical recommendations:

• Carefully verify that you are interacting with official contracts
• Never sign transactions without thoroughly reviewing the details
• Install reliable security extensions to protect your transactions
• Keep your private keys and seed phrases secure

Pudgy Penguins has demonstrated extraordinary capacity to reinvent and thrive. PENGU represents not only a token but the consolidation of a brand that has transcended blockchain to become a cultural phenomenon. By bringing PENGU to Solana and its fast transactions, the project opens the doors to a global community of users who may have never interacted with Ethereum but can now be part of this adorable penguin story in the Web3 space.

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. The projects mentioned are not endorsed by Gate.io.