Pudgy Penguins Launch PENGU on Solana With Multichain Plans Ahead

NFT Pudgy Penguins Solana

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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December 17, 2024

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Pudgy Penguins, the second-popular NFT on the market, has officially launched its PENGU token on the Solana blockchain. The NFT company announced the development on X.

Shortly after the launch, PENGU was added to Binance and OKX. According to Coingecko, the coin price quickly lost 50% as soon as the trading started.

PENGU Token Claim Has Begun

The popular Ethereum NFT character’s latest venture has a total supply of 88,888,888,888. Participants are given 88 days to claim their tokens before they are locked and burned.

Pudgy Penguins CEO Luca Netz told potential purchasers to triple-check the link they are claiming and cross-reference the company’s accounts before connecting anything.

Pudgy Penguins’ Multichain Ambitions

Currently, Pudgy Penguins is launching on Solana. However, its parent company, Igloo Inc., has plans for the token to go multichain, including Ethereum and Abstract.

“At Igloo Inc., we are focused on making the Pudgy Penguin the most famous character in the world,” Igloo Inc. shared in a statement earlier this month.

The Pudgy Penguins fanbase continues to grow. However, by launching PENGU on Solana, the team expects to reach an entirely new audience.

Pudgy Penguins Looks To Expand Business Ventures

Created in August 2021, the Luca Netz-led company has quickly become one of the world’s most recognizable NFT brands. Its market cap is hovering around 164,000 ETH.

Currently, the team behind the project is looking to expand its reach beyond NFTs and plush toys to movies, games, and TV.

“If you could own a piece of Mickey Mouse, would you?” Netz told TexhCrunch’s Jacquelyn Melinek. “We’re trying to take our Pudgy Penguin and make it our Mickey Mouse.”

News of the launch comes amid reports that eager participants are damaging potentially eligible physical Pudgy Toys. They are reportedly stealing QR codes amid recent speculations.

In a photo allegedly from a New York City Walmart, Mask Network founder Suji Yan detailed the destruction of Pudgy Toys ahead of the PENGU launch.

“All boxes are opened, and the QR code is gone,” Yan wrote, adding that the crypto community should condemn these actions.