Pudgy Penguins to Launch New Token Called PENGU

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Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

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The non-fungible token (NFT) collection Pudgy Penguins announced it is set to launch a new token, PENGU, on the Solana blockchain by the end of the year.

By introducing PENGU, Pudgy Penguins is looking to add value to its user fanbase. In an announcement posted on social media platform X, Pudgy Penguins said will allocate a total of 88 billion PENGU tokens to NFT holders.

According to Opensea, Pudgy Penguins is a collection of 8,888 NFT’s. The NFTs embody love, empathy, and compassion. Pudgy Penguins are a “beacon of good vibes and positivity” for everyone.

Each holder receives exclusive access to experiences, events, IP licensing opportunities and more. Let’s break through the boundaries of Web3 together.

Beware of Scams Warns Pudgy Penguins

Pudgy Penguins also went on to issue a warning to the community, cautioning that fake websites and tokens mimicking PENGU are likely to surface.

They urged users not to interact with fraudulent websites or contract addresses, as doing so could result in scams. The team emphasized that all official updates and announcements will only be shared through their verified channels and advised the community to cross-check all information carefully.

NFT Sales Climb 18% in October

The NFT market bounced back in October with an 18% increase in sales volume, reversing a seven-month downward trend.

According to CryptoSlam data, NFTs saw a monthly volume of $356 million, up from September’s low of approximately $300 million, the lowest level since 2021, reports Ruholamin Haqshanas for CryptoNews.

NFT trading had been declining steadily since March, when monthly volumes peaked at $1.6 billion. In November, Kraken announced it is shutting down its NFT marketplace nearly two years after its launch.

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