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The non-fungible token (NFT) collection Pudgy Penguins has revealed plans to introduce a new token, PENGU, on the Solana blockchain by year’s end.
With the launch of PENGU, Pudgy Penguins aims to enhance the value for its community of users. In a statement shared on the social media platform X, Pudgy Penguins announced that it will distribute a total of 88 billion PENGU tokens to holders of its NFTs.
Introducing $PENGU, the official coin of Pudgy Penguins.
Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6— Pudgy Penguins (@pudgypenguins) December 6, 2024
As reported by Opensea, Pudgy Penguins consists of 8,888 NFTs. These NFTs represent love, empathy, and compassion. Pudgy Penguins serve as a “beacon of good vibes and positivity” for all.
Each holder gains exclusive access to experiences, events, IP licensing opportunities, and more. Let’s push the limits of Web3 together.
Beware of Scams, Warns Pudgy Penguins
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Pudgy Penguins has also issued a caution to the community, warning that counterfeit websites and tokens imitating PENGU are likely to emerge.
They advised users to refrain from engaging with fraudulent websites or contract addresses, as this could lead to scams. The team stressed that all official updates and announcements will be communicated solely through their verified channels and encouraged the community to verify all information thoroughly.
NFT Sales Rise 18% in October
The NFT market experienced a resurgence in October, with an 18% rise in sales volume, reversing a seven-month decline.
According to data from CryptoSlam, NFTs achieved a monthly volume of $356 million, an increase from September’s low of around $300 million, which was the lowest figure since 2021, as reported by Ruholamin Haqshanas for CryptoNews.
NFT trading had been on a steady decline since March, when monthly volumes reached a peak of $1.6 billion. In November, Kraken announced it would be closing its NFT marketplace nearly two years after its inception.
The post Pudgy Penguins to Launch New Token Called PENGU appeared first on Cryptonews.
