Editing Pudgy Penguins

**Pudgy Penguins** (ticker **PENGU**) is the [[Solana]] token of the Pudgy Penguins NFT brand, launched on 17 December 2024 with an airdrop to NFT holders and other crypto communities. It opened at a market capitalisation of about $2.3 billion.[^3]

## Lore
Pudgy Penguins began in July 2021 as a collection of 8,888 penguin NFTs on Ethereum, minted at 0.3 ETH. Its pseudonymous founders were voted out by the community in January 2022, and in April 2022 Luca Netz's Netz Capital bought the project and its IP for $2.5 million in ETH. Netz announced Pudgy Toys in May 2023.[^1] The toys are sold in Walmart and Target stores in the US.[^2] The brand's parent company is Igloo Inc.[^2]

### Token
PENGU has a total supply of 88.88 billion. The allocation: 25.9% to the Pudgy community, 24.12% to other Web3 communities, 17.8% to the team, 12.35% to liquidity, 11.48% to Igloo Inc., 4% to public goods, 4% to "proliferation" and 0.35% to FTT holders. Team and company allocations have a one-year cliff and three-year vesting.[^2]

Eligible claimants included holders of Pudgy Penguins, Lil Pudgys and Pudgy Rods NFTs, holders of about 20 other NFT collections such as Doodles, Azuki and BAYC, holders of at least 1 billion [[Mog Coin|MOG]], and Pudgy Toys owners. No snapshot was taken; eligibility was checked at token generation.[^2]

### Launch
About $90 million of PENGU traded in its first hour.[^3] At the launch price the airdrop of about 44.8 billion tokens was worth around $1.5 billion.[^4] Binance, OKX and Bybit opened spot trading at launch.[^2] CoinGecko records the all-time high of $0.0684 on launch day.[^5] Ahead of the airdrop, the Pudgy Penguins NFT floor rose to 34.1 ETH, second only to CryptoPunks.[^3]

The claim window, first set to close on 15 March 2025, was cut short on 30 January 2025 to five more days, with 85% of tokens claimed; unclaimed tokens were to be burned.[^2]

### ETF filing
On 20 March 2025 Canary Capital filed with the SEC for a PENGU ETF that would hold mainly PENGU and Pudgy Penguins NFTs.[^6]

## Timeline
- 2021-07: NFT collection launches on Ethereum
- 2022-01: community votes out the founders
- 2022-04: Netz Capital buys the project for $2.5 million in ETH
- 2023-05-18: Pudgy Toys announced
- 2024-12-17: PENGU launches on Solana with an airdrop; all-time high
- 2025-01-30: claim window shortened
- 2025-03-20: Canary Capital files for a PENGU ETF

## See also
- [[Frank]]
- [[Bonk]]
- [[Wen]]
- [[Jupiter]]

## References
1. [Pudgy Penguins NFTs: Everything You Need to Know About the Adorable Animal Project](https://www.coindesk.com/web3/pudgy-penguins-nfts-everything-you-need-to-know-about-the-adorable-animal-project), CoinDesk, 2023-05-11
2. [PENGU: Everything You Need to Know About the Pudgy Penguins Solana Token and Airdrop](https://decrypt.co/296507/pengu-pudgy-penguins-solana-token-airdrop-tokenomics), Decrypt, 2024-12-13
3. [Pudgy Penguins PENGU Token Debuts at $2.3B Market Cap](https://www.coindesk.com/business/2024/12/17/pudgy-penguins-pengu-token-debuts-at-312-m-market-cap), CoinDesk, 2024-12-17
4. [Let It Snow: Pudgy Penguins Release Massive $1.5 Billion PENGU Airdrop on Solana](https://decrypt.co/297131/pudgy-penguins-release-pengu-solana-airdrop), Decrypt, 2024-12-17
5. [Pudgy Penguins](https://www.coingecko.com/en/coins/pudgy-penguins), CoinGecko, 2026-10-21
6. [Canary Capital files for first-ever Pengu ETF amid expanded crypto offerings](https://www.theblock.co/post/347339/canary-capital-files-for-first-ever-pengu-etf-amid-expanded-crypto-offerings), The Block, 2025-03-20
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