Pudgy Penguins, one of the most popular and enduring NFT collections, is making waves in the cryptocurrency space. Known for its colorful, comical penguin characters, Pudgy Penguins has a massive online presence, with millions of followers across platforms like X (formerly Twitter), Instagram, and YouTube. The team behind the collection, which debuted three years ago with 8,888 unique NFT penguins, is now stepping into the world of cryptocurrency.
This year, Pudgy Penguins will release its own token, PENGU, on the Solana blockchain. The token’s distribution plan includes 23.5% of the total 88 billion PENGU tokens reserved for holders of Pudgy Penguins NFTs, including related collections like Lil Pudgys and Pudgy Rods. Another 22.02% will be allocated to the Solana and Ethereum communities, while 12.32% will provide liquidity on decentralized exchanges.
According to the Pudgy team, “With $PENGU, the millions of Pudgy Penguin fans and the hundreds of millions who engage with the brand daily can now connect with the character and become part of The Huddle,” referencing the community around the collection.
Pudgy Penguins is one of the few NFT projects that has maintained cultural relevance despite the downturn in the NFT market following the 2021-2022 bull market crash. Many NFTs lost their appeal, lacking utility beyond serving as digital status symbols, and market liquidity often proved insufficient to complete trades at the desired price.
This move into cryptocurrency comes at a time when fun tokens and memecoins have become the new craze, proving more attractive due to their ease of use, liquidity, and viral potential. Despite being seen as a similar concept to NFTs, these tokens have captured people’s attention by offering a sense of community and belonging, much like NFT collections did in their heyday.
Pudgy Penguins has built a huge online following, with official channels boasting over 3 million followers across Instagram, X, TikTok, and YouTube. The brand’s videos have amassed 32 billion views on Giphy alone. One of its TikTok accounts promotes the “Pudgy Kindness” movement, which aims to spread positivity, gaining recognition outside of the crypto community.
Additionally, Pudgy Penguins has expanded beyond the digital world. Last year, parent company Igloo launched Pudgy Toys, a line of collectibles based on the digital art collection. Since then, the brand has sold over $10 million worth of items, including plushies and igloos, which are available at major retailers like Walmart, Target, Amazon, and Walgreens.
As of Thursday, Pudgy Penguins is the third-largest NFT collection by market capitalization, valued at $550 million, trailing only CryptoPunks and Bored Apes Yacht Club. Launched in 2021, each penguin in the collection is hand-drawn and features distinct traits, such as unique backgrounds, body types, facial expressions, and accessories.
