Pudgy Penguins’ native token, PENGU, climbed 13% on Jan. 5, emerging as one of the top performers in the crypto market.
At the time of publication, PENGU was trading at $0.040, marking a 250% surge since its launch on Dec. 17. Initially debuting with a market cap of $2.8 billion, the token has since dipped to $2.5 billion, according to CoinGecko.
Some large holders are cashing out, taking advantage of the rally. Blockchain analytics platform Lookonchain reported a new wallet withdrawing 84 million PENGU — worth $3.13 million — from Binance on Jan. 4.
Despite PENGU’s price growth, Pudgy Penguins’ NFT sales have dropped by 52% in the last seven days, according to data from CryptoSlam.
“In just the first few days of 2025, Pudgy penguins had billions of GIF views, Telegram stickers experiment sold out in record time, hundreds of thousands of new penguins with actual stake in the game, viral Instagram and TikTok campaigns,” Berko Crypto, community lead at Pudgy Penguins, said on Jan. 3.
Pudgy Penguins’ continues to capture public interest, thanks in part to its viral GIF and sticker strategy. The project recorded over 1.1 billion views for its stickers and GIFs in the first five days of January.
Related: Pudgy Penguins CEO unfazed by SEC actions against NFT sector
PENGU token’s expansion plans
PENGU currently operates on Solana but plans to expand to Ethereum and Abstract, an Ethereum layer-2 scaling solution developed by Igloo Inc. The token’s total supply is 88.88 billion, with 25.9% allocated for Pudgy Penguin NFT holders via airdrop claims.
While no official use case for PENGU has been confirmed, the token is expected to play a role in governance and potentially access exclusive perks within the ecosystem, according to Bybit.
Crypto trader Pentoshi teased the possibility of future airdrop for PENGU holders:
“$PENGU holders to receive Abstract (potentially another 6 fig + airdrop. You may potentially qualify by getting the Pengu holder role and Pengu enjoyer roles in the Pudgy discord.”
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