Pudgy Penguins, one of the most successful and enduring NFT collections, is expanding its presence in the digital world by launching its own cryptocurrency token. Known for its colorful and charming hand-drawn penguins, this NFT collection has captured the attention of millions across social media platforms like Instagram, TikTok, X (formerly Twitter), and YouTube. Originally launched three years ago with 8,888 unique NFTs, Pudgy Penguins is now planning to release the PENGU token on the Solana blockchain.

The PENGU token will have a total supply of 88 billion, with 23.5% allocated to holders of Pudgy Penguins and related collections such as Lil Pudgys and Pudgy Rods. An additional 22.02% will be distributed to the Solana and Ethereum communities, while 12.32% will be reserved for liquidity provision on decentralized exchanges.

The Pudgy Penguins team stated that the launch of the $PENGU token will allow the millions of fans and followers to further engage with the brand and become part of “The Huddle,” Pudgy Penguins’ community. “With $PENGU, our global fanbase can now align themselves with the characters they love and feel connected to the broader ecosystem,” they explained.

Despite the challenges faced by the NFT market in recent years, Pudgy Penguins has remained culturally relevant and continues to enjoy significant popularity. In contrast to many NFT collections that struggled after the 2021-2022 market downturn, Pudgy Penguins has thrived by keeping its community engaged and delivering consistent value.

This move comes at a time when fun tokens and memecoins have gained massive popularity, offering an accessible and viral way for people to connect with digital communities. These tokens, while similar in spirit to NFTs, offer greater liquidity and ease of access, contributing to their rising success.

The Pudgy Penguins brand reaches far beyond the digital space. With more than 3 million followers on social media, the brand’s content on platforms like Giphy has garnered an impressive 32 billion views. Pudgy Penguins has also expanded its presence on TikTok with the “Pudgy Kindness” initiative, promoting positivity and kindness beyond the crypto world.

Moreover, Pudgy Penguins has ventured into physical products through its Pudgy Toys line, which has seen over $10 million in sales. The brand’s plush toys and collectible igloos are available at major retailers such as Walmart, Target, Amazon, and Walgreens.

As of today, Pudgy Penguins is the third-largest NFT collection by market capitalization, valued at $550 million, behind only CryptoPunks and Bored Apes Yacht Club. Since its inception in 2021, each penguin in the collection has been meticulously crafted, showcasing unique traits that make them highly sought after by collectors and contributing to the ongoing success of the brand.