What Is the PENGU Coin? Pudgy Penguins' Web3 Passport

PENGU is the ecosystem token launched by the well-known NFT project Pudgy Penguins on the Solana blockchain. It was officially released on December 17, 2024. As the core medium connecting NFTs and community economy, PENGU is not only used for trading, governance, and ecological incentives, but also carries the vision of the Fat Penguin. Web3 The ambition of the super IP empire.

The total supply is 88.88 billion coins, of which more than 50% (approximately 44.8 billion coins) are distributed to NFT holders, partner project users, and traders through airdrops. The initial airdrop is valued at up to 1.5 billion USD, setting a record in the Solana ecosystem. The token economic model emphasizes community participation, combining deflationary mechanisms with cross-chain expansion, aiming to provide a low-threshold crypto consumption experience for global users.

Latest Updates: ETF Applications, Exchange Listings, and Ecosystem Explosions

The world’s first NFT + Token ETF application sparks market frenzy

In March 2025, the asset management company Canary Capital submitted the world’s first mixed PENGU ETF application to the SEC, planning to allocate 80%-95% of the funds to PENGU Token and 5%-15% to Fat Penguin NFT. If approved, this ETF will become a milestone connecting traditional finance and Web3 assets, driving institutional capital into the market. Following the announcement, PENGU surged 156% in a week, with a fully diluted valuation (FDV) exceeding 1.1 billion dollars.

Upbit Launches to Boost Expansion in Asian Market

On May 9, 2025, the South Korean trading platform Upbit announced the launch of PENGU, supporting KRW, BTC, and USDT trading pairs, significantly enhancing its liquidity and influence in the Asian market. Previously, PENGU had already been traded on mainstream platforms like Gate, with trading volume exceeding 90 million USD within the first hour of its listing. Stimulated by this positive news, PENGU’s price surged by 224.97% within 30 days, with its market capitalization nearing 900 million USD.

Brand Collaboration and Acceleration of Physical Commercialization

• Ledger Collaboration: In April 2025, leading hardware wallet provider Ledger launched a limited edition “Frozen for the Future” device at TOKEN2049 in Dubai, featuring a design inspired by the Pudgy Penguins IP, reinforcing its security culture image.
• Lotte Cooperation: Partnered with South Korea’s Lotte Group to launch 500 sets of “Pudgy in Bellyland” physical dolls, priced at 299 USD, simultaneously binding digital rights, bridging offline collection scenarios.
• Toy Empire: By 2025, the global sales of Pudgy Penguin physical dolls exceeded 1.5 million, entering retail giants like Walmart and Target, becoming a benchmark for Web3 derivative product commercialization.

Token Burn and Deflation Mechanism Activation

In February 2025, the project team ended the airdrop claims early and burned a total of 12 billion unclaimed tokens (accounting for 13.69% of the total supply), worth approximately 150 million USD. This move aims to combat bot accounts and reduce circulation, promoting token deflation. Despite short-term price fluctuations, it lays the foundation for long-term value stability.

Ecological Layout: From Meme Coin to “Trident” Empire

CEO Luca Netz positions PENGU as “Meme Coin++” — transcending mere cultural symbols to build a complete ecological closed loop. The parent company Igloo Inc. supports the token value through the “Trident” strategy:

• IP Core (Pudgy Penguins): A matrix of NFTs and physical products, creating a total of 40 billion social interactions;
• Commercialization Engine (OverpassIP): An authorization platform facilitating tens of millions in revenue, such as the Pudgy Toys series;
• On-chain Infrastructure (Abstract): An Ethereum-based Layer-2 network that offers low Gas fee gaming and social scenarios, allowing users to master on-chain transactions in 20 minutes.

Market Controversy: Bullish Momentum Amid Concerns

Bullish Signals

• Community Splintering Power: The Whop incentive program encourages users to create content, rewarding $2 for every 1,000 views, with GIF views surpassing 1.1 billion by early 2025.
• Whales Increasing Holdings: Large withdrawals exceeding $3 million have been observed at exchanges like Gate, indicating long-term confidence.
• Use Case Expansion: The Abstract on-chain games “Penguin Life” and “Fat Penguin Atmosphere TCG” are increasing PENGU consumption scenarios.

Risk Warning

• Regulatory Uncertainty: PENGU ETF approval faces challenges from the SEC regarding the classification of NFT assets.
• Market Volatility: The historical peak of $0.07 plummeted by 92.4%, and the current price of $0.0122 remains low.
• Weakness in the NFT Sector: OpenSea’s daily trading volume has shrunk from $2.7 billion in 2022 to $30 million in 2024, and whether the Fat Penguin can stand out remains to be seen.

Conclusion: The Ambition of the Web3 IP Empire

The PENGU Token has transcended the label of a mere Meme coin, becoming the core fuel that connects NFT ownership, physical consumption, and the on-chain ecosystem. With the countdown to ETF approvals, the launch of Abstract ecological games, and the deepening of global IP collaborations, PENGU is challenging the “NFT Decline Theory” and advancing towards a target market value of $3 billion. Its success or failure not only pertains to one project but will also validate the feasibility of Web3 consumer applications, paving new avenues for the industry.