The native token of the NFT project Pudgy Penguins, called PENGU, has made its debut with a market cap of $312 million. The token was distributed to NFT holders through an airdrop. PENGU, which is based on the Solana blockchain, has a total supply of 88.88 billion and generated around $90 million in trading volume within the first hour of its release. A significant portion of the token supply was allocated to the airdrop and additional amounts were set aside for the Solana and Ethereum communities and as liquidity on decentralized exchanges. The price of Pudgy Penguin NFTs has also increased with the release of PENGU, making them the second most expensive collection after CryptoPunks. The NFT market as a whole has been in a slump due to the popularity of meme coins, but PENGU has outperformed this trend.



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