Tonights opening, a brief analysis of Pudgy Penguins (PENGU) valuation expectations

Original | Odaily Planet Daily ( @OdailyChina )

Author: Azuma ( @azuma_eth )

The much-anticipated Pudgy Penguins token (PENGU) will be officially launched tonight.

Pudgy Penguins CEO Luca Netz posted on X this morning that eligible participants (including Pudgy Penguins, Lil Pudgys, Rogs and SBTs holders, etc.) can start claiming PENGU at 8:00 EST tomorrow (21:00 Beijing time tonight). The claiming period is 88 days, and all unclaimed supplies will be permanently locked/destroyed after the 88th day.

Pudgy Toys buyers will also be included in the airdrop, but since Pudgy Toys / Pudgy World is built on Abstract. When the Abstract mainnet is launched, the bridge function for claiming PENGU through LayerZero will also be launched, and Pudgy Toys buyers will also be able to claim their PENGU. More details will be announced when the Abstract mainnet is launched in January next year.

PENGU listing status

As of the time of writing, Binance and OKX have both officially announced that they will launch PENGU.

Among them, Binance has announced that PENGU will become the exchanges fifth HODLer airdrop project. Users who use BNB to subscribe to regular and/or current products on the EarnCoin platform between 8:00 on December 9 and 7:59 on December 13, Beijing time, will receive airdrop allocations. PENGU is expected to open at 22:00 tonight, when trading pairs such as USDT, BNB, FDUSD and TRY will be available.

OKX has already opened PENGU deposits and announced that it will start PENGU trading as soon as the users deposit amount meets the requirements for opening transactions.

PENGU Token Economic Model

Earlier today, as part of the new coin launch disclosure, Binance Research Institute released some key information about PENGU.

The total supply of PENGU is 88,888,888,888 pieces, which will be issued based on the Solana network. The token contract address is 2 zMMhcVQEXDtdE 6 vsFS 7 S 7 D5 oUodfJHE 8 vd 1 gnBouauv. At the beginning of Binance listing, the circulating supply of PENGU will be 62,415,951,646 pieces, accounting for about 70.22% of the total supply.

The specific allocation plan of PENGU is as follows:

• 29.78% of PENGU will be allocated to the team, investors and consultants. This portion of the tokens will be locked for 1 year and then released linearly over 3 years;
  

• 47.87% of PENGU will be used for community airdrops;

• 3% of PENGU will be used for Binance HODLer airdrops;

• 12.35% of PENGU will be used to build initial liquidity;
  

• 4% of PENGU will be used to support public affairs development;
  

• 3% of PENGU will be used for marketing and expansion.
  

As shown in the figure below, except for the team, investor and consultant shares, the rest of the PENGU allocation will be unlocked at the opening.

PENGU Valuation Expectations

Currently, multiple pre-launch trading markets have opened pre-market trading for PENGU. As of around 13:00 Beijing time, the valuation quotes on each platform are as follows.

• PENGU on Aevo is currently trading at $0.04128, corresponding to a market capitalization (MC) of approximately $2.576 billion and a full flow valuation (FDV) of approximately $3.669 billion.

• On whales.market, PENGU is currently reported at $0.0439, corresponding to a circulating market value (MC) of approximately $2.74 billion and a fully circulating valuation (FDV) of approximately $3.9 billion;

If NFT tokens such as APE and MOCA, and animal meme tokens such as PEPE and WIF are used as reference targets, the valuation expectations of PENGU are as follows.

summary

In view of the current hot market sentiment and Pudgy Penguins increasingly solid leading position in the NFT segment, it is expected that PENGU will attract huge traffic after its opening. However, considering that the circulation ratio of PENGU is relatively large at the beginning of its opening, there will inevitably be a certain amount of airdrop profit-taking pressure. Investors need to operate rationally based on their personal expectations, DYOR.