What is PENGU Token? The Web3 passport of the fat penguin.

PENGU is the ecological token issued by the well-known NFT project Pudgy Penguins on the Solana blockchain, officially launched on December 17, 2024. As the core medium connecting NFTs with the community economy, PENGU is not only used for trading, governance, and ecological incentives, but also carries the ambition of Pudgy Penguins to build a Web3 super IP empire.

Its total supply is 88.88 billion tokens, of which more than 50% (approximately 44.8 billion tokens) are distributed to NFT holders, cooperative project users, and traders through airdrops. The initial airdrop is valued at up to 1.5 billion dollars, 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 Launches, and Ecological Explosions

The world’s first NFT + token ETF application has triggered market frenzy.

In March 2025, the asset management company Canary Capital submitted the world’s first hybrid PENGU ETF application to the SEC, planning to allocate 80%-95% of funds to PENGU tokens and 5%-15% to Fat Penguin NFTs. If approved, this ETF will become a milestone connecting traditional finance and Web3 assets, facilitating the entry of institutional funds. Following the announcement, PENGU surged 156% within a week, with a fully diluted valuation (FDV) exceeding $1.1 billion.

Upbit launches to boost expansion in the Asian market

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

brand collaboration and physical commercialization acceleration

• Ledger Collaboration: In April 2025, the leading hardware wallet company Ledger launched a limited edition “Frozen for the Future” device at TOKEN2049 in Dubai, incorporating the design of the Fat Penguin IP to enhance its security culture image.
• Gate Cooperation: Collaborating with South Korea’s Lotte Group’s Bellyland to launch 500 sets of “Pudgy in Bellyland” physical dolls, priced at 299 USD, simultaneously binding digital rights and integrating offline collecting scenarios.
• Toy Empire: By 2025, the global sales of the Fat Penguin physical dolls will exceed 1.5 million units, entering retail giants such as Walmart and Target, becoming a benchmark for the commercialization of Web3 derivatives.

Token Burn and Deflation Mechanism Initiated

In February 2025, the project team prematurely ended the airdrop claim, destroying 12 billion unclaimed tokens (accounting for 13.69% of total supply) in one go, valued at approximately $150 million. This move aims to combat bot accounts and reduce circulation, thereby promoting token deflation. Despite short-term price fluctuations, it lays the foundation for long-term value stability.

##Ecological Layout: From Meme Coins to the “Trident” Empire CEO Luca Netz positions PENGU as “Meme Coin++” - going beyond mere cultural symbols to build a complete ecological closed loop. The parent company Igloo Inc. supports the token’s value with a “Trident” strategy:

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

##Market Controversy: Bullish Momentum and Hidden Concerns Coexisting

bullish signal

• Community Viral 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.
• Large holders are increasing their positions: Exchanges like Gate have seen large withdrawals exceeding 3 million USD in a single transaction, indicating long-term confidence.
• Use Case Expansion: The Abstract on-chain games “Penguin Life” and “Fat Penguin Atmosphere TCG” increase PENGU consumption scenarios.

Risk Warning

• Regulatory uncertainty: The PENGU ETF approval faces challenges from the SEC regarding the classification of NFT assets.
• Market Volatility: The historical high of 0.07 dollars has plummeted by 92.4%, and the current price of 0.0122 dollars is still at a low level.
• NFT industry weakness: OpenSea’s daily trading volume shrank from $2.7 billion in 2022 to $30 million in 2024, 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 simple label of a Meme coin and has become the core fuel connecting NFT ownership, physical consumption, and on-chain ecology. With the countdown to ETF approval, the launch of Abstract’s ecological games, and deepening global IP collaborations, PENGU is challenging the “NFT recession theory” and moving towards a $3 billion market value target. Its success or failure will not only concern a single project but will also validate the feasibility of Web3 consumer applications, paving a new path for the industry.

Author: Blog Team *This content does not constitute any offer, solicitation, or recommendation. You should always seek independent professional advice before making any investment decisions. *Please note that Gate may restrict or prohibit all or part of the services from restricted areas. Please read the user agreement for more information, link: