PENGU's opening FDV peak exceeded 6 billion US dollars, Fat Penguin airdropped "helicopter money", and offline physical dolls were robbed

Author: Nancy, PANews

On the evening of December 17, the highly anticipated leading NFT project Pudgy Penguins announced its launch and launched airdrops. It has received more than 100,000 claims. The temporary high traffic also caused the claim API to malfunction, and the airdrops were temporarily suspended. It has since been restored. Binance data shows that the opening price of token PENGU hit a maximum of $0.07, and the FDV (fully diluted valuation) reached a maximum of $6.2 billion. The price has now fallen.

From the perspective of air investment qualification inquiry, users can add multiple wallet address inquiries at one time, including Fat Penguin series NFT holders, Ethereum/Solana OG players, its L2 Abstract Enjoyers and various chain Explorers, etc., who can obtain PENGU tokens. Airdrops, the more conditions are met, the greater the number of airdrops.

Judging from the orders posted by various players, in addition to NFT holders making huge profits, earning profits worth tens of thousands to millions of dollars, there are also veteran players who have won a valuable "pig's trotter rice" in multiple addresses. Of course, There are also some users who “got nothing” after querying dozens of addresses. In addition to the high returns brought by airdrops, there are also experienced traders who make huge profits through on-chain price differences. According to Lookonchain monitoring, a trader made a profit of 36,984 SOL (approximately US$8.36 million) by trading PENGU in less than 20 minutes. There are also giant whales who are buying in large quantities. Lookonchain monitors that a whale spent 15,300 SOL (US$3.46 million) to purchase 6.47 million PENGU tokens, with an average price of US$0.053.

It is worth mentioning that according to on-chain analyst Ai Ai, wallets related to the PENGU project (or early investors) are selling heavily on the chain, and have sold PENGU worth US$8.74 million.

During this airdrop craze, Pudgy Penguins not only successfully drove the price of its NFT to soar, but also further expanded its community and ecological influence. However, the interest incentives brought by airdrops also triggered a lot of speculation, which caused dissatisfaction in the community.

Use airdrops to drive up NFT prices and expand the community

With its flexible airdrop mechanism and extensive token distribution strategy, Pudgy Penguins has attracted a lot of attention during the past period and has actively expanded its community size and ecological influence.

On the one hand, unlike most projects that use snapshots to determine the eligibility for airdrops, there is no time limit for Pudgy Penguins’ airdrops. The token PENGU can be allocated to relevant NFTs as soon as it goes online, and holders have 88 days to apply. This flexible airdrop mechanism also caused the Pudgy Penguins series of NFTs to be swept away on a large scale, and also injected strong upward momentum into their prices.

NFT Price Floor data shows that from the announcement of the token issuance plan on December 6 to the official launch, the floor price of Pudgy Penguins increased by a maximum of 133.6%, and Lil Pudgys increased by 165.7%. At the same time, the sales volume of the Fat Penguins series has also increased significantly. CryptoSlam statistics show that during this period, sales of Pudgy Penguins exceeded US$54 million, and Lil Pudgys reached US$22.6 million.

Pudgy Penguins, on the other hand, hopes to expand the community through airdrops. PENGU's token economic model shows that in addition to 25.9% of the total token supply allocated to the Pudgy community, other communities will also receive 24.12% of the tokens. According to Pudgy Penguins, the Solana ecosystem can receive approximately 25% of the PENGU token supply airdrop. Even active users using applications such as Phantom Wallet and Jupiter can also receive airdrops without holding NFT. The number of these wallet addresses is approximately There are 7 million, covering multiple protocol users and community members.

In addition, Pudgy Penguins’ tokens also adopt a multi-chain deployment strategy to expand the ecological scale. In addition to being deployed on Solana, it will also be launched on Ethereum and the anticipated L2 network Abstract Chain. Igloo, the parent company of Pudgy Penguins, stated that this move aims to create the largest on-chain community and expand the audience of the Pudgy Penguins ecosystem through multi-chain deployment.

Airdrops triggered a wave of hype for physical toys, and **chaos

caused by stolen QR codes caused dissatisfaction**

Although the Pudgy Penguins airdrop event inspired community members and promoted ecological development, it also triggered chaos of speculation. As Pudgy Toys, an IP derivative toy launched by Pudgy Penguins, was included in the airdrop target, this toy quickly attracted the attention of a large number of speculators and became the target of their rush to buy.

"I just hired a group of kids to help me scan groceries at Walmart and can't wait for my airdrop.", "Getting free 10x airdrops from fat penguin toys that no one wants to buy at Walmart. I spent $1,000 on this experiment. Maybe Will buy more and I will keep these toys in stock. Donate to the children at Christmas. No matter what the outcome is, it’s a win-win situation anyway.” A profit of US$1 million can be obtained at the cost.”

 _Pudgy Toys toys sold out_ 

On social platforms, speculators have shared their "results" in buying Pudgy Toys. They are trying to make profits by hoarding Pudgy Toys on a large scale. Compared with the risk of capital loss caused by purchasing high-premium NFT betting airdrops, purchasing physical toys can yield considerable returns at zero cost.

Driven by profit, there are many speculators who speculate on the QR (accessible to Pudgy World) inside the Fat Penguins toys, and even resort to stealing to make profits. This behavior that is divorced from the original cultural and emotional value of Pudgy Penguins has also caused controversy and criticize.

"$PENGU is about to be released, and the toys across North America are almost sold out. Is anyone willing to buy these QR codes?" A user sold the QR code of a fat penguin toy at a high price. Some users also said that they ordered penguin toys from Walmart, but some boxes lacked QR codes or had no toys.

 _Pudgy Toys QR code destroyed_ 

According to a post by Mask founder Suji, “Today, a Web2.5 user in a New York store wanted to buy some fat penguin toys, but found that many packaging boxes had been opened and the accompanying QR codes had been stolen. These toys were originally for real Like Pudgy Penguins prepared, even though many people accidentally lost the QR code, they still enjoyed it. However, with the launch of the airdrop, Degens flocked to the store and behaved like this. Theft, and the entire crypto community should condemn these actions. Please leave the fat penguin toys to those who truly love them.”

Overall, Pudgy Penguins’ airdrop activity brought significant ecological expansion and market popularity to the project. However, how to maintain a balance between cultural spirit and community value while promoting economic incentives has become an important topic that Pudgy Penguins and other crypto projects need to think deeply about and pay attention to in their long-term construction.