Altcoin Spotlight: Pudgy Penguins (PENGU)
MintDice.com is committed to your education when it comes to cryptocurrency and blockchain technology. As such, we monitor the top 60 tokens on CoinMarketCap and create an altcoin spotlight profile for any token that breaks into the top 60.
This week, there is a new player in spot 42, called Pudgy Penguins. Read on to learn all about Pudgy Penguins, how it works, and whether or not you should consider an investment.
What is Pudgy Penguins?
Pudgy Penguins is a blockchain-based NFT that features a digital rendition of—you guessed it—pudgy penguins. When originally launched, there were 8,888 unique NFTs in the Pudgy Penguin collection, all of which are based on the Ethereum blockchain and follow the ERC token standards.
Pudgy Penguins reached widespread popularity when Pudgy Penguin #6873 (which is apparently ultra-rare) was sold for 400 ETH. This event was big enough that the NFT was featured on prominent news sites like The New York Times and CNBC.
While the original Pudgy Penguins whitepaper included plans for a video game, educational books about NFTs, and fun extras like air-dropped penguin eggs, the individuals running the NFT were quickly overwhelmed, and none of these ever materialized.
Following the failed airdrop on Christmas Day 2021, the Pudgy Penguin creators faced rumors of being a rug pull scheme. Additionally, other non-associated projects (which were scams) were popping up with similar names. As such, many individuals lost tons of cash in the Pudgy Penguin name. This dark period was known as the Great Blizzard.
Eventually, Pudgy Penguins was rescued in 2022 by a new investor who worked hard to turn around the brand name, and image. Not only can you continue to purchase the adorable NFTs, but the new investor has also launched a line of physical plushes and brand marketing deals with both Walmart and Target. This revival also included the creation of a memecoin by the name of PENGU.
PENGU functions like any other memecoin, acting as a store of value. It is built on the Solana blockchain, so individuals who use it can take advantage of the lower transaction fees.
How Does Pudgy Penguins Work?
Pudgy Penguins, the memecoin, works with both Ethereum and Solana wallets, though all transactions are executed on Solana. Those who wish to can purchase some PENGU to hold, trade, or sell. Currently, PENGU is fairly useless on its own (it is a memecoin), though the creator has hinted at games coming in the future as well as increased use as a utility token.
Pudgy Penguins, the actual NFT, have all already been minted. If you would like to own one, you will need to watch NFT marketplaces for someone wishing to sell theirs, and be ready to pay a hefty fee. If you are truly dedicated, though, we are sure you will eventually find one. The OpenSea NFT marketplace is a good place to start.
It is important to know that while you can buy Pudgy Penguin NFTs with PENGU, it is not required. You will likely be able to buy your NFT with ETH, SOL, and maybe even BTC, depending on the seller.
Who Created Pudgy Penguins?
Pudgy Penguins was created by four college students in 2021, but after the Great Blizzard, it was purchased by Luca Netz for 750 ETH. He has since worked on rebranding it, taking it to new heights since its college inception days.
During the course of writing this article, we searched for the names of the college students; however, we could not confirm or deny who was actually involved. Currently, Luca Netz is the only name associated with the project.
What is PENGU?
PENGU is the symbol used to identify the memecoin associated with Pudgy Penguins. As mentioned above, it is currently only a memecoin, meaning its value comes from popularity and the media. In the future, Netz says it will have more of a utility token value, but that is not currently the case.
Should You Buy PENGU?
In our opinion, Pudgy Penguins is nothing more than a fun project. If you love cute penguin EFTs, or perhaps a cute penguin plushy, feel free to purchase one of these. However, the memecoin alone has very little investment value.
This could change in the future, of course, but for right now, Pudgy Penguins is still in the phase of being turned around and built up into what it will eventually be, and in our opinion, it is just too risky to invest in—especially if you are looking to swing or day trade.
Like other memecoins, Pudgy Penguins is extremely volatile, and you never know when it may have a massive price spike or price drop. Additionally, while Netz is working on creating a gaming space based on the brand, that is not available now—meaning if you buy Pudgy Penguins, you are buying into an idea—not something which is currently viable.
But if you are ready to take a chance on a project and don’t mind possibly losing everything, go for it. Just make sure you discuss your purchase with someone you trust beforehand, as a purchase of Pudgy Penguins is extremely risky.
Where Can You Buy Pudgy Penguins?
If you would like to purchase a Pudgy Penguin NFT we recommend checking the following platforms to see if any are available for sale:
· OpenSea
· Blur
· Magic Eden
If you are looking to purchase PENGU, the memecoin associated with Pudgy Penguins, check out the following exchanges:
· Coinbase
· Binance
· OKX
· MEXC
· Uniswap
Of course, it is possible to find both the NFTs and the memecoins on platforms other than these listed above; these are just the ones we recommend.
Overall, Pudgy Penguins is a unique brand associated with the cryptocurrency world. It encompasses both an NFT as well as a memecoin, and many brand deals in the fiat world. Because it is a bit of everything, we recommend proceeding with an investment with extreme caution as it may not be investment-grade.
