What Is Pudgy Penguins (PENGU)?

Discover how a non-fungible token (NFT) collection waddled its way to a viral Web3 brand with a meme coin, merchandise, and vibrant community.

Introduction

The non-fungible token (NFT) space has been facing the label of speculative projects lacking long-term vision or utility. Pudgy Penguins chips away at that stereotype by building a Web3-native intellectual property (IP) portfolio rooted in community, creativity, and culture. 

Since its dramatic turnaround under new leadership, Pudgy Penguins has become a case study in how NFT collections can transcend hype to become marketable brands.

What Is Pudgy Penguins?

Created by four college students and launched in July 2021, Pudgy Penguins is a Web3 brand that champions creativity, playfulness, and community. It debuted as a collection of 8,888 unique NFTs on the Ethereum network.

• The floor price surged from 0.03 ETH to 2.4 ETH in the eight months after launch.
  
• Ultra-rare NFTs like ‘Pudgy Penguin #6873’ was sold for as much as 400 ETH.
  
• Media coverage from outlets like CNBC and The New York Times amplified the hype.
  

The original team promised an ambitious roadmap: video games, educational NFT books, and a broader ecosystem, including airdropping mystery eggs scheduled to hatch on Christmas Day in 2021. However, many of these promises failed to materialise.

The eggs hatched into fishing rod NFTs, deliberately misspelled as ‘rogs’, disappointing holders expecting new characters. Accusations surfaced that the founders misused community funds.

A new collection was launched in December 2021 with 22,222 ‘Lil Pudgy’ NFTs, but it struggled to revive community sentiment. Rumours of a rug pull circulated, with concerns the founders might drain the project’s treasury. This bleak period became known as ‘The Great Blizzard’.

How Pudgy Penguins Revived Its Fortunes

Turning Point: Luca Netz Steps In

In April 2022, entrepreneur Luca Schnetzler (known as Luca Netz) acquired the project for 750 ETH. It marked one of the most successful NFT community takeovers to date, spearheading a brand revival with a new leadership team, and Pudgy Penguins was reborn as a global IP brand.

Key initiatives included:

• Viral short-form content campaigns on TikTok and Instagram.
• Physical merchandise like plush toys and apparel.
• Licensing deals with major retailers like Walmart and Target.
• Brand extensions through characters, books, and digital collectibles.

The Launch of PENGU: The Pudgy Penguins Meme Coin

In December 2024, Netz initiated an airdrop worth $1.5 billion for the official Pudgy Penguins meme coin (PENGU) on the Solana network, with plans to expand to other chains. The choice capitalised on Solana’s lower transaction fees and high throughput, broadening the token’s appeal, and it debuted with strong momentum.

PENGU is compatible with most Solana and Ethereum wallets, positioning Pudgy Penguins as a cross-chain brand that straddles both ecosystems.

While PENGU lacks a formal white paper, Netz has hinted at ambitious developments, including play-to-earn (P2E) video games integrated with the Pudgy Penguins brand. In May 2025, Pudgy Penguins announced an integration of its blockchain-based ‘Pengu Clash’ game with The Open Network (TON) blockchain.

What Is Pudgy Penguins’ Utility?

The Pudgy Penguins ecosystem revolves around brand engagement rather than traditional decentralised finance (DeFi)-style utility. Holding a Pudgy Penguin NFT (or its companion Lil Pudgy) or using the PENGU meme coin are primarily symbolic, signifying membership in a fun, family-friendly, and culturally aware community.

While PENGU currently functions as a meme coin without intrinsic utility, Netz has teased future integrations (like ‘Pengu Clash’), as well as merchandise, licensing, and social media engagement, to create a real-world brand footprint that sets Pudgy Penguins apart from many stagnant NFT collections.

Benefits and Limitations of Pudgy Penguins

The Tokenomics of PENGU

PENGU has a fixed total supply of 88.89 billion tokens.

Current Circulation:

• Circulating supply: Approximately 62.86 billion tokens as of this writing.
  

Token Allocation:

• 25.9% for the Pudgy Penguin community (known as ‘The Huddle’).
  
• 24.12% for other communities and to onboard new community members.
  
• 17.8% for the current and future team (subject to a one-year cliff and three-year vesting schedule).
  
• 12.35% reserved for liquidity.
  
• 11.48% allocated to Igloo Inc. (the company managing Pudgy Penguins).
  
• 8.35% for public good, marketing, and brand growth.

Upon its Crypto.com listing in December 2024, PENGU surged from $0.00499 to $0.02737, driven by community enthusiasm and meme coin hype. However, that initial surge was short-lived.

Since January 2025, PENGU has dropped more than 86% from its peak, hitting a low of approximately $0.0038 in April 2025. While there was a brief recovery to around $0.015 in May 2025, the token has struggled to regain its early momentum.

What Does the Future Hold for Pudgy Penguins?

Pudgy Penguins positions itself not just as an NFT project, but as a cultural IP powerhouse. With over 50 billion social media impressions and character toys on shelves in retail stores, it’s evolving into a Web3-native entertainment franchise.

The roadmap includes:

• Further expansion into play-to-earn gaming.
• Cross-chain presence beyond Ethereum and Solana.
• Deeper licensing and merchandising initiatives.
• Potential formalisation of PENGU’s token utility.

It is worth noting that PENGU lacks a formal white paper, which limits transparency around the project’s long-term strategy. PENGU’s long-term value will depend on the successful rollout of its ecosystem initiatives and the brand’s ability to maintain its cultural relevance.

How to Buy PENGU on Crypto.com

Buying PENGU and other meme coins is straightforward with the Crypto.com App. Users can use supported fiat currencies like USD, EUR, and GBP.

Below is a step-by-step guide to getting started:

1. Download the Crypto.com App, available on the Apple App Store and Google Play.
   
2. Complete the sign-up process. On-screen prompts are at hand to guide users.
   
3. Funds deposited using bank transfers will usually clear within one to three business days. For faster access, users can also fund their account using Apple Pay or a debit/credit card. Please note that processing times and availability may vary depending on card issuer and other factors.
   
4. Once the funds are cleared, users can start buying PENGU, along with large-cap assets like Bitcoin (BTC) and Ethereum (ETH), plus an extensive collection of altcoins.

Conclusion

PENGU offers more community spirit than utility, and it’s backed by a vibrant brand and leadership team that has walked Pudgy Penguins back from the brink of extinction.

But meme coins come with elevated risks, namely extreme price volatility. As mentioned earlier, in the absence of an official white paper, PENGU offers limited information and transparency about its future plans. Those drawn to community-driven tokens should take the time to study the project and gain a deeper understanding before making such tokens a part of their portfolio.

Due Diligence and Do Your Own Research

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