The popular NFT collection Pudgy Penguins has announced plans to launch its cryptocurrency, Pengu, this month. The new token will reportedly operate on the Solana blockchain, despite the Pudgy Penguins NFTs being based on the Ethereum network.

According to a recent post on X, the total supply of Pengu will amount to 88,888,888,888 tokens.

Of this supply, approximately 25.9% is designated for the Pudgy Penguins community, allowing fans to engage more directly with the brand. Additionally, 24.12% of the tokens will be distributed to other communities and new members of the "Huddle."

The project’s team has outlined that around 17.8% of the supply will be allocated to current and future team members, who will be subject to a one-year cliff and a three-year vesting period. Furthermore, the company will retain 11.48% of the Pengu supply under similar conditions.

Pudgy Penguins, launched in 2021, has become a prominent player in the NFT market, boasting a current floor price of approximately 17.75 ETH, equivalent to about $68,535.

The collection has garnered a market capitalization of roughly $609 million. Recent data indicates a 245% surge in trading volume over the past day, reaching 2,082 ETH, or about $8 million.