# Pudgy Penguins Launches PENGU on Solana After Building a Toy Brand

> Igloo Inc., the company behind Pudgy Penguins, launched the PENGU token on Solana on December 17, 2024, with about a quarter of the supply reserved for its own NFT community. The move turned one of the few NFT brands with toys on store shelves into a tradable coin, and raised fresh questions about what a token adds to a character brand.

Source: https://cryptomorrow.com/2024/12/17/pudgy-penguins-launches-pengu-on-solana-after-building-a-toy-brand/
Last checked: 2026-11-04

[Pudgy Penguins](https://www.pudgypenguins.com), the cartoon NFT collection that grew into a plush-toy and licensing business, opened claims for its PENGU token on [Solana](https://solana.com) at 8 a.m. Eastern time on December 17, 2024. Holders of the brand's NFTs, along with millions of wallets from other crypto communities, could claim a share of a fixed supply of 88,888,888,888 tokens, [The Block reported](https://www.theblock.co/news/ecosystems/2024-12-17-pudgy-penguins-pengu-token-launch-solana-331180).

*Historical news event: 2024-12-17. Retrospective report prepared November 2026.*

The launch came less than two weeks after the project first teased the coin. In a short video posted to X in early December, the team introduced PENGU as "the official coin of Pudgy Penguins", framed in the brand's lore as a "Master Coin" hatched from a golden egg, according to [Decrypt](https://decrypt.co/295215/pudgy-penguins-to-hatch-a-master-coin-on-solana-as-nft-floor-prices-surge).

## From 8,888 penguins to a store-shelf brand

Pudgy Penguins started in July 2021 as 8,888 penguin NFTs on Ethereum. After a collector revolt against its original founders, entrepreneur Luca Netz [bought the project in 2022](/2022/04/03/luca-netz-buys-pudgy-penguins-for-2-5-million-after-a-collector-revolt/) and set up Igloo Inc. to run it. Under Netz, the brand leaned into things people could hold and watch: Pudgy Toys plush and figures, short social videos, and licensing deals. In September 2023 the toys reached [about 2,000 Walmart stores](/2023/09/26/pudgy-penguins-puts-its-plush-toys-in-2-000-walmart-stores/), and each physical toy came with a code linking it to a digital version in the Pudgy World app.

That consumer push is what made the token launch stand out. Most NFT projects that launched coins had little beyond trading. Pudgy Penguins had a character people recognised from a toy aisle.

"The purpose of the Pudgy Penguin is to make people feel good," Netz told [Fortune](https://fortune.com/2023/11/19/luca-netz-pudgy-penguins-walmart-net-worth/) in November 2023. In the same interview he said the character exists "to be a friend in a world where friends are diminishing."

![A plush bouquet with blue and pink Pudgy Penguins characters hugging a yellow star, wrapped in red and white fabric](/static/up/2024/12/cm-011-pudgy-penguins-plush-toys.webp)

*Image: [Pudgy Penguins](https://www.pudgypenguins.com)*

## How the PENGU claim worked

The token went live on Solana rather than Ethereum, where the NFTs live. Igloo said on X that launching on Solana let the brand reach "an entirely new audience", as quoted by [Decrypt](https://decrypt.co/296507/pengu-pudgy-penguins-solana-token-airdrop-tokenomics). The team said PENGU would later expand to Ethereum and to Abstract, Igloo's own Ethereum layer-2 network.

According to the published token split reported by The Block and Decrypt:

- 25.9% went to the Pudgy Penguins community, including holders of Pudgy Penguins, Lil Pudgys and Pudgy Rogs NFTs.
- 24.12% went to other crypto communities and new members of "the Huddle", the brand's name for its fan base.
- 17.8% was reserved for current and future team members, and 11.48% for the company, both locked for a year and then released over three years.
- 12.35% went to liquidity pools, with smaller slices for public goods, a "proliferation" fund and holders of FTX's FTT token.

The team said about 7 million wallets were eligible. Claiming required connecting both a Solana and an Ethereum wallet through the official claim site, and holders were told to keep some SOL on hand to pay network fees. NFT eligibility was based on holdings when the token went live rather than an earlier snapshot, Netz said, while a separate snapshot for soulbound tokens was taken on December 8. Owners of physical Pudgy Toys were told they could claim once Abstract's mainnet and a PENGU bridge were running.

Unclaimed tokens were to be burned after 88 days. In practice the window closed early: on January 30, 2025, the project said the claim would end in five days, with about 85% of PENGU already claimed, Decrypt reported. Trading on large exchanges including Binance, OKX and Bybit followed the launch.

Copycat tokens with similar names had traded before the launch, and Decrypt warned buyers to check the official contract address. That kind of impersonation is common around popular airdrops.

## What a PENGU token is, and isn't

Holding PENGU is not the same as holding a Pudgy Penguins NFT. The token gives no ownership of a penguin character, and NFT licensing rights that let holders earn from toys apply to specific NFTs, not to the coin. For readers new to the distinction, our explainer on [coins versus tokens](/2018/01/04/differences-between-coins-verses-tokens/) covers the basics.

The coin did give a far larger group of people a stake in the brand's online life. It also brought price swings into a community that had grown around art and identity. A recognisable toy line offers no guarantee about a token's market value.

![The Igloo Inc. logo beneath a 3D igloo in a snowy landscape, with the tagline about building a mainstream IP ecosystem onchain](/static/up/2024/12/cm-011-igloo-inc-brand-image.webp)

*Image: [Igloo Inc.](https://www.igloo.inc)*

## What happened next

PENGU became one of the better-known tokens tied to an NFT brand. In March 2025, asset manager Canary Capital [filed for an ETF holding PENGU and Pudgy Penguins NFTs](/2025/03/20/canary-capital-files-for-a-pengu-etf-holding-pudgy-penguins-nfts/), and in 2026 the company announced a [Visa-linked Pengu Card with KAST](/2026/02/11/pudgy-penguins-announces-a-visa-linked-pengu-card-with-kast/).

Not every part of the wider plan held up. Abstract, the layer-2 network Igloo launched in January 2025 to host Pudgy Penguins apps, [announced in October 2026 that it would shut down](/2026/10/06/abstract-blockchain-to-shut-down-in-december-as-consumer-push-stalls/) on December 15. That was a separate business decision about one blockchain. It didn't end the penguin NFTs, the toy line or the PENGU token itself.

Looking back, the December 2024 launch is best seen as a test of whether a character brand built partly outside crypto could carry a tradable coin. The penguins drew the attention. What PENGU adds over time depends on what people can actually do with it.

## Frequently asked questions

### When did the PENGU token launch?

PENGU claims opened on Solana at 8 a.m. Eastern time on December 17, 2024, with listings on major exchanges such as Binance, OKX and Bybit.

### What is the total supply of PENGU?

The total supply is 88,888,888,888 PENGU. About 25.9% was set aside for the Pudgy Penguins community and 24.12% for other crypto communities.

### Why did Pudgy Penguins launch PENGU on Solana instead of Ethereum?

Igloo Inc. said launching on Solana would help the brand reach an entirely new audience. The NFTs themselves remained on Ethereum, and the team said PENGU would later expand to Ethereum and Abstract.

### Does owning PENGU mean you own a Pudgy Penguin?

No. PENGU is a separate fungible token. Ownership of a Pudgy Penguins character, and any licensing rights that come with it, belongs to holders of the specific NFTs.

### Is Pudgy Penguins shutting down because Abstract is closing?

No. Abstract, Igloo's layer-2 blockchain, announced in October 2026 that it would close in December 2026. The Pudgy Penguins brand, its NFTs and the PENGU token are separate from that network.

## Sources

- [The Block: Pudgy Penguins' PENGU token launches on Solana (December 17, 2024)](https://www.theblock.co/news/ecosystems/2024-12-17-pudgy-penguins-pengu-token-launch-solana-331180)
- [Decrypt: PENGU tokenomics, airdrop and claim details](https://decrypt.co/296507/pengu-pudgy-penguins-solana-token-airdrop-tokenomics)
- [Decrypt: Pudgy Penguins announces a "Master Coin" on Solana (December 6, 2024)](https://decrypt.co/295215/pudgy-penguins-to-hatch-a-master-coin-on-solana-as-nft-floor-prices-surge)
- [Fortune: Luca Netz profile (November 19, 2023)](https://fortune.com/2023/11/19/luca-netz-pudgy-penguins-walmart-net-worth/)
- [The Block: Abstract to shut down (October 6, 2026)](https://www.theblock.co/news/ecosystems/2026-10-06-abstract-ethereum-layer-2-shutting-down-pudgy-penguins-igloo-417855)

*Featured image: [Pudgy Penguins](https://www.pudgypenguins.com)*