FTX Token Surges 40% Before Pudgy Penguins’ PENGU Allocation News

Bankrupt crypto exchange's creditors gain exposure to red-hot NFT project in latest recovery effort

  • Pudgy Penguins allocates 0.35% of PENGU tokens to FTX‘s FTT token holders.
  • PENGU’s total supply is 88 billion tokens with 17.8% for team, 25.9% for NFT holders, and 12.35% for liquidity.
  • FTT price increased 40% before the announcement, raising insider trading concerns.
  • FTT holders will receive 308 million PENGU tokens.
  • FTT maintains $400 million daily trading volume despite being deemed worthless in bankruptcy proceedings.

Pudgy Penguins, a prominent NFT project, will distribute a portion of its new PENGU token to holders of FTX’s collapsed FTT token, according to an announcement on Friday. The move comes as FTX prepares to begin creditor repayments in March.

- Advertisement -

Token Distribution Details

The PENGU token launch includes a total supply of 88 billion tokens, distributed across multiple stakeholder groups:

  • 17.8% – Project team allocation
  • 25.9% – NFT holders
  • 12.35% – Liquidity provisions
  • 0.35% (308 million tokens) – FTT holders

Market Response and Controversy

The announcement triggered significant price movement in FTT, which experienced a 40% increase approximately 13 hours before the official PENGU announcement. Following the news, FTT rose an additional 7.7% to $3.75 before settling at $3.39.

Social media analyst @DarkCryptoLord raised concerns about potential insider trading, citing the pre-announcement price surge as suspicious market activity.

Despite a bankruptcy judge declaring FTT worthless, the token maintains substantial trading activity, with daily volumes reaching $400 million. This comes as FTX prepares to distribute $16.5 billion to affected customers and creditors, with specific repayment dates expected to be announced this month.

- Advertisement -

✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest News

BRICS Eyes 2026 Expansion; Russia, China Push for Growth

The BRICS bloc is targeting 2026 for its next phase of expansion, with details...

IoTeX probes wallet breach after $4.3M hack

Decentralized identity protocol IoTeX is investigating unusual activity linked to one of its token...

Analyst Predicts XRP Could Reach $9 by Mid-March Amid Volatility

Create a cryptocurrency news article based on the XRP’s timeline to all time highs...

Bitcoin Whale Accumulation Hits $15.6B Amid ‘V-Shape’ Trend

Bitcoin whales have withdrawn an estimated 60,000 to 100,000 BTC from exchanges over 30...

Bitcoin ETFs Face Fifth Week of Investor Outflows

U.S. spot Bitcoin ETFs have experienced five straight weeks of net outflows, with roughly...

Must Read

The 13 Best Crypto Advertising Networks to Grow Your Project

TABLE OF CONTENTSWhy Traditional Ad Networks (Like Google & Facebook) Fail CryptoQuick-View Comparison TableHow to Choose the Right Crypto Ad Network for Your ProjectBest...
🔥 #AD Get 20% OFF any new 12 month hosting plan from Hostinger. Click here!