- 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.
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.
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