When I first heard about the $PENGU token airdrop from Pudgy Penguins I was really excited as this was a great news for crypto community as a whole and it could also signal revival of the NFT part of the crypto market which has been pretty much dead for ages now.
Pudgy Penguins is one of the biggest NFT communities and is probably second only to the BAYC group. This move seemed similar to $APE launch by BAYC and I remember that $APE gave really big allocations to BAYC NFT holder. I did not have much hopes of receiving $PENGU as $APE was launched exclusively for BAYC and MAYC holders I thought they will follow a similar route and give out the airdrop for Pudgy Penguin NFT holders only.
Pleasant Surprise for OG Users on ETH and Solana!
When the claim link finally went live yesterday on 17th December I was surprised to see that they had mentioned that they had kept allocation for OG users on ETH and Solana. This gave me some hope as I have been playing around on both these chains for ages.
I connected all my Metamask and Solflare wallets to check if I had got any allocation. I was pleasantly surprised to see that I had received over 6,000 $PENGU tokens which at the time of claim was worth over $300.
What I noticed was that my old wallets that I have been using for over 4 years now were eleigible for the airdrop but the new ones that I have been using only for 1-2 years were not eligible.
Pudgy Penguin Chose Solana for the Airdrop!
One important point to consider for this airdrop is that BAYC had dropped $APE mainly on Ethereum and I think it is also supported on Polygon. Pudgy strategically chose Solana for the airdrop despite the fact that Pudgys are Ethereum based NFTs. This clearly shows they are considering retail crypto users for using their tokens. Another great gesture was rewarding OG ETH and Solana users and not making the airdrop exclusive for Pudgy NFT holders.
HODL or SELL?
As a standard practice I always sell off 50% of the airdrop received the moment I claim it. What I do with the remaining 50% depends on how bullish I am on the project long term.
For $PENGU I have made an exception to the rule and decided to hold my airdrop for a while. At TGE each token was worth around $0.06 and then it faced some selling pressure I guess from people who got big allocations for being active on ETH and Solana are not interested in Pudgy ecosystem.
I personally am a fan of the Pudgy NFTs and the only reason I never bought one was as I never had that kind of money on ETH. I have a strong hunch that NFTs are going to make a strong come back sometime next year and the strongest communities will make the biggest comebacks.
In my opinion Pudgy is in a better position currently even compared to BAYC. If you look at historic price trends BAYC was worth over 120 ETH floor at it’s peak whereas Pudgy was worth around 10 ETH floor at the same time earlier. Now both have a floor of around 18 ETH. This shows that Pudgy os probably the only premium NFT collection that is thriving despite the overall NFT market being in the dumps.
Use Cases for $PENGU?
Some of the obvious use cases of $PENGU are the options to stake it to earn additional $PENGU and to get rights in the Pudgy ecosystem.
In addition to this I think there might be more surprises in the Pudgy store and some benefits for future NFT collections as well.
I would like to sign off by saying that this is my personal strategy as per my risk appetite and as always you should DYOR before making any decisions for yourself.
Cheers,
Sam
