Pudgy Penguins’ “Early to the Party” Soulbound Token launches for Pudgy Party game, while PENGU dips 2.9% to $0.03006 from $0.0463.
Pudgy Penguins has announced the release of a new Soulbound Token (SBT) associated with its forthcoming mobile game, Pudgy Party. This occurs in the PENGU price’s ongoing struggle to sustain momentum following recent highs.
Pudgy Penguins Releases “Early to the Party” SBT
Pudgy Penguins has announced the introduction of its “Early to the Party” Soulbound Token in anticipation of the global launch of Pudgy Party on August 29. Players who pre-download the game from the Apple App Store or Google Play and register through the official campaign page will receive this SBT as a non-transferable digital badge. The token will be directly deposited into eligible users’ wallets after the game’s launch.
Pudgy Party is a fast-paced multiplayer competition developed in partnership with Mythical Games, drawing inspiration from games such as Stumble Guys and Fall Guys. It is important to note that players can receive rewards connected to blockchain technology during gameplay.
Pudgy Penguins, which was initially an Ethereum-based NFT collection, undergoes a substantial transformation with the introduction of Pudgy Party. The initiative has expanded to include tangible products and retail distribution through reputable retailers such as Walmart in the past year.
Pudgy Penguins have previously investigated SBTs. “TruePengu” tokens were introduced to depositors on the first anniversary of the NFT collection. The initiative also partnered with Sotheby’s in 2023, issuing an SBT for authentication and participation in one of the auction house’s sales.
This occurs after the addition of three Pudgy Penguins NFTs to the treasury of Nasdaq-listed BTCS Inc. It conveyed institutional assurance in the brand’s long-term value proposition. The initiative anticipates substantial revenue growth, so it has implemented this action. Luca Netz, the CEO, anticipated a revenue of $50 million for the current year. Netz has also disclosed its intention to conduct an Initial Public Offering (IPO) by 2027, to initiate the process in 2026.
Despite the momentum, the price of PENGU is experiencing difficulties.
This launch implies a novel strategy to enhance the utility of its native token. Recently, the price of PENGU has been consolidated. The token has experienced a 2.12% decrease in value over the past 24 hours.
The recent decline in the price of PENGU below a critical support level of $0.03146 indicates adverse momentum, as indicated by technical indicators. NFT values have also been affected by Ethereum’s recent 9% correction. Consequently, the baseline price of Pudgy Penguins NFTs decreased by 17%.
Nevertheless, it is important to mention that the PENGU Price reached an all-time peak of $0.0455 last month. On Korea’s Upbit exchange, it also surpassed DOGE in transaction volume. Even though profit-taking has hurt near-term performance, this milestone underscored the increasing enthusiasm for retail.
