Pudgy Penguins Launches Utility-Driven Soulbound Tokens as PENGU Price Stalls

Pudgy Penguins announced the launch of a new Soulbound Token (SBT) tied to its upcoming mobile game, Pudgy Party. This comes as the PENGU price struggles to maintain momentum after recent highs.

Pudgy Penguins Rolls Out “Early to the Party” SBT

Pudgy Penguins announced the release of its “Early to the Party” Soulbound Token ahead of the global launch of Pudgy Party on 29 August. This SBT will serve as a non-transferable digital badge for players who pre-download the game from the Apple App Store or Google Play and register through the official campaign page. Eligible users will receive the token directly in their wallets after the game goes live.

Inspired by games like Fall Guys and Stumble Guys, Pudgy Party is a fast-paced multiplayer competition created in collaboration with Mythical Games. Notably, players can receive blockchain-driven rewards in their gameplay.

The release of Pudgy Party signals a significant shift for Pudgy Penguins, which was initially an Ethereum-based NFT collection. The project has expanded into tangible toys and even retail distribution through well-known stores like Walmart during the past 12 months.

This isn’t the first time Pudgy Penguins has explored SBTs. On its NFT collection’s first anniversary, it introduced “truePengu” tokens to holders. In 2023, the project also collaborated with Sotheby’s, issuing an SBT for authentication and participation in one of the auction house’s sales.

This comes after Nasdaq-listed BTCS Inc. added three Pudgy Penguins NFTs to its treasury. It signaled institutional confidence in the brand’s long-term value proposition. The move comes as the project eyes significant revenue growth. CEO Luca Netz projected $50 million in revenue this year alone. Netz has further revealed plans for an Initial Public Offering (IPO) by 2027, with hopes of going public as early as 2026.

PENGU Price Struggles Despite Momentum

This launch suggests a new move to boost the utility of its native token. The PENGU price has been consolidating in the past days. Over the last 24 hours, the token fell 2.12%.

Technical indicators suggest bearish momentum as the PENGU price recently fell below a crucial support level of $0.03146. Ethereum’s recent 9% correction has also impacted NFT values. Pudgy Penguins NFTs’ floor price dropped by 17% as a result.

However, it’s worth noting that the PENGU Price hit an all-time high of $0.0455 last month. It also surpassed DOGE in trading volume on Korea’s Upbit exchange. This milestone highlighted rising retail enthusiasm, even as profit-taking has weighed on near-term performance.