Two significant events emerged in the crypto world: the launch of the PENGU token by Pudgy Penguins and the release of the RLUSD stablecoin by Ripple Labs.
Launch of PENGU Token
With much excitement, Pudgy Penguins launched their new token PENGU, which is already listed on the Binance platform. At the time of launch, the token had soared by 514.60% in the last 24 hours.
Financial Details of PENGU
PENGU has a fully diluted valuation of $4.4 billion, based on pre-marketing trading data. The token trades in pairs with USD, BNB, FDUSD, and TRY. At the time of launch, about 88,888,888,888 PENGU tokens were put into circulation. Of this, about 25.9% was allocated to the Pudgy Penguins community, while 24.12% was given to NFT projects like Azuki, Bored Ape, and Doodles. The remaining 17% is allocated to team members and will be locked for a year, vesting over three years.
RLUSD Stablecoin
Following Pudgy Penguins, Ripple Labs launched the RLUSD, a stablecoin pegged to the U.S. dollar. Compliant with NYDFS requirements, RLUSD is available for trading on platforms like Archax, Phantom, DEXScreener, and MoonPay. Ripple CTO David Schwartz warned traders of potential early supply shortages and price volatility. He stated that even if short-term fluctuations occur during the launch period, arbitrage activities would quickly stabilize the price.
The launches of PENGU and RLUSD symbolize significant steps in the evolution of the cryptocurrency market, drawing attention to new opportunities and challenges facing industry participants.
