Written by: Sleeping in the Rain
Let me first talk about three points that I think are more bullish:
1. Pudgy Penguins survived a series of events such as changing teams and the new team being fud, and is still alive and well. The key lies in the team's strong self-sustaining ability - using the penguin IP to make money through a series of operations such as selling toys (toys sell very well), ensuring the long-term operation of the project, such as launching the metaverse and issuing coins are one of the results of its operation.
You know, after Blur occupied the minds of users, the reason for the decline of many NFT projects was "losing royalties". This matter caused a lot of arguments at the time. You can only do things if you have money, and it is difficult to do things without money. Isn't the Ethereum Foundation also selling $ETH to do things (dog head), what a ditch Ethereum Foundation.
The team is the core of a project's continued development and expansion. Penguin's new team has proven itself - self-sustaining + creating new expectations for the market (drawing a bigger pie).
2. $PENGU Valuation
Now we can completely regard $PENGU as a memecoin - a meme of NFT IP, that's about it. I see that many people also treat $PENGU as a meme, and the projects used for comparison are also $DOGE $MEME $SHIB. But considering its upcoming Abstract L2, maybe we should regard it as a Layer2 Ticker.
Abstract is built on the ZK Stack framework of ZKSync, and the mainnet launch time is expected to be January 25. The feature of Abstract is Native Account Abstraction. Simply put, users can create and use wallets with social information such as email. The Penguin team hopes to build Abstract into a consumer application chain (friends who have read my previous tweets should know that I am optimistic about this concept).
Another point is that Abstract will distribute the income of the on-chain sorter to the token holders who actively participate in governance. The token participating in governance and dividends is most likely $PENGU. Token holders participating in governance will have the right to direct future token emissions to a certain ecological project.
Currently, some projects have confirmed that they will be deployed after the Abstract mainnet is launched.
It is worth mentioning that the Penguin team will realize the circulation of $PENGU between Abstract and Solana ecosystems through LayerZero.
However, considering the cold start and subsequent development, Abstract should have its own token in the future. $PENGU is likely to become a medium for users to obtain Abstract tokens, such as staking to accumulate points, just like Blur-Blast. In the early stage, Abstract was governed by $PENGU, and in the later stage, it was jointly governed by Abstract tokens and $PENGU holders. (I didn't find a very clear statement about Abstract tokens here. If you know where it is written, or if I misunderstood here, please share and correct me)
Btw, the investor’s background is also very good.
3. Most of the airdrop recipients have already sold their chips. The general process is as follows: wash the chips, absorb the chips, pull the price and sell them.
Let's talk about two more Bearish points⬇️
Now: The overall market is not good. As we enter the Christmas-New Year period, the overall market is weak. Now is not a good time to buy coins. However, this time will generally give us a bottom.
Future: When the Abstract mainnet is launched, Pudgy Toys players will receive $PENGU airdrops, and there will be some new selling pressure. I don’t think the impact will be significant.
If you want to buy $PENGU, it is best to wait for the market to stabilize and $PENGU to level off. The expectation is that Abstract may be linked to $PENGU. If there is no linkage, selling is a better choice for short-term holders; for long-term holders, they can only hope for Abstract's future performance.
DYOR
