Pudgy Penguins parent firm shuts down its own blockchain
Pudgy Penguins' parent company, Igloo Inc, shutdown its own Abstract Chain after it cost the firm tens of millions of dollars to keep afloat.
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API docs पढ़ेंPENGU is the official meme token of Pudgy Penguins, an NFT collection and brand that has built a large following across social media and popular culture. Its stated purpose is to let the broader Pudgy Penguins fanbase, including people with no prior crypto experience, participate in the community known as The Huddle. It positions itself as a social and cultural token rather than a utility or payment instrument.
PENGU is a meme token that lives across multiple blockchains, including Ethereum, Solana, and BNB Chain, as reflected in its ecosystem categories. It does not operate its own consensus layer — block minutes are recorded as zero and no consensus algorithm is stored — so it depends entirely on the host chains for settlement and security. The token's function within any system is community membership and cultural affiliation rather than governance, fee capture, or protocol operation.
No fee stream is recorded in the data for PENGU, which means there is no on-chain revenue flowing to token holders or a treasury from protocol activity. Because there is no fee basis, fee-derived valuation measures are not applicable to this asset. The circulating supply stands at 62,860,396,090 tokens against a maximum supply of 88,888,888,888, leaving approximately 22.05 percent of the maximum supply as dilution overhang — tokens that have been issued relative to the maximum but not yet in circulation — which is a structural consideration for anyone monitoring supply dynamics.
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Pudgy Penguins' parent company, Igloo Inc, shutdown its own Abstract Chain after it cost the firm tens of millions of dollars to keep afloat.
Igloo CEO Luca Netz said the company funded Abstract for 18 months but still failed to find product-market fit despite attracting major brands and a community of…