Let me talk about three points that I compare to Bullish:

1. Pudgy Penguins has experienced a team change and a new team. The team survived a series of events such as being fud, and they are still alive and well. The key lies in the team's strong self-generation ability - using the Penguin IP to make money through a series of operations such as selling toys (the toys sell well), ensuring the long-term operation of the project, such as launching the Metaverse and issuing coins. One of the results of its operations.

You know, after Blur occupied users' minds, the reason for the decline of many NFT projects was "the loss of royalties income." The matter also caused a lot of quarrels at the time. Only when you have money can you do things, but without money it is difficult to do things. Isn’t the Ethereum Foundation also selling $ETH to do things (manual dog head), the Ethereum Foundation of Trench.

The team is the core of the continued development and expansion of a project. Penguin’s new team has proven itself – self-generating + creating new expectations for the market (drawing a bigger pie).

2. Valuation of $PENGU

Now we can completely regard $PENGU as a memecoin - a meme based on NFT IP, roughly what it feels like. I see that many people treat $PENGU as a meme, and items such as $DOGE $MEME $SHIB are used for comparison. But considering its upcoming Abstract L2, perhaps we should think of it as a Layer2 Ticker.

Abstract is built based on the ZK Stack framework of ZKSync. The mainnet should be launched in January 2025. Abstract features Native Account Abstraction. The simple understanding is that users can create and use wallets using 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 very optimistic about this concept).

Another point is that Abstract will distribute the income of the on-chain sequencer to token holders who actively participate in governance.The token for management and dividend distribution is most likely $PENGU. Token holders participating in governance will have the right to direct future token emissions to a certain ecological project.

There are already some projects confirmed to be deployed after the Abstract mainnet goes online.

It is worth mentioning that the Penguin team will use LayerZero to implement $PENGU in Abstract and Circulation between Solana ecosystems.

However, considering the early cold start and subsequent development, Abstract should also 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 through $PENGU, and in the later stage, it was jointly governed by Abstract tokens and $PENGU holders. (I haven’t found a very precise explanation about Abstract tokens here. If you know where it is written, or if I understand it wrong, please share and correct me)

btw, the management background is also very good.

3. Most of the airdrop recipients have already sold their chips. The general process is as follows: launder chips, attract chips, and pull orders to ship.

Let’s talk about two more points to compare Bearish ⬇️

Now: the overall market situation is not good , as we enter the Christmas-New Year market, the market as a whole is very weak, and now is not a good time to buy coins. But this kind of situation usually gives us a bottom.

Future: When the Abstract mainnet is online, Pudgy Toys players will receive $PENGU airdrops, and there will be some new selling pressure. I don't think the impact will be big.

If you like to buy $PENGU, it is best to wait for the market to stabilize + $PENGUGo flat. The expectation is the possible linkage between Abstract and $PENGU. If there is no linkage, for short-term holders, selling is a better choice; for long-term holders, one can only hope for the future performance of Abstract.