Thesis: $PENGU While it might be easy to classify $PENGU as 'just another memecoin', in reality, it's a one-of-a-kind token that is completely different from anything else we've ever seen before in crypto. Here are some personal conclusions I've come to and why I’ve consolidated my personal memecoin portfolio, moving them into PENGU, which is now my largest memecoin position. 1. The first meaningful dogecoin competitor Dogecoin resembles the dominance of Ethereum, both highly grassroots ecosystems that grew organically in a fairly decentralized fashion. Solana was written off as it looked nothing like ETH but yet optimized in the areas that mattered such as performance and marketing. It had a core team that executed and outpaced everyone else. The headlessness of memecoins are both a weakness and a strength but most importantly: PENGU’s opportunity. $PENGU will win the game of memecoins and out execute better than anyone. It has a world-class team and the biggest community in crypto that is day in day out executing and grinding away to win. Like Solana rewrote the rules of engagement for growing blockchains, $PENGU will do so for memecoins, too In under a month of trading, it has become Solana’s biggest memecoin and in under 2.5 years, Pudgy Penguins has generated over 37bn+ views via gifs, 1.6m followers on TikTok, 1.7m on Instagram, and 2m+ toys sold globally. $PENGU’s success so far arguably has been largely due to its ability to bring crypto well beyond cryptonatives into the broader mass market. As of today Jan 7th $PENGU is currently trading at $3.5BN FDV. While: $PEPE at $7.9Bn, $SHIB at $13Bn & $DOGE at $53Bn And it’s just the start. You can see where this is going. 2. Largest token distribution event in history $PENGU is crypto's largest distribution of a multi-bn marketcap token to date, with over 70%+ of supply made circulating on day 1, starting at 250,000 $PENGU holders and growing to over 600,000 today (and still growing). Penguins have expanded their holder base from the thousands as a NFT collection to the hundreds of thousands and soon likely millions. The team could have taken the shorter term high FDV, low float route, but instead decided to optimize for reach and longevity with 70% circulating from day 1, and as such, we've never seen another token ever in history absorb this much sell pressure early on. This is only possible when you're able to distribute widely and meaningfully while being able to absorb the subsequent pressure from sellers (not everyone will hold and that’s fine). That said, no other crypto project could have pulled off such a significant day 1 distribution as $PENGU has, likely cementing this distribution as one of a kind. The path of community accumulation has begun, and the total holder count only continues to grow. 3. Transparent incentives and skin in the game Unlike most memecoins with incredibly overweight insider allocations that proclaim organic community ownership, $PENGU's distribution is fully transparent with all team and company tokens vested for 4 years. There might be criticism around how memecoins aren’t supposed to have team allocations, but we'd kid ourselves if we didn't say that most memecoins have cabals running them from behind the scenes. Except these cabals have overwhelming insider stakes, and have no long term reputational accountability for the token. $PENGU is transparent, clean, clear and not hiding anything. No other memecoin gets even close to this degree of clarity and incentive alignment. 4. Unifying Ethereum and Solana The token's launch has built a cultural bridge between Ethereum and Solana and unify both ecosystems under one shared community. Not only does it have the full backing of the NFT community at large, but now, it has 2 entire chains totaling over 600,000+ holders. BAYC was divisive, and so was the emergence of Solana. Memecoins are PVP and L2s fragmented Ethereum. Instead, Penguins have unified and aligned, something special and rare that only comes around once every decade. From traders, investors, community, and everyone in between, there's skin in the game and the full weight of Crypto Twitter behind $PENGU. It has been years since we've had such an incredible alignment amongst crypto in a very long time since the early days of Ethereum itself. 5. The clear Solana index to consumer, entertainment and culture Naturally, with $PENGU becoming a top 3 FDV token on Solana and the No.1 memecoin on Solana, it's naturally positioned as the index bet on all things consumer, memes, and entertainment. As the token succeeds, it paves the road for a new wave of token launches for Solana, thus representing a meaningful precedent for the chain. It will become the clear index bet for all things Solana consumer, entertainment, and memes for capital allocators already within and outside the Solana ecosystem. 6. Luca is the leader we've been waiting for Luca is one of the most well networked and beloved crypto founders in crypto. If you've met him in person, you are taken by his humility and sense of care for the community. He greets people individually while they wait in line for Pudgy/Abstract events IRL and ensures he meets every holder and community member that he can as much as possible. If you add value to Pudgy/Abstract, he'll make time for you. Anyone who has heard him speak will recognize his potential as the leading voice and champion of crypto over this next decade. His natural ability to draw crowds, build communities, and be an authentic voice for the industry garner him not only the trust and attention of the media, but with Gen Z and the next generation of crypto. Conclusion $PENGU is a one of a kind token and there’s nothing else like it. If you’re not already involved with Pudgy Penguins, at the minimum, I invite you to closely study and watch their every move as they execute a master class in marketing and bring crypto to the mass market in a very meaningful and real way. There are times when a critic truly risks something, and that is in the discovery and defense of the *new*. 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