$PENGU launch on Solana is a big loss for Ethereum ecosystem. Pudgy penguin was the one break-away real life product which only existed on Ethereum, will now have its presence on Solana with a token.

The reason to launch on Solana and not on an L2 is -

1. Higher liquidity for memecoins
2. Turning hardcore Solana supporters into Pudgy penguin fan
3. Building a ecosystem neutral brand

Utility of the $PENGU token is unknown. If the token does not have any good use case it might build a bad reputation.

Having total three assets to invest in future might fragment liquidity for Igloo inc.