Large volumes of Pudgy Penguin’s PENGU tokens are flowing from the project’s deployment address to centralized exchanges (CEXs), raising questions amid a strong market rally.

On July 28, blockchain analyst EmberCN, citing Arkham Intelligence data, reported that more than 206.9 million PENGU tokens, valued at approximately $8.91 million, were transferred to various CEXs within the past 24 hours.

He said this is part of a broader transfer pattern observed from the project’s team during the past month.

EmberCN pointed out that the PENGU team has transferred over 2 billion tokens, valued at around $66.6 million, to CEXs during the past month.

Token transfers to exchanges are commonly seen as a sign that holders might be preparing to sell. As a result, the recent PENGU team movements could be viewed as a potential step toward liquidation.

This surge in token movements coincides with a notable price increase. According to CryptoSlate’s market data, PENGU is trading at $0.04278 at the time of writing. The token has climbed 3.3% over the past day, gained over 17% in the past week, and jumped roughly 230% over the last month.

PENGU scam warnings

Meanwhile, the PENGU token rally appears to have drawn attention from scammers who have initiated a new wave of phishing scams targeting the NFT project token holders.

On July 27, Beau, the security expert at Pudgy Penguin, explained that the new scam involves sending small amounts of PENGU tokens, known as “dust,” to random wallets. These tokens use vanity address names that double as fake website URLs.

The security chief pointed out that this scam is designed to manipulate users into searching for these vanity names via Solscan.

From there, victims may unknowingly click phishing links that mimic Pudgy Penguins’ branding. If users connect their wallets, they are prompted to sign malicious transactions that drain their assets.

Beau clarified that no legitimate PENGU airdrop or claim is currently active.

He also highlighted another scam involving counterfeit PENGU tokens engineered to act as honeypots. These fake tokens can trap users during swaps and steal their funds.

These events reflect the growing sophistication of crypto scams, especially during market rallies. As PENGU gains momentum, users are urged to stay alert, verify token sources, and avoid interacting with unsolicited airdrops.

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PENGU has climbed 151% in July, a rally driven by accumulation from public figures and whales, community momentum, viral marketing, and expanding liquidity.

The token is currently trading at $0.036955, with a 1.6% daily correction as of press time.

Nicolai Søndergaard, a research analyst at Nansen, stated that public figures have accumulated over the past 90 days and now hold a combined 315 million PENGU, while whale balances have increased by about 1% to 2.54 billion PENGU. 

Yet, he noted that smart money has been taking profits, although this cohort still holds 109 million PENGU. 

Because the pace of accumulation exceeded the distribution, selling pressure did not derail the rally. 

Søndergaard added that a broader pickup in altcoin interest and memecoin activity likely provided a tailwind, with PENGU benefiting from its existing mindshare through physical products and memes.

Community, liquidity, and a cultural niche

Shawn Young, chief analyst at MEXC Research, framed the move in terms of market structure and culture. 

He argued that community momentum, viral marketing, and a rising appetite for meme assets in bullish phases supported the advance. 

Young added that PENGU taps into a cultural niche that resonates with Gen Z and crypto-native users, utilizing humor and digital identity as core value propositions. 

From a trading perspective, greater on-chain activity and deeper liquidity on DEXs and centralized venues have lowered frictions for retail entry and speculation, thereby amplifying flows. 

He said PENGU’s relatively low market cap and high volatility continue to attract short‑term traders chasing outsized returns, further reinforcing momentum.

Convering theses

Both analysts point to people and pipes, such as influential holders and community figures accumulating supply, and liquidity/infrastructure that make it easy for retail and speculators to participate. 

They also agree that narrative and mindshare matter. Søndergaardr highlighted the “physical product and memes” areas that PENGU taps, while Young noted the “cultural niche and digital identity.”

The analysts pointed out that these intangibles can become hard catalysts when they mobilize capital and attention.

What to watch

Young cautioned that the sustainability of meme‑driven tokens remains untested. Momentum can reverse quickly if narratives fade, liquidity thins, or large holders rotate out.

Søndergaard’s data likewise show that profit‑taking is active, even if it has been offset so far by accumulation.

Going forward, the trajectory of PENGU will likely hinge on whether whale and public‑figure accumulation persists, liquidity continues to expand across venues, and the project sustains its cultural relevance.

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Features writer

Olga Primakova

Features writer

Olga Primakova

About Author

Olga started writing about cryptocurrency and finance in 2021.

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Elena Bozhkova

Features Lead

Elena Bozhkova

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Elena is the Features Lead at Cryptonews.com. With a Master’s degree in science journalism from City University, London, she is passionate about exploring complex topics in the world of technology.

Last updated: 

July 14, 2025

Key Takeaways:

• PENGU surged over 300% in June, pushing its market cap to $1.8 billion and entering the top 10 meme coins.
• Strong community backing and NFT roots are fueling its rise, with support from major platforms like Revolut and Binance US.
• An ETF application by Canary adds bullish momentum, but analysts warn that hype-driven rallies can lead to sharp corrections.

Pudgy Penguins (PENGU) surged by over 300% by the end of June, becoming one of the most talked-about meme coins in recent weeks.

Throughout most of June, PENGU traded in a tight range around $0.001. It then jumped to $0.014 in just a few days, followed by a short consolidation near $0.015. The token later climbed to over $0.020 and crossed the $0.030 mark on July 13.

Can PENGU Hit $1 This Summer?

Following the rally, PENGU climbed to the sixth spot among meme coins by market cap, reaching $1.8 billion as of July 14. It surpassed both SPX900 (SPX) and Fartcoin (FARTCOIN).

If PENGU reaches $2 billion, it could overtake Bonk (BONK) — currently the largest meme coin on Solana (SOL). That would also make Pudgy Penguins the first top meme coin directly tied to an NFT collection.

As some in the crypto community have pointed out, for Pudgy Penguins to reach a $1 price, its market cap would need to exceed $60 billion. With the current valuation at $1.8 billion, that’s still a long way off. Though some believe it’s not entirely out of reach.

Initial analyst targets included $0.026, followed by a correction to the $0.020 zone before a fresh leg up. Instead, the price broke through $0.030 without hesitation. Now, all eyes are on the $0.040 resistance.

Much depends on whether the token can hold above $0.025–$0.030. If buyers defend this level, some analysts see potential for a $5 billion market cap.

What’s Fueling the Bullish Momentum?

One key factor driving PENGU’s price is its chart structure. After a strong launch in December 2024, the token entered an accumulation phase between February and April. It tested the $0.015 level in May before pulling back slightly.

Of course, technical indicators alone aren’t enough. Without continued development from the team, the coin could’ve just kept falling. But instead, at the end of June, Pudgy Penguins became available for trading in the Revolut app — one of the largest fintech platforms in Europe.

Equally important is community strength. Meme coins thrive on engagement, and PENGU has plenty. Its NFT origins gave it a loyal base, visible on X (formerly Twitter) through penguin avatars used by numerous influencers.

The penguin hype has gone viral. Other major crypto projects like Coinbase, Polkadot, and Raydium have embraced the penguin theme in their own posts.

Even Binance US joined the fun, adding to the cultural momentum around PENGU.

ETF Hype Adds Fuel, but Risks Remain

One of the main catalysts behind PENGU’s recent price surge was the announcement of a spot ETF application filed by asset management firm Canary. The proposal was officially acknowledged by the U.S. Securities and Exchange Commission (SEC) and is now under review. While this doesn’t guarantee approval, the move significantly boosted sentiment around the token.

The news also positioned PENGU as more than just another meme coin — it hinted at potential institutional recognition. However, this kind of momentum often comes with risks. Some traders warn that the current rally could be driven more by speculation than fundamentals, especially given how meme coins tend to react strongly to headlines.

There’s also the risk of a “sell-the-news” dip if ETF-related expectations don’t materialize quickly. Still, many analysts see long-term growth potential for Pudgy Penguins, especially if the project continues to innovate and expand beyond its NFT roots.

NFT-related tokens delivered the strongest sector performance in the second quarter, gaining an average of 55.4% even as dollar-denominated NFT trading volume fell to multi-year lows.

Artemis data shows that the average gains from NFT-related tokens surpassed the second-best performance, which was Ethereum’s (ETH) 37.2%, by nearly 50%.

Pudgy Penguins’ PENGU token accounted for much of the sector’s advance. Trading data showed PENGU closed at $0.01476 on June 30, up from its intraday low of $0.00387 on April 8. The move represents a gain of roughly 3.8 times in just 83 days.

Daily turnover on Binance routinely exceeds $180 million in USDT terms, indicating sustained speculative appetite. The surge helped the NFT-applications basket outpace artificial intelligence tokens (35.6%) and Bitcoin (31.4%) during the period, according to Artemis.

As Bitcoin registered a new all-time high above $118,000 on July 11, PENGU is priced at $0.229 with a 20% price increase.

Volumes shrink while transaction counts climb

DappRadar’s “State of the Dapp Industry” report shows second-quarter NFT trading volume slipped to $823 million from $1.5 billion in the first quarter, a 45% drop. The slump is more significant if compared to the $4 billion in volume a year earlier, a 79% decline.

The drop came despite a jump in sales count to 12.5 million from 7 million the prior quarter, suggesting smaller ticket sizes dominated activity. 

DappRadar attributes the divergence to a market shift toward low-cost collectibles and gamified minting, which inflates transaction numbers without lifting notional value.

Market participants attributed the disconnect between token prices and marketplace turnover to speculation shifting from non-fungible assets to their related governance or meme tokens.

Artemis analysts noted that traders seeking leveraged exposure to NFT culture gravitated toward liquid exchange-listed tokens rather than illiquid JPEGs, a pattern that intensified once ETH funding rates turned negative in mid-May.

Broader sector data reinforce the split. The Bitcoin ecosystem increased by 6.2% and smart contract platforms rose by 16.2% during the quarter, but real-world asset tokens declined by 50.6% and data availability projects fell by 47.4%, according to Artemis. 

Second-quarter performance has left PENGU with a market capitalization exceeding $1.4 billion and a top 82 position on major price dashboards.

The token’s outsized rally, paired with shrinking marketplace volume, illustrates the growing detachment between fungible representations of NFT brands and the underlying non-fungible assets they reference.

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Over the past week, the $PENGU token has increased 24.8%, riding a wave of bullish momentum fueled by ETF speculation, aggressive whale accumulation, and the growing institutional interest in meme coins.

Beyond Memes: Gaming, NFTs, and Real-World Utility

Pudgy Penguins is a Solana-based memecoin launched in late 2024 with an 88.9 billion total supply.

Last December, the project airdropped 62.86 billion tokens to Penguin NFT holders and broader Web3 participants, accelerating distribution and sparking fresh liquidity.

The protocol now underpins NFT collectibles, real-world licensing, and gaming titles such as “Pengu Clash,” which had over 2 million users sign up for its early access phase.

SPENGU’s tokenomics revolve around community governance and ecosystem funding. Currently, with 560.74k token holders, these holders vote on feature upgrades and grant allocations, while fee-generated proceeds support development.

Ecosystem partnerships now extend beyond digital art.

Collaborations with NASCAR and Lufthansa enable users to earn reward miles through $PENGU purchases, while Walmart-licensed merchandise and a planned integration with Ledger hardware wallet push utility into mainstream channels.

Still, the whales have been the major driver of the $PENGU price. On June 28, a net buy of $24 million in $PENGU set the rally in motion. That influx overwhelmed sellers, pushing $PENGU from $0.015 support to today’s highs.

Similarly, bids across Binance, OKX, and Gate.io rose 80% over 30 days, while the sell wall shrank 18%, easing pressure. Most telling, traderpow’s 94 million-token purchase soaked up liquidity and signaled bullish conviction.

Whales have ramped up $PENGU accumulation after the Securities and Exchange Commission (SEC) recognized Canary Capital’s ETF filing. This saw the price rise to a six-month high, as investors anticipated the ETF, slated to allocate both $PENGU tokens and Pudgy Penguins NFTs.

On July 9, the SEC initiated a 21-day public comment period on the 19b-4 filing, which likely fueled further buying momentum.

Historical ETF updates in March and June spurred similar rallies, and as bids swelled while selling pressure eased, whales continued to accumulate $PENGU.

$PENGU/USDT Breaks Out from Bullish Consolidation – Can Buyers Sustain the Rally?

The 4-hour chart of $PENGU/USDT shows a bullish breakout following a period of consolidation marked by higher lows, which is a typical structure that reflects accumulation, where buyers steadily step in at higher levels, absorbing supply and gradually pushing the price higher.

From there on (more specifically from late June through early July), $PENGU’s price formed a mild descending channel while maintaining a rising support trendline. This signaled that despite short-term pullbacks, the broader demand base was strengthening.

The breakout occurred late on July 9, as price decisively moved above the upper trendline of the consolidation zone near $0.0135.

This move was technically significant and was also backed by a substantial jump in volume. When a breakout occurs with significant volume, it could be speculated that institutional or high-volume traders are participating. It’s not just retail-driven momentum.

Following this volume pump, $PENGU’s asset price immediately rallied into the $0.019–$0.020 region, approaching a psychological resistance level.

Psychological resistance levels often act as natural barriers where traders place profit targets or sell orders, which is why price momentum may temporarily pause or reverse around such points.

The area between $0.0135 and $0.0150, previously an overhead barrier during the consolidation phase, became a key support zone, as it’s the level where the breakout was initiated.

This view is further supported by the volume footprint chart, which reveals the underlying order flow dynamics during the breakout.

During the rally, transaction volume spiked above $2 billion, with aggressive buying and selling occurring in real-time.

In one of the breakout candles, total buy volume reached $983.35 million, but was outweighed by $1.08 billion in sell volume, resulting in a net delta of -95.25 million.

This suggests that sellers were actively offloading into strength, likely taking profits or initiating hedges against the rally. The next session also closed with a negative delta of -28.23 million, hinting at some lingering resistance.

If buyers remain active and rising volume pushes the price above $0.020, the uptrend may continue. A drop below the new support zone could lead to a pullback or extended consolidation. The market structure looks positive. Clear support and resistance levels will likely determine the next price movement.

The post $PENGU Soars 33% Overnight as Whale Frenzy & ETF Hype Ignite Memecoin Rally—What’s Next? appeared first on Cryptonews.

Known for its widely popular NFT collection and viral digital toy line, Pudgy Penguins is now expanding into gaming with Pengu Clash, a fast-paced multiplayer experience inside Telegram. Built on the TON blockchain, Pengu Clash is designed for quick pick-up-and-play sessions—no crypto experience required—and rewards players purely on skill.

Key Takeaways

• Pengu Clash is a new Telegram mini-app game created by Pudgy Penguins, featuring real-time challenges in Football, Bomber, and Darts.

• Built on the TON blockchain, it taps into Telegram’s massive user base to bring casual users into Web3 gaming.

• The game uses a skill-first Play2Win model, where rewards are earned through gameplay, not purchases or chance.

• Developed using the Elympics engine, a real-time gaming infrastructure that enables low-latency matches and scalable tournaments.

• With over 350,000 pre-registrations, Pengu Clash is gaining strong traction within the Pudgy Penguins ecosystem.

What Is Pengu Clash?

Pengu Clash is a fast-action multiplayer game developed by Pudgy Penguins on the TON blockchain. Accessible directly through Telegram as a mini-app, the game allows players to lead teams of digital penguins through engaging mini-games, like Football, Darts, and Bomber—in short, competitive matches. Designed for fun and replayability, it requires no upfront crypto knowledge.

Pengu Clash follows a Play2Win model, ensuring rewards are earned through skill and consistency.

Source Pengu Clash

How to Play Pengu Clash on Telegram

Getting started is fast and beginner-friendly—perfect for those new to crypto or Telegram games.

Step 1: Sign Up

Pre-registration began on May 9, 2025, via the official Pengu Clash Telegram channel. It’s still open for early access and updates.

Step 2: Launch the Game

No downloads required. Just open the Pengu Clash mini-app directly within any Telegram chat.

Step 3: Customise Your Team

Choose and personalise your squad of “Pengus” with an unlockable “outfit”, accessories, and gear to suit your style.

Step 4: Compete in Mini-Games

Dive into dynamic rounds of Football, Darts, or Bomber. Each game is short, strategic, and designed for replayability.

Step 5: Win and Collect Rewards

Climb the leaderboard and earn tokens by showcasing your skills. NFT perks and exclusive in-game items are coming soon.

Pengu Clash in Action

The launch of Pengu Clash is another expansion for Pudgy Penguins into a broader interactive ecosystem:

• Mainstream Web3 Gateway: By embedding the game in Telegram, it lowers the barrier to entry for Web3 newcomers across the globe.

• Community-Powered Growth: 350,000+ pre-registrations highlight strong organic interest and community backing.

• High-Performance Infrastructure: Powered by Elympics, a Web3 gaming engine that ensures real-time responsiveness and supports larger-scale multiplayer tournaments.

Final Thoughts

Pengu Clash brings something different to the table—it’s easy to jump into, runs right inside Telegram, and focuses on fun, skill-based play instead of pay-to-win mechanics.

It’s a fresh start for Pudgy Penguins as they branch out into gaming, and with more titles on the way, like Pudgy Party and Pudgy World, it’s real momentum building. Whether it catches on long-term will come down to how players connect with it, but for now, it’s an interesting move in the Web3 space.

Frequently Asked Questions (FAQ)

Is Pengu Clash free to play?

Yes. There are no upfront costs, no NFTs required, and no pay-to-win mechanics. All players compete on equal footing.

Do I need a crypto wallet to play?

No wallet is required to start playing. However, players who want to claim token rewards or access advanced features may need one in future updates.

Can I earn real rewards?

Yes. Players can earn tokens based on performance in matches and tournaments.

A closely followed crypto strategist believes one memecoin running on Solana (SOL) is not yet done rallying, even after posting over 60% gains this month.

Pseudonymous analyst Altcoin Sherpa tells his 245,000 followers on the social media platform X that he’s bullish on Bonk (BONK) following the altcoin’s breakout of an accumulation zone on the three-day chart.

The trader shares a chart suggesting that BONK can rally to as high as $0.0000262 after taking out its resistance at $0.0000142.

“BONK is going much higher (I have a bag). Looks good on the charts as well.

Think I’m going to add to my position if I get a small dip.”

At time of writing, BONK is trading for $0.0000182.

Turning to the native asset of the non-fungible token (NFT) project Pudgy Penguins (PENGU), the trader says the altcoin needs to print a bullish higher low setup at around $0.0065 to start reversing its multi-month downtrend. Otherwise, Altcoin Sherpa warns that PENGU may drop to as low as $0.004.

“Coins like PENGU got rekt the last several months but are showing some signs of life. The true test is going to be where the next low is and how the reaction is.

The trend is still bearish, so don’t be so quick to catch knives. That said, we could see some reversal if the environment continues to ease up.”

Based on the trader’s chart, he appears to suggest that PENGU may soar to as high as $0.014 if the altcoin manages to establish a higher low.

At time of writing, PENGU is worth $0.00985.

As for the broader altcoin market, the analyst warns that most coins are still in a high-time-frame downtrend and that the gains witnessed this month could be erased. However, Altcoin Sherpa notes that it is now within the realm of possibility for altcoins to start carving a major cycle bottom en route to a bullish reversal.

“To be clear, I’m pretty bullish overall and think that we’re going higher and the next major dip is a BUY THE DIP situation.

HOWEVER, most alts still are in bearish market structures (see TAO) and continuation of that trend is down. I think we go higher for everything, but just a careful reminder that these sh*tcoins are still in bearish trends and have made lower highs, lower lows.

I do think that we’re doing better, though.”

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Despite concerns that the broader memecoin “supercycle” may be fading, recent moves suggest renewed investor appetite, especially around Solana-based speculative tokens.

After falling from grace earlier this year, the memecoin market has seen surprise breakouts from coins like $FARTCOIN, $BONK, and now $PENGU, reigniting enthusiasm among degens and speculative traders.

$PENGU Rebounds from Deep Correction After NFT Airdrop Dump

DappRadar ranked Pudgy Penguins as the top NFT project globally, recording over $4.36 million in trading volume and a market cap exceeding $2.5 billion. But the euphoria didn’t last.

Within three days, Pudgy Penguins’ native token, $PENGU plummeted to $0.023 as airdrop farmers and NFT flippers dumped their holdings.

At the time of the airdrop, holders received tokens worth around $60,000 per NFT, valued at just $14,000. The NFT floor price has since nosedived from 27 ETH to around 10 $ETH.

Despite this downturn, $PENGU remains central to the Pudgy Penguins ecosystem, enabling governance participation, exclusive content access, and community engagement via the Abstract chain.

ETF Filing and Solana Validator Ignite Fresh Momentum

Momentum returned on March 28 when Canary Capital filed an S-1 registration with the U.S. SEC to launch an ETF focused on $PENGU and Pudgy Penguins NFTs.

If approved, it would mark the first U.S.-based ETF to directly hold NFTs, alongside crypto assets like Ethereum and Solana.

Further support came on April 15, when $SOL Strategies unveiled a partnership with Pudgy Penguins to launch a dedicated Solana validator.

Live now, the $PENGU Validator offers APY rewards between 7% and 11% for delegators, supporting both the Solana network and the Penguins’ broader ecosystem.

Technical Analysis: $PENGU Eyes $0.01 Reclaim After Breakout

The 4-hour chart for $PENGU/$USDT shows a bullish breakout above consolidation within an ascending channel.

After touching $0.008789, the token trades around $0.008411, with the 20 EMA and 50 EMA trending upward, a typical indicator of strength.

If the price retests the $0.006725 level, a former resistance now turned support, a strong bounce could validate the breakout and pave the way toward the next resistance at $0.010086, which aligns with the blue arrow projection on the chart.

However, failure to hold $0.006725 may trigger a 15% correction, targeting support near $0.006000, close to the 100 and 200 EMAs, which have historically served as support.

A move above $0.008789 could extend gains to the psychological resistance of $0.01, a likely zone for short-term profit-taking.

The post Pudgy Penguins’ $PENGU Jumps 37% Amid ETF Filing and Validator Launch on Solana appeared first on Cryptonews.