Pudgy Penguins ($PENGU) rocketed about 33% in 24 hours to trade at $0.01959 after it rebounded from a $0.01445 intraday low.
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.
