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Pudgy Penguins’ PENGU Up Double Digits as Predictors Bullish On Upward Momentum

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In brief

  • PENGU has jumped by double digits over the past 24 hours, following its appearance in the earnings report of a publicly traded digital asset exchange.
  • Predictors on Myriad think it’s likely that the meme coin will climb an extra 34% to $0.05, rather than dipping to $0.02.
  • The Pudgy Penguins’ NFT collection has traded mostly flat over the past week and remains significantly down from its all-time high.

PENGU, the Solana meme coin for the Pudgy Penguins NFT collection, has jumped double digits over the past 24 hours to $0.037. Predictors on Myriad, a prediction market developed by Decrypt’s parent company Dastan, are now bullish that it’ll climb an extra 34% to $0.05.

Per CoinGecko data, PENGU is up 12% on the day to $0.0377, having risen by 10.2% over the past week. It is now down 45% from its all-time high of $0.06, set in December 2024. The move has widened expectations on Myriad that PENGU will hit $0.05 a piece rather than dropping to $0.02, with predictors placing a 67% chance on its upward move—up from 57% on Wednesday.



The pump follows PENGU’s featuring in the latest earnings report from Bullish, a publicly traded digital asset exchange. The report highlighted Pudgy Penguins’ Walmart toy sales, the recent launch of the Pudgy Party mobile game, and called it the “mascot of crypto.”

“The Pudgy Penguins profile picture has become a crypto phenomenon and [is] used by Solana, VanEck, Bitwise, Tom Lee, Mike Novogratz, Coinbase, and many other prominent crypto companies and personalities,” the report said.

It’s not all bullish news for Pudgy Penguins, though. Predictors think it’s nearly impossible that a PENGU ETF will be approved before October, placing just an 8.4% chance on the outcome. This is significantly down from 44.7% in late July, when optimism of an ETF being approved peaked. The downturn comes despite expectations that Dogecoin and XRP ETFs will start trading this week.

That said, predictors think it’s fairly even—at a 46.7% chance—that any New York Stock Exchange (NYSE) traded company will add a Pudgy Penguins NFT to its treasury this year.

Meanwhile, per CoinGecko, the Pudgy Penguins Ethereum NFT floor price has remained fairly flat over the past week and is up just 5.1% over the past two weeks, now sitting at 10.49 ETH or $47,900. The collection’s sales and trading volume have increased over the past 24 hours by 145.5% and 152% respectively, however. It is now down 71.2% from its all-time high of 36.33 ETH set in December 2024.

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PENGU price eyes 20% rally as Pudgy Penguins gain Wall Street spotlight
NFT Gaming

PENGU price eyes 20% rally as Pudgy Penguins gain Wall Street spotlight

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PENGU price could potentially rally toward $0.045, on the back of a multi-year partnership with NYSE‑listed Bullish, and a surge in NFT sales.

Summary

  • PENGU price is up 11% in the past 24 hours.
  • The token has broken out of a falling edge that points to a potential rally to $0.045 in the short term.

According to data from crypto.news, Pudgy Penguins (PENGU) rose 11% over the past day to an intraday high of $0.037 while bringing its market cap to over $2.34 billion at press time. At this price, the token is up 37% from its monthly low and 870% above its lowest point this year.

Trading volume for PENGU stood 87% higher than the previous day. Additionally, open interest in PENGU futures rose by 21%, while the weighted funding rate has remained positive for the past 13 days, indicating that a growing number of traders are taking bullish positions on the token.

There are two main catalysts that have driven the PENGU price up today.

First, the Pudgy Penguins team revealed in a Sep. 18 X post that the project, along with its token, was featured in the Q2 earnings report and conference call of Bullish, a company that recently secured a U.S. stock exchange listing following a highly successful IPO that raised $1.1 billion and valued the firm at $5.4 billion.

One of the key highlights from the call was a 4‑year, multi‑product agreement with Igloo Inc., the parent company behind Pudgy Penguins.

PENGU likely benefited from the increased visibility and institutional credibility gained through this partnership with a publicly listed company, potentially attracting more investor interest and improving engagement across both its NFT and token ecosystems.

PENGU’s rally was also supported by a rebound in Pudgy Penguin NFT sales following a period of muted trading activity over the past week. In the past 24 hours, NFT sales surged by over 140%, while the number of buyers and sellers increased by 71% and 128%, respectively.

On the daily chart, PENGU has confirmed a breakout from a falling wedge in which it had been consolidating for multiple weeks. The bullish reversal pattern is formed when an asset’s price action creates converging downward slopes. A breakout from it typically leads to a sharp rally over the short term.

PNEGU price has confirmed a breakout from a falling wedge on the daily chart — Sep. 18 | Source: crypto.news

On a broader timeframe, the falling wedge acts as the handle of a larger cup-and-handle pattern that has been developing since the start of this year.

A cup-and-handle structure is typically characterized by a rounded bottom (the cup) followed by a short-term downward drift (the handle). A breakout from this pattern usually leads to much stronger gains over a longer period of time.

A look at momentum indicators such as the MACD shows a positive crossover, with growing green histograms, a sign of the bulls’ increasing dominance over bears. 

On top of that, the Relative Strength Index, which measures the speed and magnitude of recent price changes, has moved above 62. When this metric stands above 60, it indicates that buyers are exceeding sellers. Since it is still below the overbought level of 70, PENGU still has room to run before facing potential sell-side risk.

Based on this setup, PENGU is now eyeing a move toward $0.045, which marks both its July peak and the measured target from the falling wedge breakout. The target lies around 20% above the current price level.

A decisive break above the cup-and-handle neckline at $0.047 would confirm the broader bullish structure and pave the way for stronger upside momentum.

On the downside, a decline beneath the $0.027 support would invalidate this setup and signal weakness in the trend.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.



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BTC Price Pulls Back, PENGU Open Interest Surges
Crypto Trends

BTC Price Pulls Back, PENGU Open Interest Surges

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Bitcoin BTC$115,696.27 pulled back from overnight highs above $116,000 to under $115,000 as the Dollar Index (DXY) remains steady despite expectations of an imminent Fed rate cut.

Analysts remained optimistic saying they expect new lifetime highs in BTC and outsized gains in select few tokens, such as HYPE, SOL and ENA.

Focus has already shifted to smaller names. Tokens such as MYX, HASH, PENGU, PUMP and MNT have carved out price gains in excess of 10% this week.

“The CPI + jobs combo created a classic “good news/bad data” trade: inflation prints higher, but weaker labor data preserves the easing narrative, a net positive for crypto in the near term,” Timothy Misir, head of research, BRN said in an email.

Derivatives Positioning

  • Open interest in futures tied to the top 10 cryptocurrencies increased 3%-5% in the past 24 hours as strengthening expectations of Fed rate cuts prompt traders to take more risk.
  • Still, the market does not appear overheated, with annualized perpetual funding rates for major coins continuing to hover around 10%. Positive funding rates indicate a bullish bias among traders. Extremely high values typically signal market froth.
  • OI in PENGU, one of the best-performing tokens of the past seven days, hit a record high 7.78 billion coins, validating the price rise. Funding rates for the coin are slightly elevated at around 15%.
  • Smaller tokens, like SKY and PYTH, have deeply negative funding rates, a sign of bias towards bearish, short positions.
  • CME’s bitcoin futures are finally seeing an uptick in OI, ending a multiweek decline while ether OI has pulled back to a one-month low of 1.78 million ETH. These diverging trends could be a sign of renewed trader focus on BTC. Options OI in BTC and ETH remains elevated at multimonth highs.
  • On Deribit, BTC and ETH options continue to show a bias toward puts up to the December expiry, despite traders pricing roughly five U.S. interest-rate cuts by July next year.

Token Talk

By Oliver Knight

  • One of the founders of Thorchain, a decentralized network that allows users to send assets across blockchains, was hacked this week after being duped by a deepfake video call on Zoom.
  • “Ok so this attack finally manifested itself. Had an old metamask cleaned out,” JPThor wrote on X.
  • Peckshield noted that $1.2 million was stolen from a Thorchain user, with ZachXBT adding that the perpetrator is linked to North Korean hackers.
  • Thorchain emerged as one of North Korea’s most popular laundering tools earlier this year; researchers estimated that 80% of the proceeds from a $1.4 billion hack on Bybit had been siphoned through Thorchain and protocols like Vultisig.
  • The thorchain token (RUNE) is trading around $1.28, having lost 14% of its value in the past month and more than 90% since hitting its March 2024 high of $12.95.
  • The hack involved a mixture of social engineering and phishing, two techniques that contributed to the $2.5 billion stolen by hackers in the first half of 2025.



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PENGU price drops 35% but September rebound hopes rise
Crypto Trends

PENGU price drops 35% but September rebound hopes rise

by admin



PENGU price has fallen sharply from its late-July peak, yet analysts suggest the decline could set the stage for a stronger rebound in September.

Summary

  • PENGU trades at $0.027, down 35% from July’s local high.
  • NFT market slump and ETH pullback drove selling pressure.
  • Analysts see September catalysts as setup for a rebound.

The Pudgy Penguins (PENGU) token is trading at $0.027 as of press time, down roughly 35% from its July 28 local high of $0.043. After declining 13% over the past week and 20% over the past 30 days, the token is nearly 60% below its peak of $0.068 set in December 2024. 

Despite the price decline, trading activity is still strong. PENGU recorded $214.8 million in spot volume over the past 24 hours, up 15% from the day before. Derivatives data from Coinglass show futures turnover rising 24% to $586 million, while open interest dropped 5.3% to $275 million.

During a pullback, rising volume combined with declining open interest often shows that traders are closing positions rather than building new leverage, indicating cautious sentiment.

PENGU price market drivers and sentiment shift

PENGU’s drop is a reflection of the overall cooling of the NFT market, whose monthly volume dropped from a peak of $8.2 billion on Aug. 14 to $6 billion as of press time. Ethereum’s (ETH) price retreat also weighed on valuations despite positive ecosystem developments.

The transition of PENGU from an NFT-linked token to a utility-driven brand has been taking place. The launch of Pudgy Party, a Web3 mobile game on Aug. 29 that quickly surpassed 50,000 downloads and ranked in the top 10 of the App Store, introduced direct utility for the token through in-game purchases and staking rewards.

Short-term on-chain demand, including activity tied to Pudgy Penguins’ mobile game downloads, has not offset profit-taking and portfolio rebalancing by holders.

Still, analyst Ali Martinez suggested in a Sept. 1 post on X that the correction looks like a healthy pause before the next leg higher, pointing to September as a potential turning point for momentum.

PENGU price technical analysis

Chart indicators point to consolidation at current levels. The relative strength index, which is presently trading at about 41, a neutral zone just above oversold territory, suggests that there may be room for growth if buyers step in. The Williams %R has already entered deep oversold conditions, historically a reversal zone for PENGU.

PENGU daily chart. Credit: crypto.news

Momentum and MACD levels remain negative, and most short- and mid-term moving averages are skewed downward, suggesting short-term bearish pressure. However, the 100-day and 200-day averages continue to be supportive and could sustain the longer-term trend.

If $0.027 continues to be a support base, the next upward target is near $0.032, which is consistent with the 20-day moving average. If current levels are not defended, there may be a retest of the $0.025 region.

Given that Q4 usually signifies periods of peak momentum and September is believed to be a historically active month for cryptocurrency markets, the token’s position around significant support levels may determine its next move.



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