The PENGU token, linked to the popular Pudgy Penguins NFT collection, surged more than 27% in 24 hours on Tuesday, fueled by a record-breaking trading volume and strong social media activity amidst a renewed speculative interest in digital assets.
The token’s price climbed to $0.0122565, pushing its market capitalization to $770.45 million. Daily trading volume reached $296.59 million, significantly surpassing its 30-day average by 63.29%.
Despite the recent gains, PENGU remains 75.22% below its all-time high of $0.0494673, recorded in December 2024. This reflects a prolonged correction common in the non-fungible token (NFT) and memecoin sectors.
Social media reports highlighted the token’s “bounce” from recent lows and emphasized the Pudgy Penguins brand as a prominent figure in the crypto space across Solana, Ethereum, and Binance Smart Chain.
On-chain metrics supported the surge, showing a 20% increase in daily active holders, now exceeding 50,000. Open interest in PENGU perpetual contracts also rose 15%, with positive funding rates indicating a dominant bullish sentiment among traders.
The PENGU token is part of the broader Pudgy Penguins NFT ecosystem, which has cultivated significant cultural adoption. The project has forged partnerships, including one with Coinbase, and expanded into interactive experiences like the “Pudgy Party” game.
This rally echoes a similar event in July 2025, when the token saw a 60% increase driven by news of a Coinbase avatar change and speculative hopes for an exchange-traded fund (ETF).
Technical analysis showed strong short-term momentum, with the Relative Strength Index (RSI) at 68, indicating strength without immediate overbought conditions. The price moved above its 7-day and 15-day simple moving averages, suggesting a positive recent trend.
However, the token’s implied volatility remains high at an annualized 85%, indicating expected daily price swings of 5-10%. Analysts note its substantial 0.85 correlation with Bitcoin, meaning any correction in the broader cryptocurrency market could quickly reverse PENGU’s gains.
With an estimated 88.88 billion tokens in circulation, representing full dilution, the asset’s utility remains tied to the cultural adoption and ecosystem growth of Pudgy Penguins NFTs. While its market capitalization is below some larger peers like Bored Ape Yacht Club, PENGU’s volume-to-market-cap ratio significantly outpaced the memecoin sector average.
Investment professionals generally maintain a neutral stance with a short-term bullish bias for PENGU. They caution that the token’s fundamentals are heavily dependent on continued NFT adoption within a highly volatile market.