Dogecoin News Today: Pudgy Penguins Surpasses Dogecoin in 24-Hour Trading Volume on Upbit Amid Speculative Frenzy Despite Smaller Market Cap

Pudgy Penguins (PENGU) has overtaken Dogecoin (DOGE) in 24-hour trading volume on Upbit, South Korea’s leading cryptocurrency exchange, despite holding just a fraction of DOGE’s market capitalization. PENGU’s trading volume surged to $45 million, eclipsing DOGE’s $38 million, as institutional and retail investors flocked to the token. Analysts caution, however, that the spike in activity is more reflective of short-term speculative fervor than a shift in long-term value, given PENGU’s smaller market cap of roughly $600 million compared to DOGE’s $8 billion [1].

The price action for PENGU has been volatile but bullish in the short term. The token retested its previous all-time high (ATH) of $0.043 after a 90% drawdown following a $1.5 billion airdrop. Market analyst Cas Abbé noted that the price breakout from a descending triangle pattern and accumulation by large accounts could fuel further gains, projecting a 150%-200% price increase over two months if momentum holds [1]. Technical indicators suggest PENGU is in the fourth wave of a five-wave rally, with a key resistance level at $0.116976 USDT. A successful breakout could push the price toward $0.125000 USDT, according to Abbé’s analysis [1].

Speculation has also been fueled by false rumors that Pudgy Penguins acquired OpenSea. Beau, a team member at Pudgy Penguins, quickly dispelled the claim on X, stating, “Pudgy Penguins didn’t buy OpenSea… chill.” The rumor, however, likely contributed to heightened trading activity on Upbit, where PENGU’s volume surged. The team has not confirmed any acquisition but emphasized broader plans, including partnerships with major brands like Lufthansa and NASCAR [1].

Beyond speculation, Pudgy Penguins is developing a mobile game for iOS and Android, though no release date has been announced. While the project remains a work in progress, the game could provide utility beyond token trading, potentially solidifying its position in the market. Analysts stress that utility-driven projects often outperform speculative assets in the long term, but PENGU’s current valuation is still heavily tied to market sentiment [1].

Investor caution is warranted, as PENGU’s price surge mirrors historical patterns in meme coin markets. High trading volumes for smaller tokens often stem from retail-driven hype cycles rather than fundamentals. While the token’s 10.72% weekly gain on CoinGecko underscores its growing appeal, a 0.87% daily decline highlights the volatility inherent in speculative assets. Traders are advised to monitor key support levels, particularly at $0.0073706 USDT, to identify potential reversals [1].

The broader implications for the meme coin sector remain uncertain. PENGU’s performance has drawn comparisons to DOGE’s historical role as a bellwether for meme coin rallies. If PENGU maintains its upward trajectory, it could signal a shift in investor preference toward newer meme projects. However, the sector’s susceptibility to rapid reversals means any gains may not be sustainable without fundamental improvements [1].

Sources:

[1] [PENGU Price Eyes Breakout as Trading Volume Tops DOGE on Upbit] (https://blockonomi.com/pengu-price-eyes-breakout-as-trading-volume-tops-dogecoin-on-upbit/)

[2] [PENGU Crypto Price: Pudgy Penguins Hits New All-Time High Rally] (https://pintu.co.id/en/news/185906-pengu-crypto-price-hits-all-time-high-rally-not-over)

[3] [These 3 Altcoins are Predicted to Print ATH in August 2025] (https://pintu.co.id/en/news/185863-these-3-altcoins-are-predicted-to-print-ath-in-august-2025-can-rise-300)