Pudgy Penguins Surges 15% as Whale Transactions and Social Media Hype Drive Price

Pudgy Penguins has recently regained attention due to a significant price increase and a substantial surge in trading activity. After a period of over a month with minimal price movement, the PENGU price has surged by nearly 15% in the past 24 hours. Currently, it is trading around $0.01298, with trading volume on major exchanges increasing by 116%. This price movement is attributed to a combination of on-chain whale transactions, chart signals, and renewed enthusiasm on social media platforms.

Social media has played a crucial role in driving this hype. Luca Netz tweeted just 12 hours ago that Pudgy Penguins is projected to average 1 billion daily views by the end of the year. Additionally, crypto expert Ali shared a chart showing a clean breakout of PENGU, captioning it: “Told y’all! Don’t sleep on $PENGU.” This message has further amplified the attention on Pudgy Penguins.

The price surge began when whale wallets acquired over 200 million PENGU tokens, valued at approximately $2.4 million. Concurrently, rumors circulated about a Canary PENGU ETF submission to the SEC, although this has not been officially confirmed. These developments, combined with the whale purchases and ETF rumors, have contributed to the most significant price movement since the launch of Pudgy Penguins. As a result, Pudgy Penguins has now entered the top 10 memecoins by market cap.

Technical analysis from Binance indicates a clean breakout from the $0.0090 base, followed by sustained momentum. The 4-hour PENGU price chart reveals a bullish pattern of higher highs and higher lows since June 23. The price is currently holding near the 1.618 Fibonacci extension level at $0.01175. Volume has increased during the breakout, and long-bodied candles with minimal wicks confirm the bullish momentum. Traders are now watching for a move above the $0.01273 mark to confirm a push toward $0.014.

The next important level is the 2.0 Fibonacci extension at $0.01273. If the PENGU price closes above this level, a continuation to $0.013 and higher is possible. However, a failure below $0.01175 could result in a short-term retracement to $0.0110 or even lower. The $0.0094 level remains a crucial support zone in case of further retracement. With volume setting new records on Binance and sentiment growing across platforms, market participants are closely monitoring the next move for Pudgy Penguins.