PENGU open interest is at a record, with balanced long and short positions.
Pudgy Penguins (PENGU) reached a new all-time high on the fourth anniversary of the Pudgy Penguins collection. The token also regained the top spot among Solana meme tokens.
Pudgy Penguins (PENGU) is once again the top Solana meme token, after flipping BONK. The asset, linked to one of the leading NFT collections, has reclaimed its position after reshuffling among memes. PENGU also claimed a new all-time high at $0.044, above its previous high in January at $0.042. PENGU added 21.4% to its price in the last day alone, after remaining a trending token for days.
PENGU is also moving beyond the market hype, announcing the launch of a new battle royale game. The launch may add to the project’s exposure, combining hype with a real product, and a return of NFT activity.
The Pudgy Penguins NFT collection also saw its floor price rise from around 9 ETH to 16.20 ETH, close to the higher range for the past three months.
PENGU becomes proxy for meme trading
PENGU is rising on a mix of Solana hype, in addition to NFT reawakening on all chains. The NFT’s anniversary only added to the exposure, while the meme community is once again turning PENGU into a cult token.
PENGU rallied after taking the spotlight over the weak performance of PUMP following the Pump.fun ICO. The token was taken up by influencers and rallied mostly on its dominant mindshare.
While initially PENGU was seen as failing due to post-airdrop selling, currently the asset is viewed as undervalued based on its exposure and mentions. PENGU may also become a proxy for the meme market, due to its peak liquidity and availability on exchanges.
The rally continues to be supported by trading against the Korean won. Over 38% of the PENGU trades are in Korean won pairs, up from 32% earlier this month. South Korean traders are also boosting the brand exposure, causing the breakaway rally.
Pudgy Penguin creators are selling some PENGU
During the latest stage of the PENGU rally, the collection’s creators sold some of their holdings. The recent sales are relatively small compared to February’s placement of 12B PENGU. In the past couple of weeks, around 1B PENGU left the collection team’s wallet.
On-chain investigators noted PENGU was sold through Bybit, following the recent rapid growth from the year’s lows. The selling coincides with a period of price strength, though the team has also sold at $0.009.
For now, the selling remains relatively small, but it may break the narrative of an even higher price range for PENGU. In the short term, the token is expected to rise above $0.05.
PENGU open interest is also at an all-time high of over $435M. The long-short ratio remains balanced, with no shift to short-selling yet, due to the market’s potential for surprising rallies. On Hyperliquid, a total of 22 whales have opened PENGU positions, split exactly in half into short and long bets.
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