Pudgy Penguins, the popular NFT collection behind the PENGU memecoin, has witnessed its token surge back to the $0.0165 level for the first time since February, marking a strong recovery in investor sentiment.
The NFT-backed cryptocurrency has bucked broader market trends, posting an impressive 49% rally over the past week. It briefly broke through the $1 billion market capitalization threshold before experiencing some profit-taking.
Currently, PENGU trades at $0.01473, maintaining a 3% gain after climbing from recent lows of $0.01368 to highs of $0.01653.
The Solana-based memecoin has captured Bitcoin-level attention over the past six months, generating an average of 850 million daily internet interactions across Tenor and Giphy platforms.
This unprecedented viral reach has been instrumental in rebuilding investor confidence, with many market participants viewing a $0.02 breakout as increasingly likely.
NFT investor @Carlitosway suggests that if PENGU successfully breaks above May’s $0.0175 resistance level, the token could see a 50% surge toward $1.5 billion market cap resistance.
Chart analyst Ali Charts has drawn comparisons to PEPE’s explosive performance, noting that “$PENGU is starting to look a lot like $PEPE did before it exploded!”
Data reveals that PENGU has emerged as the most purchased token by smart investors on Solana over both the past 24 hours and seven-day periods.
The token’s accessibility has been enhanced through listings on major cryptocurrency exchanges, including Binance, Coinbase, Bybit, OKX, and KuCoin.
Regional platforms, such as Binance US, Robinhood EU, and Asian exchanges like Upbit and Bithumb, have further expanded PENGU’s reach, providing the necessary infrastructure to support the anticipated $0.02 price target.
Pudgy Penguins represents a collection of 8,888 unique NFT penguins on the Ethereum blockchain, originally launched in July 2021.
The transition from NFT project to tokenized ecosystem occurred on December 17, 2024, when Pudgy Penguins officially launched PENGU on the Solana blockchain.
The token’s debut generated major market excitement, with prices skyrocketing nearly 500% from $0.01141 to an all-time high of $0.06845 on the launch day, before experiencing volatility.
Igloo Inc., the parent company behind Pudgy Penguins, seeks to expand its influence beyond NFTs and merchandise into the entertainment sector, including film, gaming, and television.
This expansion strategy gained visibility during a recent VanEck event, where Pudgy Penguins served as the crypto mascot for the NASDAQ opening bell ceremony alongside the asset management firm.
The brand is also developing “Pudgy Party,” a mobile game created in partnership with Mythical Games.
Early gameplay previews suggest an engaging experience combining elements of Mario Party and Fall Guys.
The inclusion of PENGU and Pudgy Penguins NFTs in Canary Capital’s ETF filing, which began in late March, has introduced additional upside catalysts, potentially expanding the token’s appeal to traditional investment vehicles.
The PENGU/USDT 4-hour chart displays a clear breakout from a well-established descending channel pattern, indicating a trend reversal from bearish to bullish sentiment.
The asset has recovered strongly from lower support levels and currently trades at $0.01466, building momentum after breaking above key Fibonacci retracement levels at 61.8% and 50%.
Price action has successfully reclaimed support above the $0.0128-$0.0130 range and is now approaching upper resistance between $0.016 and $0.017, areas that previously experienced consolidation and selling pressure.
Should bullish momentum persist, PENGU could test the $0.016 level and potentially extend its range to $0.018-$0.02.
However, failure to maintain support above $0.014 could trigger a short-term correction toward $0.0128 before another upward attempt.
