Up 90%, PENGU is breaking resistance as whales, traders, and exchanges pile in | Credit: Hameem Sarwar
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Key Takeaways
PENGU’s price surges 90%, retests $0.029, and overtakes FIL and FET in market cap.
The number of active addresses interacting with the token is close to a 30-day peak.
Rising OI and CMF signals that PENGU’s price could break $0.045 and target $0.054.
PENGU, the native token of the Pudgy Penguins NFT, has exploded by 90% over the past seven days.
After months of slipping under the radar, PENGU has come roaring back, retesting $0.029 for the first time since mid-January.
The rally has pushed it into the top 60 tokens by market cap, leapfrogging well-known names like Filecoin (FIL) and FET.
It’s a major comeback moment for the once-beaten-down memecoin. So, what’s behind the hype—and can it last? Let’s take a closer look at what’s driving the rally and what could be next for PENGU.
Pudgy Penguins Smashes Into Top 60
Outside of the technical and on-chain analysis, PENGU’s price rallied due to the bullish market sentiment.
First, the U.S. Securities and Exchange Commission (SEC) acknowledged the Canary Spot PENGU ETF on July 10.
This drove high demand for the memecoin. On the same day, Hyperliquid announced that it had listed the token.
One day later, crypto exchange Coinbase changed its X profile picture to the Pudgy Penguins avatar, and Binance U.S. followed suit.
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Beyond these, on-chain metrics further support PENGU’s bullish trajectory.
According to data from Glassnode, the number of active addresses interacting with the token has surged, approaching its highest level in nearly a month.
This uptick signals growing user engagement and rising demand on the network, two factors associated with sustained price growth.
If this trend in network activity continues, it could provide the momentum needed for PENGU’s price to extend its rally and possibly break into higher valuation.
Furthermore, CCN also looked at PENGU’s Open Interest (OI). Typically, the higher the OI, the higher the buying pressure in the derivatives market.
On the other hand, a decline in the OI indicates declining liquidity in the same market. Based on Coinglass data, the cryptocurrency’s OI has risen to $430.47 million.
Should this value continue to rise alongside PENGU’s price, the market value will likely close in on its all-time high in the coming weeks.
From a technical perspective, PENGU’s rally began after the memecoin broke out of a descending channel at the beginning of the month. Following this move, it surged past the supply zone at $0.018.
During this time, the Chaikin Money Flow (CMF) has also risen to 0.27, indicating rising buying pressure. In addition, the Awesome Oscillator (AO) has continually hit higher green histogram bars, implying strong bullish momentum.
Should this trend remain the same, PENGU’s price might retest the resistance at $0.045. If successful, this could drive the token’s value to $0.054 near the 0.236 Fibonacci level.
On the contrary, if the CMF drops below the zero signal line, it would indicate selling pressure, which could invalidate this prediction. If this remains the same, PENGU’s price risks falling below the support at $0.010.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
