Pudgy Penguins ($PENGU): A New Meme Coin Making Waves in the Crypto Market

Newly-launched Solana meme coin Pudgy Penguins has been making waves since its launch on Binance and other top-tier exchanges like Bybit, Bitget, and even OKX

Freshly-minted Solana meme coin continues to make waves since its launch on Binance and other top-tier exchanges like Bybit, Bitget, and even OKX. In fact, it has become one of the fastest meme tokens to cross the $1 billion market cap threshold.

Launched through an airdrop campaign in mid-December, PENGU is the core currency of the Pudgy Penguins ecosystem – an Ethereum-based NFT project which has gathered over 50 billion views across various social media platforms.

PENGU’s recent listing events, especially on Binance, have been crucial to its impressive performance on the price charts, with the token still trading in the green despite the downtrend in the broader market.

While it witnessed significant selling pressure during the first few hours of its launch, PENGU managed to move up in value, reaching an all-time high of $0.06989 before stabilizing around $0.03745.

At the time of writing, PENGU has broken into the top 6 list of the largest meme tokens by market cap on CoinmarketCap, flipping the likes of Floki Inu, Brett, Mog Coin, and Popcat.

But will PENGU sustain this momentum and perhaps reach $1 in 2025?

What Is Pudgy Penguins?

Pudgy Penguins is an NFT ecosystem that is popular for its 8,888 unique penguin-themed avatars minted on the Ethereum blockchain. The collection was launched in 2021 and quickly gained widespread attention, selling out within 20 minutes.

Renowned for its cute and adorable design, Pudgy Penguins’ collection is currently the fourth-largest NFT project by market cap, boasting a valuation of approximately $1.9 billion. In fact, at the height of its popularity, one Pudgy Penguin (#6873) was valued at $640k.

One significant advantage of the NFT collection is that it promotes creating a friendly image that many people can identify with. Not only are Pudgy Penguins simply “NFT art,” but they serve multiple functions within the expanding ecosystem, such as membership to a real-world community event, asserting license for digital and physical merchandise and goods, and building mobile games.

That balance of cultural connection and practical application has helped the brand to establish itself as a strong contender in the NFT market.

Pudgy Penguins has, however, also expanded its reach beyond the digital realm with the launch of Pudgy Toys – a lineup of physical products consisting of collectible toys, figurines, plushies, and much more. Thanks to its partnerships with Walmart, Walgreens, and Target, these toys have been made accessible across several retail stores, bringing over $10 million in revenue for the brand.

Other notable collections from the project include Lil Pudgy, Pudgy Rods, and Pudgy Party.

To celebrate its recent milestones and deliver more value to its growing community, Pudgy Penguins launched its native token – PENGU – through an airdrop. The free token distribution campaign was claimed by over 700,000 addresses.

PENGU Price Analysis – Short-Term

The meme coin sector took the most advantage of Bitcoin’s recent ascent to $108k, adding more than $17 billion to its market cap between December 1 and December 8. This uptrend was followed by a heavy correction, with the sector’s valuation dropping below $96 billion following Jerome Powell’s hawkish remark about Bitcoin.

However, despite the noticeable market dip, new tokens like $PENGU are showing resilience and working their way up the meme coin charts. In the last seven days, the $PENGU price has gone up by 400%, earning the token a spot amongst the top gainers.

This rally follows the token’s listing on Binance on December 17. $PENGU has been up nearly 500% since the listing and has a market cap of $1.69 billion, breaking into the top 70 list of the largest cryptocurrencies within just days of its launch.

$PENGU, the official coin of Pudgy Penguins, got listed on #Binance

Pudgy Penguins has become the face of crypto with one of the most influential communities in the industry.

Binance distributed 2.67 billion PENGU tokens to loyal $BNB stakers through its exclusive HODLer… pic.twitter.com/PNrKKDjD8w

Looking at the technical outlook, the token’s RSI is fluctuating around the neutral zone, suggesting major waves in sales and purchases. The continued selling pressure, especially among the beneficiaries of the airdrop, has forced $PENGU to lose almost 44% of its all-time high.

While the token is still trading in the green on the daily charts, data from DexScreener indicates a market imbalance, with sellers having a slight edge over the buyers. Moreover, a zoomed-out look at