On the auspicious occasion of its fourth anniversary, the Pudgy Penguins collection has seen its associated token, PENGU, achieve a new all-time high of $0.044, surpassing its January peak of $0.042. This impressive surge, which includes a remarkable 21.4% gain in the last 24 hours alone, has propelled PENGU back to the top spot among Solana meme tokens, once again flipping BONK.
The resurgence of PENGU is more than just market hype; it coincides with significant developments for the project. The Pudgy Penguins team recently announced the upcoming launch of a new battle royale game, aiming to combine community enthusiasm with a tangible product and reignite interest in the NFT space. The floor price of the iconic Pudgy Penguins NFT collection has also reflected this renewed vigor, climbing from approximately 9 ETH to 16.20 ETH, nearing its three-month high.
PENGU's rally is a multifaceted phenomenon, fueled by a blend of Solana's burgeoning ecosystem, a broader reawakening of NFT activity across various blockchains, and the celebratory sentiment surrounding the NFT collection's anniversary. The meme community has once again rallied around PENGU, elevating it to a "cult token" status.
The token has notably gained traction following the somewhat weaker performance of PUMP after the Pump.fun ICO. PENGU has successfully captured the spotlight, drawing attention from influencers and consolidating its mindshare within the meme coin space.
Initially, some observers viewed PENGU's post-airdrop performance with skepticism. However, current sentiment has shifted, with many now considering the asset undervalued given its widespread exposure and frequent mentions. Due to its robust liquidity and accessibility on exchanges, PENGU is increasingly being seen as a reliable proxy for the broader meme coin market.
A significant driver of this sustained rally is the strong trading activity against the Korean Won. Over 38% of PENGU's trades are now in Korean Won pairs, a notable increase from 32% earlier this month. The enthusiastic participation of South Korean traders is playing a crucial role in boosting brand exposure and fueling PENGU's breakaway performance.
While PENGU's price has soared, on-chain investigators have noted that the collection's creators have engaged in some selling during this latest rally. These recent sales are relatively small when compared to a larger placement of 12 billion PENGU tokens back in February. Approximately 1 billion PENGU have left the collection team's wallet in the past couple of weeks, with sales observed primarily through Bybit. The timing of these sales coincides with a period of price strength, although the team has also sold at lower price points, including $0.009.
Despite some creator selling, the market remains robust. PENGU's open interest has reached an all-time high of over $435 million. The long-short ratio remains balanced, indicating that a significant shift towards short-selling has not yet occurred, reflecting the market's expectation for potential continued rallies. On Hyperliquid, a derivatives exchange, open positions among 22 whales are split evenly between short and long bets, suggesting a nuanced but overall confident outlook.
July 2025, Cryptoniteuae