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PENGU, a cryptocurrency tied to the Pudgy Penguins NFT collection, has been at the centre of the crypto community’s attention lately, just as the NFT collection itself. The token recently hit a market cap of $2.5 billion, temporarily securing its place as the largest Solana-based meme coin by market capitalization. Is everyone selling during this post-airdrop phase? Here’s a detailed look at how PENGU is tweaking the meme coin narrative and pushing the community back into NFTs.
Key Takeaways
- A notable whale swapped 500,000 ai16z tokens, worth $412,000, for PENGU.
- The token’s price spiked to $0.43, lifting its market cap to $2.5 billion.
- PENGU overtook rivals BONK and Dogwifhat (WIF) to become the top Solana-based meme coin.
Whale Accumulation Propels PENGU
On Thursday, the token drew significant social media buzz after surging to $0.43, driven by a flurry of whale transactions. The rally not only elevated its market cap to $2.5 billion but also saw PENGU eclipse competitors BONK and WIF, according to CoinMarketCap data. As of now, PENGU is neck-and-neck with BONK, vying for the title of the largest Solana-based memecoin.
On-chain data reveals that whale behaviour has been pivotal to PENGU’s ascent. Earlier this week, one high-profile investor exchanged 500,000 ai16z tokens, worth $412,000, for PENGU. Over the past eight days, this whale has accumulated 79.9 million PENGU tokens, investing $2.47 million and reaping unrealized profits of $835,000.
Read Also: PENGU Airdrop and the New Highs for the Pudgy Penguins NFT Collection
Another key whale, who initially received an airdrop of 116.7 million PENGU tokens, valued at $394,000 at launch, bolstered their holdings on December 24. With the token’s price up 670% since launch, these tokens are now worth $4.4 million. The whale also spent $1 million in Solana (SOL) to purchase an additional 34.42 million PENGU tokens, increasing their total holdings to over 151 million.
South Korea’s Role and Bithumb Listing
PENGU’s recent listing on Bithumb, a prominent South Korean exchange, has further fueled demand. South Korean investors, buoyed by anticipation of an upcoming airdrop event, have shown strong interest in the token. The listing underscores PENGU’s growing appeal in the global meme coin market.
Latest Price Swings of PENGU Token
Since its launch on December 17, PENGU has experienced extreme volatility. The token initially soared nearly 500%, peaking at $0.05738, before plummeting to $0.031 within 24 hours—a 55% decline. Traders, however, capitalized on the volatility, with some reporting profits as high as $8.36 million in minutes.
In the past week, PENGU has shown signs of stabilization, trading between $0.033 and $0.039. On Thursday, whale-driven activity pushed the token up 18% to a local high of $0.043, before a correction brought it to its current price of $0.03899, up 3% in the past 24 hours.
Read Also: Top 5 Meme Coins of 2025
Yesterday the Pudgy Penguins coin flipped BONK in market cap and was the largest memecoin on Solana.
Building a Global Community
Luca Netz, CEO of the Pudgy Penguins NFT project, has been instrumental in expanding PENGU’s global reach. This holiday season, Netz organized “Pudgy Penguins Christmas Huddles” across Asia, including Malaysia, South Korea, Indonesia, and Oceania. These events have strengthened the project’s community and highlighted its commitment to fostering global engagement.
Outlook for PENGU
Despite a turbulent market, the token has hit major milestones. The token’s holder count surpassed 500,000 as of December 22, marking significant growth in a short period. Meanwhile, the broader memecoin market faced headwinds, with the top memecoins’ market cap dropping 5% to $94.5 billion and trading volumes declining by 20% on Thursday. These contrasting trends highlight the NFT collection’s resilience and unique appeal.
With strong backing from whales, rising global interest, and an expanding community, PENGU is well-positioned to solidify its place among the top meme coins. However, the unpredictable nature of the memecoin market warrants caution for investors.
P’s rise reflects the power of community-driven initiatives in crypto. Whether through strategic whale investments, growing global engagement, or leadership’s efforts, PENGU’s journey is shaping up to be a fascinating chapter in the memecoin saga. For those tracking the space, PENGU is a name that’s hard to ignore.
