$PENGU Whales Scoop 200M Tokens as Price Clings to Key $0.041 Support

Pudgy Penguins’ $PENGU is testing a key support level as market forces collide. Whales are accumulating aggressively while NFT activity continues to rocket. The Solana meme coin’s recent pullback follows a wild rally, leaving traders on the lookout for the next big move.

Behind the price action, $PENGU continues to evolve beyond its meme coin roots, with growing utility across gaming and digital collectibles fueling its volatile rise.

How $PENGU Is Building Real Utility Across Gaming, NFTs, and DeFi

Pudgy Penguins has captured the crypto world’s attention, with its native token, $PENGU, rising from roughly $0.0077 in March to fresh highs of $0.044 in July.

Trading activity has exploded alongside the price, with market data reporting daily volumes of $2.47 billion, which peaked above the $2.5 billion mark during the token’s most frenzied days.

As a result, PENGU’s market capitalization has vaulted past the $2.5 billion threshold, ranking as the 55th largest token based on market cap—solidifying its status as one of Solana’s leading meme coins.

$PENGU’s utility spans digital experiences in the upcoming Pudgy World, powering Abstract Network gaming and streaming, allowing Solana staking, and unlocking merchandise and exclusive content.

Pudgy Party, a forthcoming mobile game, opens the token utility in the mobile entertainment and gaming world.

On-chain data reveals aggressive accumulation by large holders, with whale wallets scooping up roughly 200 million PENGU tokens since the start of July.

The Pudgy Penguins NFT collection has also rallied, with trading volume up 247% and the floor price climbing from below 10 ETH to about 16.20 ETH, fueling cross-market momentum.

This revival in NFT demand has reinforced PENGU’s narrative as a cultural phenomenon and provided tangible utility to holders who engage with both tokens and collectibles.

Institutional interest has also been on the rise, especially with speculation surrounding a landmark ETF approval.

Last month, Canary Capital filed a 19b-4 form with the SEC/Cboe to list the first product of its kind: an actively managed “Canary PENGU ETF” allocating 80–95% of its assets to PENGU tokens and the remainder to Pudgy Penguins NFTs.

What began as a niche meme coin embedded within an NFT project has evolved into a multifaceted phenomenon, combining cultural appeal with new financial products.

PENGU Pulls Back Into Key Fib Levels as Sellers Press the Tape

$PENGU/USDT is retracing after a strong advance, and the charts show the market now probing deeper support zones.

The recent high near $0.0466 has given way to a steady drift lower, with the price currently sitting around $0.0410. This move is not yet a complete trend break, but it indicates that momentum has cooled as traders unwind positions after a sharp push.

Momentum indicators have already flipped to a weaker stance. The RSI, now near 35, has rolled down from overbought levels, indicating that buying pressure has faded.

The MACD lines have crossed to the downside, and the histogram is printing red bars, a visual cue that short‑term bearish momentum is in play.

On the Fibonacci retracement plotted from the breakout base ($0.0307) to the recent peak ($0.0466), the market has slipped through the 23.6% level and is hovering just above the 38.2% mark near $0.0405.

This zone is important to the setup.

If buyers step in here, it could still be interpreted as a normal corrective pullback within an uptrend. However, a decisive drop below the 50% retracement near $0.0386 would tilt the bias more clearly toward a deeper correction.

The volume footprint provides insight into what’s happening under the hood.

Earlier in the session, heavy red deltas appeared on the $PENGU chart, such as –19.65M on 104.52M traded and –7.91M on 166.6M, showing sustained sell‑side aggression.

Yet there are also bright spots: a later candle printed a +9.28M delta on 152.72M total, suggesting that dip buyers are at least starting to show interest around these levels.

In the near term, PENGU’s ability to stabilize around the $0.0400–$0.0405 area will be key.

A rebound with stronger volume could reassert the bullish trend, while failure to hold these Fib levels opens the door for a test of deeper support near $0.0368.

The post $PENGU Whales Scoop 200M Tokens as Price Clings to Key $0.041 Support appeared first on Cryptonews.