PENGU, the token associated with the Pudgy Penguins NFT collection, witnessed a dramatic surge this week, reaching its highest price level since February. The token climbed by over 167% from its recent lows, peaking near $0.010. Trading activity exploded, with 24-hour volumes spiking by more than 500% to approximately $372 million, while its total market capitalization rose sharply to $576 million, signaling renewed enthusiasm among traders.
NFT Sales Fuel the Momentum
The rally in PENGU coincides with a broader upswing in Solana-based meme coins, which collectively crossed the $10 billion mark in market capitalization. In parallel, data indicates that Pudgy Penguins’ NFT sales have skyrocketed. Within the last 24 hours, sales volume increased by 400% to $436,000, placing the collection among the top sellers, trailing only behind DMarket, Panini America, and Guild of Guardians Heroes.
The collection also witnessed a 380% jump in transaction numbers, reaching 24 recorded sales, while unique buyer counts rose by 400% to 15 participants. Despite the recent surge, Pudgy Penguins’ longer-term sales have been on a decline, falling by 11% over the past month to $6.76 million. Once a leader in the NFT space, Pudgy Penguins’ all-time cumulative sales have now topped $620 million.
PENGU Price Outlook: Bulls in Control, But Correction Possible
From a technical standpoint, PENGU’s price action remains bullish. The token broke through the $0.0075 resistance level — a key area that now acts as support — and surged towards the 78.60% Fibonacci retracement at $0.010. Additionally, PENGU remains above its 50-period moving average on the four-hour chart, reinforcing the short-term bullish case.
However, indicators such as the Relative Strength Index (RSI) suggest caution. The RSI has climbed above 80, indicating overbought conditions, while the Percentage Price Oscillator (PPO) reflects heightened volatility. Given these signals, PENGU could face a healthy pullback toward $0.0075 before attempting another leg higher. Should the price stabilize and reclaim $0.010 with strong volume, a retest of the 2025 highs around $0.0115 could follow.
