- Pudgy Penguins (PENGU) hits 868K holders and burns 357M tokens, cutting supply by 13.6%.
- On-chain data shows whales driving $461M in trading volume, strengthening market activity.
- PENGU price holds near $0.033 support, with potential upside toward $0.040 resistance.
Pudgy Penguins [PENGU] keeps proving why it’s become one of the fastest-growing memecoins out there. The project just crossed 868,000 total holders, while activity on the Abstract chain also jumped — with over 340,000 traders in play. Even though price action has been shaky today, the broader on-chain signals still lean bullish.
The token has seen some wild swings recently. After a huge 32% gain last week, PENGU slipped about 6% in the last 24 hours, hinting at a short-term correction. But when you line that up against rising holder counts and a massive supply burn, the setup suggests momentum isn’t gone just yet — it may just be cooling before the next move.
PENGU On-Chain Metrics Show Growing Strength
According to Dune Analytics, PENGU holders climbed to 868,000, with Abstract chain wallets at 236,113 and traders reaching 340,233. That growth speaks to real traction in the community.
Burn activity has also been impressive. More than 357 million PENGU tokens — around 13.7% of the supply — have already been burned. That left circulating supply at roughly 62.8 billion out of a maximum 88.9 billion, keeping pressure on the token’s scarcity.
At the time of writing, market cap sat near $2.1 billion, while fully diluted valuation reached almost $3 billion. Transfers totaled over 618,000, moving close to $657 million in volume. Retail wallets made up about 41% of those transfers, mostly in small trades, but whales and sharks dominated real volume — around $461 million worth. Swaps alone added another $139.5 million.
Can Pudgy Penguins Price Hold the Breakout Zone?
Price structure has shifted noticeably since early September. On the 8th, PENGU broke above a descending trendline, and just three days later, the SuperTrend flipped bullish. The double bottom around $0.028 gave the rally its base, and since then the memecoin has been holding that zone.
Right now, PENGU trades around $0.033 with a daily volume of $368 million — down about 15% from yesterday. The RSI sits near 51, showing neither overbought nor oversold pressure, which often signals a potential stabilization zone.
If PENGU can hold above $0.033, the next logical target is $0.040, where sellers have capped rallies before. But if it slides back toward $0.030 and breaks down, that would shift the structure and weaken the bullish case. For now, the market seems to be watching which way momentum tilts.
