Pudgy Penguins (PENGU) is gaining attention in the crypto market as momentum builds. The project is recognized for pushing Web3 adoption, though large wallet holdings raise concerns. Technical signals suggest more upside, but it’s unclear if PENGU can maintain its breakout.
At the time of writing, Pudgy Penguins is trading at $ 0.03506 with a 24-hour volume of $ 1.51 billion, and the market capitalization is $ 2.19 billion. PENGU’s current price is up 6.49% over the last 24 hours.
Crypto analyst Ai4Alpha noted that PENGU is building its reputation as a bridge for Web3 communities with real utility, potentially reaching new all-time highs. However, Ai4Alpha noted that with the top 10 wallets controlling 59% of the supply, large holders could determine the price direction if they choose to sell.
PENGU is bridging Web3 & mainstream with real utility, eyeing new ATHs! But 59% of supply is held by top 10 wallets—a looming whale dump risk. Can it soar or will whales sink it?
— Ai4Alpha (@Ai4Alpha) September 8, 2025
Our full thesis, your deep-dive.https://t.co/14wIwIakXm$PENGU #MemeCoin pic.twitter.com/2cj4glATFH
Regarding the technical outlook, analyst Lark Davis indicated that the long position from the support at $0.029 has concluded, while a strong second entry opportunity is at the breakout of the recent triangle at $0.033. Davis further indicated that the upmove has occurred with high trading volumes, which enhances the chances of the breakout being sustained.
According to Davis, the technical target during this breakout is close to $0.055, which means there is more room on the upside if the momentum continues. With both the risk and opportunity present, investors are closely watching whether PENGU will continue its rally or face pressure due to whales.
Also Read | Pudgy Penguins (PENGU) Eyes $5 Billion Market Cap With the ETF Launch
The Pudgy Penguins RSI is currently at 59.11, with the signal line at 56.81. The level suggests the token is in the neutral-to-bullish area after the recent correction. The tempering from recent highs means the buyers are still in the picture, but the momentum is far from strong. If the RSI crosses above 60, it may be followed by further upward movement.
The MACD is also giving strong signals, with the MACD line at 0.00502 and the signal at 0.00352, with a positive gap. However, the histogram has shrunk to 0.00151, reflecting decelerating momentum. While the bullish crossover remains intact, deteriorating strength suggests possible sideways action unless new buying volume enters the market.
Also Read | Pudgy Penguins (PENGU) Eyes Breakout Above $0.040 with ATH on the Horizon
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