The meme coin market just got a jolt, as Pudgy Penguins (PENGU) surged to a record high, briefly trading at $0.046.
The rise comes on the heels of explosive trading activity in South Korea, where PENGU has now overtaken Dogecoin in volume on the country’s top exchange, Upbit.
Derivatives data shows open interest for PENGU has surged by over 50% in just two days, with most traders still betting on more upside. The price now hovers around $0.044, slightly below its peak.
What’s driving this momentum? South Korean traders are not only buying but accumulating at scale. Despite its much smaller market cap compared to DOGE, this accumulation pattern is fueling expectations for further gains. Analyst Cas Abbé believes another 150–200% move could be on the table, citing strong sentiment and speculation around an ETF listing.
PENGU’s resurgence is also tied to the booming NFT sector. Weekly sales of Pudgy Penguins NFTs hit $8.8 million, buoyed by broader Ethereum NFT growth and major partnerships with brands like Lufthansa and NASCAR. Whale wallets are growing too, with July data showing a 1% uptick in large holders.
Now with over 868,000 holders and top gainer status among leading coins, PENGU is quickly becoming one of the most closely watched meme tokens of 2025.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/pengu-hits-new-all-time-high-as-korean-demand-explodes/