Whales Gobble Up PENGU: Pudgy Penguins’ Open Interest Skyrockets to $591M

Big money's diving into Pudgy Penguins (PENGU), and the splash is impossible to ignore.

Whale accumulation sends open interest soaring—proof even crypto's cutest assets aren't immune to Wall Street-style feeding frenzies.

Here's why the smart money's betting on flightless birds.

Open interest hits $591 million as institutional players pile in—because nothing says 'serious investment' like cartoon penguins, right?

The real question: Are they building an igloo or a bubble?

TLDR

• Open interest for PENGU reached $591 million with derivatives volume jumping 291% to $4.43 billion
• Whale wallets accumulated approximately 200 million PENGU tokens since early July
• PENGU currently trades at $0.041, holding above key $0.036 support level
• Market cap has grown to over $2.5 billion, making it the 55th largest cryptocurrency
• Pudgy Penguins NFT floor price climbed from under 10 ETH to 16.20 ETH

PENGU price is experiencing intense trading activity as whale investors accumulate large positions. The token currently trades at $0.041 after establishing support above the crucial $0.036 level.

Open interest has surged to $591 million, marking a 35% increase. Derivatives volume exploded by 291% to reach $4.43 billion according to Coinglass data.

Large wallet holders have been aggressive buyers, scooping up roughly 200 million PENGU tokens since July began. This accumulation pattern suggests institutional confidence in the token’s prospects.

The token’s relative strength index sits at 64.04, above neutral territory but not yet overbought. This technical position provides room for further upside movement without triggering immediate selling pressure.

Pudgy Penguins price has established multiple support levels that have attracted buyers during previous pullbacks. The 0.786, 0.618, and 0.5 Fibonacci retracement levels have all served as buying zones.

Price Action and Volume Analysis

More than 38 million PENGU tokens changed hands in the past 24 hours. Daily trading volumes have reached $2.47 billion, with peaks above $2.5 billion during periods of intense activity.

The token has gained substantial ground since March, rising from approximately $0.0077 to recent highs NEAR $0.044. This represents massive percentage gains over the four-month period.

Current price action shows PENGU testing the $0.038 level, which sits near the Fibonacci 1.618 extension at $0.03846. A break above this resistance could attract additional buying interest.

Market Cap and NFT Connection

PENGU’s market capitalization has crossed the $2.5 billion threshold. This achievement places it as the 55th largest cryptocurrency by market value and establishes it as one of Solana’s leading meme tokens.

🖼 #NFT Transaction volume in the NFT market ROSE 29% in the last week to $159.6 million.
Pudgy Penguins (#PENGU) sales reached $9.3 million, up 247%. pic.twitter.com/b2XdgRhdfI

— Nehal (@nehalzzzz1) July 20, 2025

The underlying Pudgy Penguins NFT collection has also experienced renewed interest. Trading volume for the NFTs increased 247% while the floor price climbed from below 10 ETH to approximately 16.20 ETH.

This cross-market momentum between the token and NFT collection has created a feedback loop of demand. NFT holders benefit from token appreciation while token holders gain exposure to the cultural brand.

The token serves multiple utility functions including digital experiences in Pudgy World, Abstract Network gaming integration, solana staking capabilities, and access to exclusive merchandise.

Canary Capital filed regulatory paperwork for a potential PENGU ETF that WOULD allocate 80-95% of assets to PENGU tokens and the remainder to Pudgy Penguins NFTs. This institutional product could provide traditional investors access to the ecosystem.

PENGU recently pulled back from highs near $0.0466 as some traders took profits after the sharp advance.