PENGU Token Stalls as Animoca Doubles Down on Long-Term IP Strategy—Is the Hype Fading?

PENGU's price action hits a wall while Animoca Brands keeps betting big on intellectual property plays. Here's why the market's shrugging—and what comes next.

Subheading: The IP Gambit vs. Short-Term Traders

Animoca's preaching patience with PENGU's IP potential, but crypto degens want pumps now. The disconnect's getting ugly: trading volume's drying up like a desert stream, and leverage longs are sweating bullets.

Subheading: When Metaverse Dreams Meet Mercenary Capital

Another day, another 'long-term thesis' getting steamrolled by crypto's ADHD trading cycles. Animoca's playing 4D chess with digital IP—while PENGU holders check their wallets and sigh. (Pro tip: maybe don't marry your memecoins.)

Animoca publishes bullish thesis on PENGU

Animoca Brands Research noted that Pudgy Penguins have tapped into a market that extends beyond crypto-native users. Notably, the project has sold over 1 million physical toys through partnerships with major retailers such as Walmart, Amazon, and Target. These retail sales generated $13.4 million in revenue between May 2023 and May 2024.

These sales have also served as a key onramp for non-crypto natives. The company issued NFTs with every toy purchase, onboarding over 860,000 users. Significantly, 86% of “Forever Pudgy” NFT holders had no prior Web3 experience.

Pudgy Penguins’ appeal beyond the crypto-native community is also gaining traction in traditional finance. On June 4, Canary Capital filed for a Canary PENGU ETF, offering investors exposure to the memecoin through a conventional financial product. Still, the filing sparked criticism, with Financial Times ETF correspondent Steve Johnson calling it a “financial abomination.”