Key Takeaways
PENGU whale holdings hit a 3-month high. Still, it was second among the top 16 whale inflows across Solana over the past 7 days but its price was struggling.
Pudgy Penguins [PENGU] memecoin rose just 1% on the 5th of August. Still, it clocked high trading volume and maintained a monthly gain of over 112%.
The memecoin appears to be riding the tailwinds of Phantom’s acquisition of Solsniper, which boosted visibility for Solana-based memecoins.
But among all traders, it’s the whales who are stepping in aggressively. Can they rescue PENGU’s valuation as the broader crypto market faced $10 billion in capital outflows over the past five days?
Source: Ali Martinez/X
Whale accumulation on PENGU peaks
Per The Solana Post on X (formerly Twitter), Whale Holding for PENGU hit a 3-month high of 14 billion tokens as of the 5th of August. Nearly 1 billion tokens were accumulated while PENGU’s price slipped from $0.04 to $0.03.
This aligns with the sharp upward spike shown on the chart for Whale Holding (Abstract + Solana), even as PENGU’s price briefly retraced.
Source: The Solana Post/X
On top of that, PENGU benefited from PSG1 Console’s buy-and-burn mechanics, which continue to reduce circulating supply.
When comparing Solana’s top 16 whale inflows, PENGU came in second with $11.87 million, just behind Bonk’s [BONK] $18 million.
However, BONK’s aggressive scarcity strategy gave it the edge. On the same day, it burned another 300 billion tokens worth $7.61 million—all funded through launchpad revenue.
Why is its recognition high?
PENGU’s official account on X showed that its attention was organic. The daily average views were at 908 million and still rising, with the community focused on a billion daily.
These views had tripled in the last 3 months, aligning with whale’s ATH in the same period.
The recognition was driven by the memecoin’s cultural relevance and real-world reach in the U.S. marketplace. As a result, its total holders had clocked 567,991 as of the 5th of August.
Pudgy Penguins’ technical setup
While the fundamentals looked promising, the price action was confined in a falling wedge pattern.
PENGU had broken out of a falling wedge but was struggling to hold the retest near a support zone at $0.034.
At press time, PENGU traded at $0.03548, up 3.18%, per TradingView. The chart also highlighted a resistance block near $0.046.
Source: TradingView
Net Volume stood at 1.34 billion, but the momentum indicator was nearing neutral territory after dipping to -0.0053 earlier in the week.
Whether PENGU can reclaim higher levels may depend on broader market sentiment, which has recently turned cautious.
