The Pudgy Penguins [PENGU] NFT sales volume was down 31.4% in the past month, according to NFT Price Floor data. The hype surrounding NFTs has also waned in recent months, never regaining the momentum of the 2021 craze.
Its native token, PENGU, is considered a memecoin but has utility within the Pudgy Penguins ecosystem. The token has been in a steady downtrend since August. Back then, its price was $0.032, compared to the $0.0086 at press time.
This 73.5% drawdown in five months is quite severe, even in the memecoin sector. Can PENGU bulls rally and reverse the trend?
The potential for a PENGU comeback
A Crypto Twitter denizen pointed out that memecoins always get a second run. The example of Pippin [PIPPIN] was given for this argument, but there is no guarantee that PENGU will push to new all-time highs in the coming weeks.
Source: Glassnode
On-chain data showed PENGU flowing out of exchanges. The negative net position change reflected accumulation from holders as they moved their tokens off exchanges and likely into cold storage.
While the flows were negative, their magnitude was not as strong as it was in May and June 2025. Moreover, such outflows in October did little to prevent the rapid price decline.
Source: PENGU/USDT on TradingView
So, we turn our attention to the long-term price chart to understand where the next inflection point could be. The D3 chart showed a bearish structure break (orange) on the 15th of December, when PENGU slipped below $0.0099.
Can we expect a bullish recovery?
In short, not anytime soon. The $0.009 support, which had been important in June, has been breached in recent days. The OBV was in steady decline, showing little buying pressure.
Without any fightback, PENGU prices would likely continue to slide lower.
Mapping the next PENGU price targets
In the coming weeks, a decline to the $0.0054 and $0.0039 supports from March and April was possible.
In the short term, the $0.00855 was a support level to watch. If lost to the bears, a retest of the same level as resistance could offer an opportunity to go short.
Final Thoughts
- The Pudgy Penguins NFT collection witnessed falling floor prices and reduced volume, and PENGU suffered as a result.
- The market-wide gloom was particularly strongly seen in the PENGU price chart, and more losses were likely.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
