Can PENGU break $0.01 after a 17% surge and $400M volume spike?

Pudgy Penguins’ PENGU token has gained more than 17% over the past 24 hours, trading near $0.0096 on Aug. 24 as daily volume climbed above $400 million and the token approached the $0.01 level.

CoinGecko data showed PENGU had also gained 59.5% over the past seven days and 58.6% over the past month, extending a rally that accelerated sharply from around $0.006 earlier this week.

Speculation over a potential Pudgy Penguins initial public offering has been one of the main narratives accompanying the latest price move. 

Pudgy Penguins CEO Luca Netz said in August 2025 that he wanted the company to become publicly traded by 2027, provided its revenue continued to grow.

While no IPO has been announced, the earlier comments have resurfaced across crypto social media as PENGU approaches $0.01. 

Traders have circulated the potential listing alongside bullish calls on the token, bringing renewed attention to the project during the rally.

Meanwhile, fresh trading incentives introduced earlier this month have added another catalyst. 

LBank is running a $500,000 Pudgy Penguins campaign that includes trading rewards, futures competitions, and a PENGU Locked Earn product offering a 10% fixed yield alongside boosted interest.

Running alongside the main campaign, LBank launched another referral promotion from Aug. 20 through Aug. 27. The timing has kept exchange incentives active during PENGU’s latest price increase.

Market activity also accelerated after PENGU broke above a descending resistance structure last week. 

During the initial breakout on Aug. 21, short positions accounted for around $842,000 of approximately $999,000 in PENGU liquidations over 24 hours, forcing some bearish traders out of their positions as the token moved higher.

Trading volume has remained elevated since the breakout.

PENGU’s 24-hour volume was close to $400 million early on Aug. 24 and later moved above $400 million, while the token tested the psychologically important $0.01 area.

Activity around the Pudgy Penguins brand has picked up at the same time.

Pudgy Penguins plush toys have reached more than 1,800 Target stores across the United States after the project’s trading cards also entered the retailer, extending the brand’s presence outside crypto markets.

Within the NFT market, Pudgy Penguins sales recently increased around 244% week over week. The rise in NFT activity has occurred alongside the renewed interest in PENGU and the project’s physical products.

PENGU price action

PENGU’s 4-hour chart shows that the latest rally has pushed price towards the upper boundary of its Keltner Channel after a steep move from the $0.006 area. See below.

PENGU/USDT 4-hour price chart. Source: TradingView.

The Keltner Channel’s upper band sits near $0.00975, with PENGU trading around $0.00959 at the time of the chart. 

Price briefly moved above $0.01 before pulling back, leaving the upper channel and the $0.01 level as the first area buyers need to reclaim.

A 4-hour close above $0.00975 followed by a sustained break of $0.01 would keep the breakout intact. 

The recent wick places the next resistance around $0.0104, while the daily chart shows a previous supply area between $0.0105 and $0.011 from the April-May trading range.

PENGU/USDT 1-day price chart. Source: TradingView.

Clearing that zone could put the May high around 0.0118-0.012 into play.

The Keltner Channel also shows how extended the move has become. 

Its middle band is around $0.00860, considerably below the current price, meaning a rejection from $0.01 could send PENGU back towards $0.009 before a stronger test of the $0.0086 area.

Volume Profile Visible Range data shows that the heaviest historical trading activity is concentrated around 0.0060-0.0064, where PENGU spent much of late July and the first half of August. 

With relatively less historical volume between that area and the current price, the $0.0086 Keltner midpoint becomes an important first support if momentum weakens.

Daily trend strength remains bullish based on the Directional Movement Index and Average Directional Index. 

The positive directional line stands near 39.97 compared with approximately 4.69 for the negative directional line, showing buyers remain firmly in control of the current trend.

At the same time, the ADX reading has risen to around 32.34.

An ADX above 25 is commonly used to identify an established trend, so the current reading confirms that PENGU’s move has developed meaningful directional strength rather than remaining inside its previous range.

Daily trading volume rose sharply as PENGU broke through $0.007, $0.008, and $0.009, with the heaviest recent activity coming during the breakout rather than the consolidation that preceded it.

For the bullish setup, 0.00975-0.01 is therefore the immediate hurdle. A confirmed move through it would expose $0.0104, followed by 0.0105-0.011 and potentially 0.0118-0.012.

If PENGU fails to hold the breakout, $0.009 is the first area to watch, followed by the 4-hour Keltner midpoint near $0.0086. 

A deeper correction could bring $0.00745, around the lower Keltner boundary, into focus before the high-volume base around 0.0060-0.0064 becomes relevant again.