PENGU Price Jumps 15% as Pudgy Penguins Rally Gains Steam

Pudgy Penguins (PENGU) extended its strong recovery on August 24, climbing 15% over the past 24 hours to around $0.00947 and outperforming the broader cryptocurrency market. The meme coin has now gained more than 60% over the past week, pushing it back into the top 100 cryptocurrencies by market capitalization.

The rally comes as Bitcoin holds above $77,000 and Ethereum remains near $2,500, while XRP has gained roughly 50% over the past week. PENGU has recovered approximately 77% from its recent local low and now carries a market capitalization of nearly $728 million.

Trading activity has accelerated alongside the price increase. PENGU's daily trading volume reportedly jumped 308%, while search interest also strengthened, making the token one of the most searched digital assets on Birdeye.

Although no single announcement has been confirmed as the catalyst, renewed attention around the Pudgy Penguins brand has supported market sentiment. Unlike many meme coins, Pudgy Penguins has expanded beyond crypto through physical products and retail partnerships. Pudgy Penguins plush toys were available at Target stores across the United States in July, adding to the project's consumer-facing presence.

Interest in the original Pudgy Penguins NFT collection has also rebounded, with weekly trading volume recently increasing around 244%. Meanwhile, the broader meme coin market reached approximately $33.6 billion, with Dogecoin, Shiba Inu and Pepe posting more modest gains.

Technical indicators remain favorable for PENGU. The token is holding above key support at $0.00820, while a four-hour close above $0.0100 could strengthen bullish momentum toward $0.0108. Continued buying pressure could then put $0.0120 in focus. Failure to reclaim $0.0100, however, could lead to further consolidation.

The Relative Strength Index stands at 67.41, showing strong momentum without reaching overbought territory. The MACD remains above its signal line, although the flattening histogram suggests momentum may be cooling.

Derivatives activity has also surged. PENGU derivatives volume jumped 294.05% to $666.69 million, while open interest increased 25.79% to $136.99 million, highlighting growing trader interest as the rally continues.