Pudgy Penguins (PENGU) token has surged more than 27% over the past 24 hours, reaching its highest price in three months. The rally is primarily driven by strong demand on South Korean exchanges and solid performance in Q2.
While the entire crypto market has seen a green quarter, PENGU led daily gains with a nearly vertical spike in price. From trading near $0.004 at the start of Q2, the token climbed to $0.019, marking a 400% gain. The rally caught even seasoned traders off guard, liquidating over $2.8 million in short positions.
📈 PENGU's comeback has reignited hopes of its return as a top meme coin and community-driven token. The latest boost also coincides with reports that PENGU was included in a proposed ETF from Canary Capital, currently under SEC review.
Korean Market Fuels PENGU Volume Spike
One of the most notable trends is PENGU’s growing volume against the South Korean won (KRW). Since June, PENGU has become one of the top-traded assets on Upbit, where KRW accounts for over 32% of its volume. Over the past month, PENGU’s KRW volume has increased more than 50-fold.
🔹 On Upbit, PENGU currently ranks as the sixth most active token, and it also holds a top-10 spot on Bithumb. This demonstrates growing adoption of the memecoin among Korean investors.
💥 Short Squeeze Signals Fresh Momentum
Signs of the rally began appearing after June 28, when funding rates turned negative. Open interest jumped from $32 million to over $160 million, indicating an influx of short-sellers betting on further declines.
Instead, the result was a classic short squeeze – with prices rising sharply and forcing short-sellers to close positions at a loss, driving prices even higher. Currently, five whales are holding PENGU derivatives positions, with three of them sitting in losing short positions.
📊 PENGU could see even more volatility if added to hyper-liquid spot markets. Traders are now watching closely to see whether the token can break more resistance levels and cement its place as one of the top community-driven meme coins of 2025.
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