Pudgy Penguins (PENGU) continues to stir up the market as it maintains stable trading around the $0.032 mark on Wednesday, after breaking out more than 121% in just a week. This impressive rally has pushed the market capitalization of the penguin-inspired meme coin above $2 billion, surpassing many well-known names like Official Trump (TRUMP) and SPX6900 (SPX).
Not only active in the spot market, PENGU also recorded a new record in the derivatives market. Data shows that the open interest (OI) of this coin has reached an all-time high – a clear signal indicating growing interest from investors, which could further reinforce the upward price trend in the near future.
PENGU's market capitalization exceeds $2 billion, open interest reaches historic peak
Pudgy Penguins – an NFT project that launched on Ethereum – has made a strong transition by expanding into the Solana ecosystem with the PENGU token. Over the past 7 days, PENGU has made a spectacular breakout with an increase of over 121%, of which the last 24 hours alone recorded an additional increase of over 9%, according to data from CoinGecko. This impressive surge has pushed PENGU's market capitalization over the $2 billion mark – an important milestone, surpassing many famous meme coins like TRUMP or SPX.
The positive outlook for PENGU continues to be reinforced by on-chain data. Coinglass reports that the open interest (OI) on PENGU futures has surged from $280.94 million last Sunday to a record $463.63 million on Wednesday – the highest since this token's inception. The strong increase in OI reflects new money inflowing into the market and a notable increase in buying pressure, thus supporting PENGU's sustainable price increase in the short term.
Bulls target $0.046
On Sunday, PENGU broke through the 50% Fibonacci level at $0.025 — calculated from the January peak at $0.046 to the April bottom at $0.003. By Tuesday, the upward momentum continued to push the closing price beyond the important resistance area at $0.030, corresponding to the 61.8% Fibonacci level. As of the time of writing on Wednesday, PENGU is trading steadily around the $0.032 area.
If the $0.030 level holds as support, this meme coin is likely to continue breaking out and aiming to retest the previous peak on January 6 at $0.0469.
The daily RSI indicator currently stands at 87 — well above the overbought threshold of 70, reflecting a clear strength of the bullish trend. However, this is also a warning signal, as the overbought region often comes with a high risk of correction.
Additionally, the MACD indicator on the daily chart recorded a significant bullish cross at the end of June — often seen as a notable buy signal. The green histogram bars continue to expand above the 0 line, indicating that the upward momentum is still being reinforced and the upward trend may continue.
However, if the PENGU price unexpectedly corrects and closes below the $0.030 mark (Fibonacci 61.8%), a bearish scenario could emerge, bringing this coin back to the next support area around $0.025 — corresponding to the Fibonacci 50% level.
