Key Takeaways

PENGU whale holdings hit a 3-month high. Still, it was second among the top 16 whale inflows across Solana over the past 7 days but its price was struggling.

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Pudgy Penguins [PENGU] memecoin rose just 1% on the 5th of August. Still, it clocked high trading volume and maintained a monthly gain of over 112%.

The memecoin appears to be riding the tailwinds of Phantom’s acquisition of Solsniper, which boosted visibility for Solana-based memecoins.

But among all traders, it’s the whales who are stepping in aggressively. Can they rescue PENGU’s valuation as the broader crypto market faced $10 billion in capital outflows over the past five days?

Whale accumulation on PENGU peaks

Per The Solana Post on X (formerly Twitter), Whale Holding for PENGU hit a 3-month high of 14 billion tokens as of the 5th of August. Nearly 1 billion tokens were accumulated while PENGU’s price slipped from $0.04 to $0.03.

This aligns with the sharp upward spike shown on the chart for Whale Holding (Abstract + Solana), even as PENGU’s price briefly retraced.

On top of that, PENGU benefited from PSG1 Console’s buy-and-burn mechanics, which continue to reduce circulating supply.

When comparing Solana’s top 16 whale inflows, PENGU came in second with $11.87 million, just behind Bonk’s [BONK] $18 million.

However, BONK’s aggressive scarcity strategy gave it the edge. On the same day, it burned another 300 billion tokens worth $7.61 million—all funded through launchpad revenue.

Why is its recognition high?

PENGU’s official account on X showed that its attention was organic. The daily average views were at 908 million and still rising, with the community focused on a billion daily.

These views had tripled in the last 3 months, aligning with whale’s ATH in the same period.

The recognition was driven by the memecoin’s cultural relevance and real-world reach in the U.S. marketplace. As a result, its total holders had clocked 567,991 as of the 5th of August.

Pudgy Penguins’ technical setup

While the fundamentals looked promising, the price action was confined in a falling wedge pattern.

PENGU had broken out of a falling wedge but was struggling to hold the retest near a support zone at $0.034.

At press time, PENGU traded at $0.03548, up 3.18%, per TradingView. The chart also highlighted a resistance block near $0.046.

Net Volume stood at 1.34 billion, but the momentum indicator was nearing neutral territory after dipping to -0.0053 earlier in the week.

Whether PENGU can reclaim higher levels may depend on broader market sentiment, which has recently turned cautious.