Pudgy Penguin [PENGU] has jumped by almost 9% since it was listed on SoFi on the 20th of October. The SoFi listing of this token could bring new interest to a token that has been struggling with losing value over several months.
Notably, this rally comes after weeks of selling pressure pushed PENGU from $0.0112 toward $0.00706, where buyers repeatedly defended support.
Later on, the price moved toward $0.00807. This is where buyers were able to reverse the momentum and cause the price to begin moving upward again.
However, at this point PENGU has still not broken through the larger downtrend. As of writing, PENGU was trading near its previous high of $0.0085. This previous high also served as a strong support price before being breached in early October.
Source: TradingView The SoFi listing has created enough renewed interest in the token so that it is seeing increased buying activity. However, sustained price increases will need to occur for the renewed interest to develop into a prolonged recovery.
PENGU liquidation levels to watch The current recovery for PENGU may also face a possible price swing. The increase in leveraged trading has increased trading activity around the token. The 24-hour heatmap below shows a major cluster around $0.00830–$0.00835.
If a breakout occurs here, the short sellers who held these positions will be forced to buy back positions to recoup some of the losses.
These forced purchases may accelerate gains and help PENGU challenge the $0.00850 resistance identified in its recent price action. However, the downside risk remains relatively close, as evidenced by the second largest cluster at $0.00790–$0.00795.
Source: CoinGlass If buyer support fails to materialize in this zone, the number of forced long closures could create additional selling pressure towards $0.00780 and ultimately lower levels.
PENGU’s long-term outlook Beyond the short-term resistance test of PENGU’s price, PENGU will ultimately depend on the long-term ability to sustain demand that reverses the bearish structure in place over time.
If PENGU can gain traction and produce a confirmed weekly breakout alongside growth in volume and spot accumulation. Ultimately, this could result in a potential price move toward the $0.012-$0.015 zone.
In turn, if buyers can reclaim this zone, further upside for PENGU could occur of up to $0.250-$0.340 with participation from the overall market required.
On the other hand, circulating supply remains a challenge, with approximately 70% or 62.86 billion PENGU tokens already in circulation against a maximum of 88.88 billion.
In light of this fact alone, any drop-off in demand for PENGU could cause huge difficulties in allowing PENGU to make significant future gains.
Final Summary Pudgy Penguins gained 8.9% after its SoFi listing but faces resistance at $0.00850.
PENGU could target $0.0120–$0.0150 after a confirmed breakout, while losing $0.00706 risks a drop toward $0.0037.
Pudgy Penguins’ PENGU has extended its presence in traditional finance as SoFi bank launched PENGU’s trading to over 15 million members across its platform.
The announcement notably marked another crucial milestone for the memecoin, expanding its availability beyond the conventional crypto exchange platforms.
According to Pudgy Penguins’ official handle on X, SoFi customers have been offered the opportunity to buy, sell, and hold PENGU directly through the financial platform. Importantly, SoFi was listed as the first nationally chartered bank to provide cryptocurrency services to its members.
This crucial integration therefore expanded PENGU’s accessibility via an already established financial institution, which would potentially introduce the token to new investors.
Additionally, the development aligned with renewed attention toward PENGU’s technical price outlook following a fresh bullish signal.
A market analyst spots another potential PENGU rally Notably, a prominent crypto analyst identified a fresh TD Sequential buy signal on PENGU’s daily chart, implying another possible price upswing. The analyst particularly highlighted the indicator’s previous signals, which preceded considerable price movements.
To be specific, the buy signal on the 7th of August preceded a 77.64% price expansion, while the signal on the 15th of September preceded a 66.94% price advance. However, the sell signal on the 25th of September preceded a 31.58% price decline, highlighting the indicator’s recent track record.
Building on these observations, the market analyst identified the memecoin’s broader pattern of higher highs and higher lows. Accordingly, the analyst suggested another potential price surge approaching 70%, with $0.013 emerging as his possible upside target.
Source: X A look at the prevailing PENGU’s price action At the time of reporting, PENGU was valued around $0.007517 after retreating gradually from the $0.0100 supply region, pushing its correction toward a crucial support.
Notably, on the daily timeframe chart, the correction brought prices toward the lower boundary of the $0.0075–$0.0080 Order Block (OB), where the bulls encountered a crucial test. Interestingly, the MACD’s negative histogram bars had started to shrink gradually, implying that bearish pressure was fading.
Here, it is important to note that the MACD line remained negative at -0.000352, below its signal line at -0.000248. The Stochastic RSI readings of 8.46 and 5.24, meanwhile, reflected deeply oversold conditions, validating the possibility of a price recovery.
A sustained defense of the $0.0075 support could therefore support a rebound towards the $0.0080 region, potentially pushing toward $0.0090 and eventually the $0.0100 supply zone.
Source: PENGU/USDT on TradingView Liquidation clusters reveal PENGU’s next price targets Aside from the technical setup, Binance’s 24-hour Liquidation Heatmap visibly highlighted considerable leveraged positions surrounding PENGU’s prevailing trading range. The strongest overhead liquidity clusters emerged around the $0.0078 region, creating an important liquidity target above the prevailing market price.
Additionally, another notable liquidation band developed around the $0.0073 region, exposing a competing liquidity zone below the market price. A price recovery towards the $0.0078 region could trigger short liquidations, which could likely accelerate a price rally towards the $0.0080 area.
On the contrary, renewed selling pressure could, however, pull the memecoin towards $0.0073 before any meaningful recovery materializes. Overall, PENGU’s shrinking bearish pressure favored a potential recovery, even though reclaiming the $0.0080 level remained crucial for validating stronger upside prospects.
Source: Binance PENGU/USDT Liquidation Heatmap on CoinGlass Final Summary PENGU’s SoFi integration expanded market access, as a prominent market analyst identified another potential rally. PENGU’s bearish pressure weakened, but reclaiming $0.0080 remained crucial for confirming recovery.
Pudgy Penguins has flashed a proven bullish indicator, pointing to a likely 77% upside potential.
In the last two months, the Tom DeMarm (TD) Sequential has proven itself quite reliable in predicting the token’s next movement on the chart.
Pudgy Penguins and the TD Sequential On August 7, the indicator registered a buy signal, which led to a 77.64% rally. It was around this time that LBank launched promotional campaigns. The token’s parent company Igloo Inc. also pushed Pudgy Penguins merchandise across North American Walmart and Target stores. Even more, its CEO Luca Netz brewed positive sentiment around a public listing, saying it could happen within two years.
Another previous signal was the September 15 buy signal, which netted 66.94% in profits. During this time, PENGU hit its absolute local bottom for the month, dropping to $0.00685 after selling pressure heightened when the ecosystem unlocked 712 million tokens.
However, over the next 10 days, PENGU staged a 63%-66% rebound, hitting a peak of $0.01114 on September 25 before stabilizing back near the $0.0099 range.
Other than the oversold technical bottom, other factors that fueled the mid-September squeeze were a PEPE cycle fractal and massive real-world retail visibility at Walmart and the Pengu World Tour in Seoul. The latter aligned with Korean Blockchain Week and the Pengu Minibot tease.
Finally was the September 25 sell signal, where PENGU lost 32.58%. After peaking at $0.01029, the token steadily bled back down to the $0.0068 support zone.
Contributors included a break in its Abstract blockchain network, the announcement that toy sale proceeds would not be utilized to perform token buybacks and burns.
From a technical perspective, its Relative Strength Index (RSI) signalled that it was heavily overbought. Even more, the token hit the higher timeframe resistance of $0.010 mark, causing a cascade of long liquidations as short sellers dominated.
PENGU near-term price prediction The TD Sequential has now flashed another buy on the daily chart, suggesting an upswing may be developing.
Source: Ali Charts
The timing aligns with its new availability for trading and holding on SoFi, America’s largest online lender (15 million members).
Furthermore, PENGU has maintained a sequence of higher highs and higher lows. Should it maintain this momentum, the token might just shoot to $0.013 (+70%).
Story Ends Here
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Billionaire Adam Weitsman announced on social media that he has decided to purchase 117 Pudgy Penguins NFTs on-chain this weekend (local time the 11th), aiming to support his favorite NFT collection amid challenging times and convey confidence to the community. Weitsman praised Pudgy Penguins for bringing him joy, stating "The Huddle will stay strong" and calling on others to "Return to Pudgy Penguins". Per market data, Pudgy Penguins’ floor price stands at 2.74 ETH, roughly $6,900, with a 16.7% 24-hour gain.
Adam Weitsman said he bought 117 Pudgy Penguins NFTs over the weekend to support collectors. Weitsman described Pudgy Penguins as a favorite collection and expressed confidence in its existing community. Pudgy Penguins recorded $1.50 million in weekly NFT sales through October 10, CryptoSlam data showed. Weekly Pudgy Penguins sales rose 125.66%, with 196 recorded transactions and 94 buyer addresses overall. In August 2025, Weitsman announced buying more than 5,000 NFTs directly connected to Yuga Labs. American billionaire and NFT collector Adam Weitsman has announced the purchase of 117 Pudgy Penguins NFTs over the October 10–11 weekend, saying the acquisition was intended to support the collection and restore confidence among its community during a difficult period.
According to Weitsman, who announced the purchases on X, the 117 digital collectibles were acquired through blockchain transactions as part of his continued support for established NFT projects. He described Pudgy Penguins as one of his favorite collections and expressed confidence in its community despite recent difficulties.
This weekend I wanted to support one of my favorite collections during a difficult time. Decided to buy 117 Pudgy Penguins on chain to spread confidence for the community I have grown to love.
Wanted to support this OG project that’s bringing happiness to many. The Huddle will… pic.twitter.com/2FSxuqzO2c
— Adam Weitsman (@AdamWeitsman) October 11, 2026 The announcement followed a week in which Pudgy Penguins recorded a 125.66% increase in NFT sales, according to CryptoSlam data collected through October 10. The timing places the reported acquisition alongside a recovery in the collection’s trading activity, although the available figures do not establish how much Weitsman’s purchases contributed to that performance.
Weitsman, an American businessman known for his metal recycling operations and digital collectibles, said he purchased 117 Pudgy Penguins NFTs to demonstrate support for a community he has followed for some time. The acquisition was announced on October 12, following a weekend of buying activity.
In his original statement, Weitsman explained that he wanted to support one of his favorite collections during a challenging period. He described the project as a long-established part of the NFT industry and credited it with bringing enjoyment to its supporters. The investor wrote: “This weekend I wanted to support one of my favorite collections during a difficult time.”
He added that the decision was intended to “spread confidence” among the project’s supporters. Referring to the Pudgy Penguins community, which commonly calls itself the Huddle, Weitsman said: “The Huddle will stay strong.” His message ended with the phrase “Return to Pudgy Penguins,” encouraging renewed attention toward the collection.
Weitsman did not disclose the total amount spent acquiring the 117 NFTs or provide a complete breakdown of individual purchase prices in the supplied announcement. The statement did not specify whether the purchases were completed through one marketplace or several trading venues.
Although he described the purchases as on-chain transactions, the original post did not include a complete list of transaction hashes that would allow every reported acquisition to be independently reconciled. The purchase count therefore remains attributed to his public statement. The investor did not announce a specific resale target, investment timeframe or additional commitment to purchase Pudgy Penguins assets.
Pudgy Penguins NFT sales jump 125% in one week The acquisition came after a strong increase in reported trading activity for the Pudgy Penguins collection.
According to CryptoSlam figures examined on October 10, Pudgy Penguins generated approximately $1.50 million in NFT sales during the preceding seven days. The result represented an increase of 125.66% compared with the previous weekly period.
As covered in the latest NFT market sales report, Pudgy Penguins ranked third among NFT collections by weekly sales, behind Courtyard and CryptoPunks. The collection recorded 196 transactions, an increase of 151.28%, while buyer addresses rose 54.10% to 94.
Seller participation increased during the same period, with 123 seller addresses recorded, up 101.64% from the previous week.
The figures show that the collection experienced increased trading activity before Weitsman’s October 12 announcement. The publicly available weekly report does not establish a direct connection between his purchases and the recorded sales increase.
Across the NFT market, CryptoSlam recorded approximately $39.85 million in weekly sales, representing a 0.90% increase. Ethereum led blockchain networks with $17.60 million, followed by Polygon with $8.62 million and Bitcoin with $3.55 million.
Despite the modest rise in total sales value, the number of participating NFT buyer addresses fell sharply during the reporting period. CryptoSlam recorded 30,332 buyers across tracked networks, down 85.33%, while total NFT transactions declined 6.92% to 778,055.
For Pudgy Penguins specifically, the collection’s higher sales volume accompanied increases in transactions, buyers and sellers, according to the October 10 figures.
No independently verified purchase total or transaction-by-transaction valuation for Weitsman’s latest acquisition was established in the reviewed primary material.
Weitsman previously acquired over 5,000 Yuga Labs NFTs The purchase follows another large NFT acquisition by Weitsman in August 2025, when he announced buying more than 5,000 digital collectibles associated with Yuga Labs.
The earlier transaction involved assets from the Otherside ecosystem, including Otherdeeds, Mega Kodas and Weapon Kodas. The collectibles were acquired directly from Yuga Labs as part of his stated intention to support the company’s metaverse project.
Weitsman described the August transaction as a long-term investment and expressed interest in further purchases through the secondary NFT market. The acquisition expanded his collection of blockchain-based assets connected to virtual land, characters and digital gaming experiences.
Otherside is a metaverse project developed by Yuga Labs, the company associated with the Bored Ape Yacht Club NFT collection. Its ecosystem includes Otherdeeds, which represent digital land within the project, and Koda characters connected to its virtual world.
The August transaction did not involve Pudgy Penguins, which operates as a separate NFT brand. However, both purchases were accompanied by public statements in which Weitsman expressed support for the projects and their communities.
His latest announcement did not specify whether the 117 Pudgy Penguins NFTs were intended for permanent holding, future trading or participation in any particular project activity.
The collection’s established history includes its original launch in July 2021, when 8,888 penguin-themed NFTs were introduced on Ethereum. Following a change in leadership in 2022, the project expanded into physical merchandise, gaming and licensing.
As previously documented in the history of Pudgy Penguins, entrepreneur Luca Netz acquired control of the brand in 2022, after the original leadership faced criticism from holders over its development progress.
Pudgy Penguins continues expanding beyond NFT trading While its original Ethereum collection remains a central part of the brand, Pudgy Penguins has expanded into consumer products and entertainment. The company introduced physical toys, collectible figures, trading cards and digital experiences designed around its penguin characters.
In June 2026, Pudgy Penguins brought its Vibes trading card products to Target stores across the United States. The cards feature characters associated with Pudgy Penguins and related collections, with gameplay built around collecting and trading.
The Target trading card rollout followed earlier efforts to make the project’s characters available to customers outside cryptocurrency marketplaces.
An official July business update described further retail activity involving plush toys, collectibles and licensing partnerships. Pudgy Penguins said its products were available through Target stores and reported launches tied to San Diego Comic-Con and a collaboration with collectible card company KAKAWOW.
The company identified its Little Treats Blind Boxes as a leading seller during Comic-Con and said it was preparing further retail distribution before 2027. The update described plans to expand the availability of its physical products, including additional collectible releases.
At the same time, the wider Pudgy Penguins ecosystem has faced operational challenges. Abstract, the consumer blockchain associated with Pudgy Penguins, announced plans to discontinue its network on December 15, 2026, after its operator reported that maintaining the platform was financially unsustainable.
The network’s shutdown plan was examined in an October report on the financial pressures facing Ethereum layer-2 blockchains, which identified Abstract and Blast as projects preparing to close operations.
The reported shutdown concerns Abstract’s blockchain operations and does not establish that the original Pudgy Penguins NFT collection is being discontinued.
In its April 2026 business update, Pudgy Penguins described the launch of Pudgy World, a browser-based multiplayer experience connected to the brand’s physical toys. Customers can use QR codes included with certain toys to access associated digital features.
The company said the platform was designed to connect its merchandise with interactive experiences and reported continued development of retail products, entertainment content and community activities.
Its official October product catalog continues to list plush toys, card games, character accessories and collectible merchandise, including items associated with Pengu, Pax and Polly.
Pudgy Penguins (CRYPTO: PENGU) fell 7% Wednesday after parent company Igloo Inc. announced it’s shutting down its Abstract blockchain.
Why Igloo Is Walking Away From AbstractIgloo Inc. CEO Luca Netz posted on X Wednesday that Abstract is winding down, shifting the company’s full focus back to Pudgy Penguins, Pudgy NFTs and PENGU.
Igloo had acquired Frame in summer 2024 to build a blockchain for consumer crypto, hoping to bring the same mass appeal Pudgy Penguins found in NFTs.
Abstract did deliver real infrastructure along the way:
Launched the Portal and AGW Onboarded major global brands Processed over 300 million transactions Even with that progress, the chain never found its footing. Thin DeFi activity, weak liquidity, little institutional interest, and high costs made it impossible to sustain growth in the areas that were actually working.
Netz revealed that Igloo had quietly funded Abstract for 18 months, losing tens of millions of dollars in the process.
Rather than launch a token or run an ICO to raise fresh capital, the company chose to shut the project down instead.
His reasoning: a token only works when real demand backs it, and launching one without genuine conviction would have shortchanged the community that supported Abstract.
How PENGU, DOGE, SHIB Charts ReactedPENGU pulled back sharply from its $0.0107 high, breaking below its 20-day EMA at $0.00911.
The Parabolic SAR flipped bearish, signaling a near-term loss of momentum, though price still holds above its 50-day and 200-day EMAs, keeping the broader recovery structure intact since August’s reversal off multi-month lows.
Shiba Inu (CRYPTO: SHIB) dropped 7%, rejecting near $0.0000063 and breaking below its 20-day EMA, now testing trendline support from July’s lows.
Separately, SHIB’s burn rate dropped 100% over the past 24 hours, meaning no tokens were destroyed during that stretch, a sharp reversal from the elevated burn activity seen in recent weeks.
Meanwhile, Dogecoin (CRYPTO: DOGE) fell 6%, similarly rejecting near its $0.106 high and slipping below its 20-day EMA.
Both tokens show fading momentum on RSI, though both remain above their rising trendlines for now.
Key Levels to Watch for DOGE, SHIB, PENGU PENGU: Resistance at $0.00911, then $0.0107. Support at $0.00852, then $0.00802. SHIB: Resistance at $0.0000057, then $0.0000063. Support near its rising trendline around $0.0000050. DOGE: Resistance at $0.0925, then $0.106. Support at $0.082. Photo via Shutterstock
TLDR Abstract, the Ethereum layer-2 blockchain operated by Pudgy Penguins’ parent company Igloo Inc., will cease operations on December 15, 2026. Igloo Inc. hemorrhaged tens of millions of dollars maintaining the network over approximately 18 months of operation. The closure marks the second Ethereum layer-2 shutdown in under a week, following Blast’s recent announcement. Asset holders face a hard deadline to withdraw funds from the network or permanently lose access. Despite processing over 325 million transactions and securing partnerships with major brands like Disney and Red Bull Racing, Abstract couldn’t achieve sustainability. The company behind the popular Pudgy Penguins NFT collection is pulling the plug on its Abstract blockchain network. Igloo Inc. announced the platform will permanently cease operations on December 15, 2026.
Abstract functions as a layer-2 scaling solution built on top of Ethereum. These networks handle transactions at lower costs before bundling them and submitting final proofs to Ethereum’s main chain for security.
This marks the second major Ethereum layer-2 network failure in just seven days. Blast revealed its own shutdown plans on October 2.
According to Igloo CEO Luca Netz, the company bankrolled Abstract’s operations for roughly a year and a half. The venture drained tens of millions from Igloo’s coffers during this period.
While Netz acknowledged the team explored alternative funding routes including token launches and initial coin offerings, they ultimately rejected these approaches.
The Root Causes Behind Abstract’s Failure Netz identified the core issue as Abstract’s inability to achieve product-market fit. He cited stagnant user growth, shallow liquidity pools, and minimal uptake from institutional players.
Abstract to Shut Down on Dec. 15; Igloo Says It Lost Tens of Millions Over Two Years
Abstract will shut down on December 15, 2026, citing high operating costs, limited liquidity, a restricted DeFi ecosystem and weaker market demand. Parent company Igloo said it lost tens of… pic.twitter.com/4tF9R109II
— Wu Blockchain (@WuBlockchain) October 6, 2026
The platform struggled particularly in the decentralized finance sector. DeFi encompasses blockchain-based financial applications that operate without traditional intermediaries like banks.
Ironically, this weakness stemmed from an early strategic decision. When Abstract launched, Netz actively discouraged developers from building financial applications on the platform.
Instead, he advocated for a consumer-centric approach focused on entertainment and accessible products. He even publicly suggested DeFi developers deploy their projects on competing chains such as Berachain or Arbitrum.
The network went live with its mainnet in January 2025. Igloo’s strategy centered on leveraging the massive brand recognition of Pudgy Penguins to introduce mainstream audiences to cryptocurrency.
Pudgy Penguins originated as an NFT project featuring whimsical penguin artwork. These non-fungible tokens represent unique digital assets with verifiable blockchain-based ownership.
The franchise successfully expanded beyond digital collectibles, establishing a physical presence with licensed products available at major retailers including Walmart and Target stores nationwide.
Abstract’s Performance Metrics Prior to Closure Throughout its operational period, Abstract processed upwards of 325 million individual transactions. The network facilitated approximately $6 billion worth of trading volume across decentralized exchanges.
Platform analytics showed roughly 4 million unique wallet addresses. Developers launched more than 144 distinct applications on the network, attracting over 400,000 onboarded users.
Applications built on Abstract collectively generated over $40 million in revenues. High-profile corporate partners included entertainment giant Disney and motorsports organization Red Bull Racing.
However, application revenue doesn’t translate directly into blockchain sustainability. Abstract’s income model relied on collecting minimal fees from each transaction—insufficient to cover operational expenses.
According to DefiLlama analytics, Abstract captured approximately $3,900 in protocol fees during a recent 24-hour measurement period. By comparison, applications operating on the network earned roughly $39,000 in that identical timeframe.
As of Wednesday, DefiLlama’s bridged value metric showed Abstract still custodied approximately $76 million in user assets. Igloo has instructed users to withdraw holdings via the Migration Hub or Native Bridge before the December 15 cutoff.
Assets remaining on Abstract past the shutdown date will become permanently stranded and irretrievable. Igloo committed to assisting projects with migration to alternative blockchain ecosystems.
Abstract joins a growing list of blockchain networks that failed to sustain operations in 2025. Bitcoin-oriented platform Botanix closed its doors in June, citing similar product-market fit challenges.
Abstract, a consumer-focused Ethereum layer-2 blockchain built by Pudgy Penguins’ parent company Igloo Inc., said Tuesday it will shut down this year after struggling to scale and find product-market fit.
In an X post, Abstract said its focus on “consumer crypto” ultimately proved to be an unsustainable business model. Abstract launched its mainnet in January 2025 with the aim of driving consumer crypto adoption by targeting mainstream entertainment. For users, it aimed to strip away many of the complexities that traditional blockchains require.
“Unknown to most, Igloo, Inc. had been funding Abstract over the last 18 months,” said Luca Netz, CEO of Igloo Inc. “After losing tens of millions of dollars over two years, building consumer products, assembling an all-star team, onboarding some of the biggest brands in the world, and building a community of millions, we still had not found product-market fit.”
Abstract’s shutdown highlights the limits of its consumer-first strategy. Both Abstract and Netz cited minimal institutional crossover, alongside thin liquidity and a restricted DeFi ecosystem, as constraints on growth.
This was despite more than 144 apps having been deployed on the network, while the network onboarded more than 400,000 users and secured partnerships with brands including Red Bull Racing and Disney.
Abstract urges users to bridge assets Abstract said users with funds on the network should bridge their assets off the chain, which will shut down on Dec. 15, 2026.
Users can do so through the Migration Hub or Native Bridge. Any funds not bridged by the deadline will be inaccessible.
Abstract said its engineering and ecosystem team will also work with Abstract-based projects to migrate to other chains.
Abstract joins a growing list of blockchain networks planning to wind down this year after struggling to build sustainable businesses. Ethereum layer-2 Blast said last week that operating costs exceeded revenue, while Bitcoin-focused Botanix announced its closure in June after failing to find sufficient product-market fit.
Magazine: Capital starting to rotate back to crypto from AI: Raoul Pal
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Abstract says funds still on the chain after Dec. 15 will be inaccessible, ending a consumer-crypto bet that Igloo CEO Luca Netz says cost tens of millions of dollars.
Pudgy Penguins owner shuts down Abstract chain with $47 million still on it
Posted October 6, 2026 at 6:22 pm ET.
Abstract, the Ethereum layer 2 that Pudgy Penguins parent Igloo Inc. built to bring everyday users onchain, will shut down on Dec. 15, its team announced on X on Tuesday. Abstract said anyone who hasn’t bridged out by then will lose access to their funds.
That puts a deadline on roughly $48 million in assets, the value the chain held shortly before the announcement, according to L2BEAT data.
Igloo set out to build a blockchain for consumer crypto after it acquired Frame in the summer of 2024, CEO Luca Netz wrote on X. He wrote that Igloo hoped to take the mass-market playbook behind Pudgy Penguins and apply it to a chain. Abstract’s own figures put the chain at more than 400,000 users, brought in through tie-ins with Red Bull Racing and Disney, and more than 325 million transactions.
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Why Abstract Is Closing Abstract said its growth began to stagnate as the chain struggled with a narrow DeFi offering and thin liquidity, drew few institutions and had less to spend than competitors. After a year of trying to make the chain scale, it faced a choice: “continue exhausting resources on a chain that is operationally unsustainable and not scaling, or elect to shut it down.”
Netz said Igloo had been funding Abstract for the last 18 months, which most people did not know. He wrote that the company lost “tens of millions of dollars” over two years. He said the company could have launched a token or run an ICO, but chose not to. Without a scalable path forward, he wrote, Igloo “could no longer justify taking from the Pudgy Penguins business.” Its full focus now shifts to Pudgy Penguins, its NFTs and the PENGU token.
How to Get Funds Out Abstract pointed users to its Migration Hub. The chain’s native bridge also works, though Abstract told users to expect a three-hour delay. The hub also lists the Stargate, Relay and Jumper bridges. Its engineering and ecosystem team will work with projects on Abstract to relocate them, the team said, and it warned users about impersonators and fake migration sites.
Blast, another Ethereum layer 2, said on Oct. 2 that it would shut down because running the chain cost more than it earned. Abstract’s announcement came four days later.
Related Listen: Zcash, Ethereum, Aztec, Canton and More: Which Chain Will Win the Privacy Race?
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Abstract, the Ethereum Layer 2 built by Pudgy Penguins parent Igloo Inc., will shut down on December 15, and the team has told users that any funds still on the chain by that date will become inaccessible, according to the project’s announcement published on October 6. The wind-down ends a consumer-focused network that had onboarded more than 400,000 users and attracted brands including Red Bull Racing and Disney.
Igloo launched Abstract in January 2025 as a home for consumer crypto, betting that the reach of the Pudgy Penguins brand could bring everyday users onchain. The chain chased mass-market adoption through apps, games, and brand experiences rather than the DeFi-heavy approach taken by many rival Layer 2 networks.
Why Abstract Is Winding Down The team said growth stagnated because of a restricted DeFi ecosystem, thin on-chain liquidity, minimal institutional crossover, and a limited budget compared with competitors. Over the past 18 months the network had posted real milestones: more than 144 unique apps deployed, and the Abstract Global Wallet, which the team called the most adopted smart-contract wallet in crypto. Even so, after exploring options behind the scenes for about a year, Igloo concluded that operating a chain focused exclusively on consumer crypto was unsustainable as a standalone model, and it chose to wind the network down rather than keep spending on a chain that was not scaling.
What Users Need to Do Holders can move assets through the Migration Hub at migrate.abs.xyz or the native bridge at native-bridge.abs.xyz, which carries a three-hour delay. The engineering and ecosystem team said it will help Abstract-based projects migrate to other chains, and it warned users to watch for impersonators, fake migration sites, and direct messages claiming to represent the project, telling them to cross-check any link against official Discord and other channels before connecting a wallet.
A Second Ethereum Layer 2 Shutdown in Days The closure follows Blast’s plan to shut down its Ethereum Layer 2 by an October 26 deadline, marking the second Ethereum scaling network in a week to call it quits. Abstract had previously posted 105,000 active addresses shortly after launch, a metric that signaled strong early traction but did not translate into a self-sustaining economy, underscoring how thin liquidity and weak institutional crossover can stall even well-known consumer chains.
AUTHOR
Jide Idowu is a skilled freelance writer with expertise in blockchain technology, cryptocurrency, and digital finance. Known for his ability to break down complex topics into clear, engaging content, Jide crafts articles, blog posts, and analyses that resonate with both beginners and seasoned professionals. His work spans a wide range of subjects, from emerging crypto trends to in-depth explorations of blockchain innovations. With a keen eye for detail and a passion for educating readers, Jide is a reliable voice in the rapidly evolving world of digital assets.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
In brief Abstract, the Ethereum layer-2 from Pudgy Penguins parent company Igloo Inc., will shut down Dec. 15. Funds not bridged off by then will be inaccessible. The team blamed a limited DeFi ecosystem, thin liquidity, little institutional crossover and a smaller budget than rivals. It's the second Ethereum layer-2 to announce a shutdown in days, following Paradigm-backed Blast. Abstract, the Ethereum layer-2 network built by Pudgy Penguins parent company Igloo Inc., is shutting down after struggling to scale beyond its consumer crypto niche.
The team announced on X that the chain will go dark on Dec. 15. Users must move their assets off the network before then through Abstract's Migration Hub or its native bridge, which carries a three-hour delay. Funds left behind after the deadline will be inaccessible, the team warned. Abstract's engineers will also help projects built on the network migrate to other chains.
Myriad: Where does Ethereum go next? Click to make your prediction.Abstract said its growth stalled because of a limited DeFi ecosystem, thin on-chain liquidity, little crossover with institutions and a smaller budget than rivals. "Operating a chain focused exclusively on consumer crypto has ultimately proven to be unsustainable as a standalone model," the team wrote.
By its own count, Abstract processed more than 325 million transactions, logged over $6 billion in decentralized exchange volume and generated more than $40 million in ecosystem revenue. Users created more than 4 million Abstract Global Wallets, and brands including Red Bull Racing and Disney used the chain to reach audiences.
Abstract is a ZK-rollup, a layer-2 network that bundles transactions and verifies them on Ethereum using zero-knowledge proofs, a type of cryptographic receipt.
Igloo pitched it as a home for "consumer crypto" apps aimed at everyday users. The goal was to replicate the mainstream reach Pudgy Penguins found through toys and social media.
Abstract is the second Ethereum layer-2 to announce a shutdown in a matter of days. Blast, the Paradigm-backed network that once drew billions of dollars in deposits, said last week that it would wind down because its operating costs outstripped its revenue.
Abstract also urged users to watch out for impersonators, fake migration sites and direct messages claiming to represent the project.
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From Digital Collectibles to Boba ShopsPudgy Penguins has taken a notable step beyond the blockchain, striking its first quick-serve restaurant partnership with Kung Fu Tea. The collaboration, which went live on October 1, 2026, spans 330 participating Kung Fu Tea locations across the United States, bringing the brand's characters into everyday consumer culture for the first time at this scale.
At the center of the activation are two limited-edition drinks inspired by the brand's beloved "Collector Couple," Pax Pengu and Polly. Both items are available for a limited run through mid-October.
Collectibles, TCG Cards, and a Comic Con Moment
The Afternoon Breeze promo card was distributed at the collaboration's launch. Vibes is a physical and digital trading card game built on the Pudgy Penguins IP and developed by Orange Cap Games.
Qualifying Little Treats Blind Box purchases at the booth come with an exclusive Kung Fu Tea buy-one-get-one voucher, redeemable at participating New York City stores during Comic Con weekend.
The move signals a broader push by Pudgy Penguins to embed its characters into physical retail and everyday consumer touchpoints, a strategy the brand has been building across plush, fashion, beauty, and entertainment.
Sources:
Kung Fu Tea Official Announcement
License Global: Pudgy Penguins x Kung Fu Tea
PR Newswire Press Release
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Penguins meet Minini in a new Asia retail push@pudgypenguins has teamed up with @_LINEFRIENDS to release a limited-edition physical collectibles range, marking one of the brand's most significant bricks-and-mortar moves in Asia to date. The collaboration pairs Pudgy Penguins' recognisable penguin characters with LINE FRIENDS' Minini sub-brand, producing a lineup that includes plushies, blind boxes, figurines, keyrings and pens. Products are now on sale in LINE FRIENDS stores in Seoul, Shanghai and Tokyo, with online orders available through the Pudgy Penguins store for fans outside those cities.
According to The Bored Ape Gazette, the Seoul launch centred on the brand's flagship store in Myeongdong, where a launch event brought fans together to see the products in person. The Keyring Blind Bag alone features six different Pax and Polly variants, adding a collectible chase element familiar to the Asian toy market.
Two brands with reach across AsiaThe partnership brings together two properties with complementary followings. As NFT Plazas reported, LINE FRIENDS is one of the most influential character brands in South Korea and Asia, and its Minini characters, described as miniature versions of the original LINE FRIENDS cast with round cheeks and playful expressions, are popular across sticker formats on the LINE messaging app and physical merchandise. LINE FRIENDS itself originated as sticker characters for the LINE mobile messaging app, which counts over 200 million active users worldwide, before expanding into a global retail and licensing operation with a presence in major cities across Asia, North America and Europe.
For Pudgy Penguins, the tie-up continues a strategy of building brand value through physical goods and regional partnerships. The project previously placed toys in roughly 2,000 Walmart locations in the United States and has pursued collaborations with Asian brands including Lotte. The LINE FRIENDS deal represents a meaningful step into Asian retail, a market where character-driven collectibles carry significant cultural weight.
The collection is available now in-store across the three cities and online via the Pudgy Penguins shop.
Sources:
The Bored Ape Gazette: Pudgy Penguins x LINE FRIENDS launch
NFT Plazas: Pudgy Penguins announces partnership with LINE Friends Minini
PENGU’s price surged 10.24% as Pudgy Penguins expanded its ‘Playground activation’ to Korea Blockchain Week. The rally notably lifted PENGU’s price above the $0.01000 area and pushed its market capitalization to roughly $629.67 million.
The memecoin’s trading volume, however, fell 10.66% to $120.14 million, suggesting participation did not expand alongside the price recovery.
Pudgy Penguins takes center stage at Korea Blockchain Week Pudgy Penguins strengthened its Korea Blockchain Week presence through a dedicated Pengu Playground activation in Seoul.
Reportedly, the event runs from the 29th of September to the 1st of October, placing the ecosystem within a major Asian blockchain market’s reach.
In particular, the Pengu Playground brings gaming, mini-games, interactive activities, merchandise, and community experiences under the PENGU brand. The activation offers attendees direct interaction with the project’s growing infrastructure instead of depending solely on traditional conference exposure.
Furthermore, the initiative also expands PENGUs’ consumer-focused strategy, connecting its Web3 presence with entertainment, merchandise, and community participation.
The initiative’s timing introduced another chance to broaden recognition among blockchain users during a concentrated period of industry activity in Seoul.
Is PENGU’s leverage rising? PENGU’s derivatives exposure also expanded during the recovery, with the Open Interest (OI) surging 10.04% to $148.17 million as of writing. The derivatives volume, however, fell 15.58% to $252.19 million, suggesting minimal trading activity alongside outstanding positions.
Additionally, the overall Long/Short Ratio stood at 0.9286, while Binance PENGU/USDT accounts registered a 1.1706 ratio. OKX market participants showed a stronger long bias at 1.81, while Binance top-trader accounts recorded 1.613.
Notably, their position-based ratio was substantially higher at 3.0765, implying larger positions heavily favored the longs.
Source: CoinGlass Overheated Futures expose persistent selling pressure Separate Futures metrics highlighted that PENGU’s derivatives market remained stretched despite the token’s recent price recovery.
In particular, the Futures Volume Bubble Map identified PENGU’s Futures trading activity as overheated following the recent price expansion.
Furthermore, the Futures Taker CVD indicator, meanwhile, remained seller-dominant, suggesting aggressive futures orders continued supporting the sell side. The recent price increase had therefore not yet produced a corresponding transition toward aggressive taker buying across the futures market.
The persistent seller dominance could challenge the ongoing price recovery in case buyers fail to absorb that pressure in the subsequent trading sessions.
Source: CryptoQuant PENGU tests $0.010298 as recovery faces a KEY test On the daily technical structure, PENGU was consolidating around $0.009839 after recovering from the demand region around the $0.00782 area earlier this month.
Notably, the price returned inside the $0.009458–$0.010298 range, placing the upper boundary directly in front of the prevailing recovery.
At the time of writing, the RSI indicator stood at 60.26, keeping the directional strength above neutral threshold without without entering the overbought territory. The indicator, however, remained slightly below its 61.03 average, highlighting buying strength had cooled during the recent consolidation.
The Parabolic SAR indicator, on the other hand, remained above the prevailing market value at $0.011120. This meant the indicator had yet to confirm a bullish price reversal.
Ultimately, a sustained decisive break above the $0.010298 price level could validate the recovery and open PENGU’s path towards the $0.011500 area.
But a price rejection around $0.010298, however, could return PENGU towards the $0.009458 support before another breakout attempt emerges. Losing that support level would weaken the recovery structure and expose the deeper demand region around the $0.00782 area.
Source: TradingView Final Summary PENGU gained 10.24% as Korea Blockchain Week brought fresh attention to Pudgy Penguins. A break above $0.010298 could expose $0.0115, despite persistent futures selling pressure.
Pudgy Penguins (PENGU) has staged a sharp rally in recent days, leaving several higher-profile meme coins behind.
PENGU Takes the LeadPENGU surged nearly 38% to become the sixth-largest cryptocurrency gainer over the last seven days. The native token of the popular NFT brand Pudgy Penguins is now up 16% year-to-date.
The memecoin surged to a nearly five-month high of $0.0109 during this period before retracing on Wednesday.
Interest has grown after Pudgy Penguins announced multiple events at Korea Blockchain Week in Seoul, featuring arcade games, claw machines, exclusive merch, food and drinks. The event takes place from Sep. 29 to Oct. 1.
Broader speculative momentum in memecoins has also contributed to the rally as the market priced in the SEC’s push to build a regulatory framework for cryptocurrencies.
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Photo Courtesy: CryptoFX on Shutterstock.com
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Pudgy Penguins dropped its new “Pudgy Essentials” collection on September 22, and the on-chain reaction tells a split story. Top profit-and-loss traders and smart money wallets increased their holdings tied to the Essentials launch, while whale addresses quietly reduced their positions.
What Pudgy Essentials actually is The Essentials collection launched through pudgypenguins.com, targeting everyday consumers rather than crypto-native audiences. The project has placed plush toys in over 1,800 Target locations since July 2026, alongside additional product placements in Walmart stores. For an NFT collection that started as 8,888 cartoon penguins on Ethereum in July 2021, that’s a remarkable transformation.
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Luca Netz, who acquired the original collection in April 2022 for 750 ETH, has been the driving force behind the brand’s evolution. His stated goal is to grow the $PENGU holder base from roughly 4,000 to nearly 1 million, a target that requires exactly the kind of mass-market product strategy that Essentials represents.
The on-chain divergence According to Nansen’s tracking, top PnL traders—the addresses with the strongest historical track records—increased their exposure to the Essentials collection. Smart money followed a similar pattern, adding to positions. Whales, meanwhile, went the other direction, trimming their positions around the launch.
$PENGU and the bigger picture The $PENGU token launched in December 2024 with a total supply of 88.88 billion tokens. A significant airdrop allocated 25.9% of the supply to the community, a generous distribution by industry standards that helped establish a broad holder base early on.
Netz’s ambition to grow the holder base by roughly 250x from current levels is aggressive. The infrastructure he’s building—retail distribution, diverse product lines, community token mechanics—gives the project a plausible path to get there.
The Essentials launch also fits a broader trend of NFT projects seeking sustainability through diversified revenue rather than relying solely on secondary market royalties, which have largely evaporated across the industry.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Five Days of Events Across Seoul@pudgypenguins is bringing its Pengu World Tour to Seoul, timed to coincide with @kbwofficial. The run of events stretches from September 28 to October 2, wrapping around the main Korea Blockchain Week conference, which takes place September 29 to October 1 at Walkerhill Hotels and Resorts in Seoul.
The lineup blends leisure and community: an arcade day, two pickleball meetups, a visit to Lotte World Adventure, and a late-night card party. Each event is designed to draw the Pudgy Penguins community together in person, rather than serving as a traditional conference activation.
Passport Stamps and On-the-Ground PartnersEvery event during the tour issues its own exclusive Passport stamp tied to the Solana token solana:2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv. The stamps are only available to attendees who show up in person, making participation the sole path to collecting the full set.
Partners supporting the Seoul leg of the tour include KAST, Bitkub, MemeCore, Tangem, and Sway.
The Seoul stop comes as Pudgy Penguins continues to expand its real-world footprint. $PENGU, the project's ecosystem token, launched in December 2024 on the Solana blockchain and plays a central role in powering the Pudgy universe, including gaming, rewards, and future community participation. The brand has increasingly leaned into offline experiences as a way to deepen engagement beyond digital ownership.
Korea Blockchain Week itself is one of Asia's flagship crypto gatherings. KBW 2026 returns to Seoul from September 29 to October 1, with Upbit, Korea's leading digital asset exchange, joining as main sponsor. Established in 2018, KBW is Asia's foremost annual global blockchain and crypto conference, hosted in Seoul, South Korea.
Sources:
Korea Blockchain Week 2026, official site
KBW 2026 press release, PR Newswire
What is Pudgy Penguins (PENGU)? BingX
The 5 best meme coins in 2026 conversation covers several different models. DOGE and SHIB are established names, PENGU connects its token to the Pudgy Penguins brand, BONK is deeply linked to the Solana ecosystem, and MemeToro is building a new AI-focused launchpad.
MemeToro has crossed $140,000 raised in Stage 7 and currently offers $MT at $0.00430. Its main difference is that the project is still in presale while building infrastructure around memecoin launches.
That makes a direct comparison useful, but each project should be understood on its own terms.
DOGE and SHIB Bring Large Existing Communities Dogecoin has one of the longest histories among major meme coins. Its broad recognition and deep market liquidity have helped it remain part of crypto market discussions.
Shiba Inu has built a larger ecosystem around its token, including Shibarium. Its community and ecosystem development give SHIB a different structure from a simple meme token.
These projects already have open markets and established trading activity.
MemeToro is earlier in its lifecycle. Instead of relying only on an existing community, it is developing an AI-powered launchpad that can support future token creation and trading.
PENGU and BONK Add Ecosystem Connections Pudgy Penguins gives PENGU a connection to a broader consumer brand and digital IP ecosystem. Its meme identity is supported by the wider Pudgy Penguins project.
BONK is closely linked to Solana and has developed a large presence in the network’s memecoin market. Its ecosystem integrations and trading activity give it a different role from established tokens such as DOGE.
MemeToro instead focuses on launch infrastructure. Its AI agent is designed to identify internet trends and help structure new token proposals.
MemeToro’s Fair-Launch Model for Memecoin Trading and Staking The latest MemeToro update highlights open-source AI launchpad smart contracts. These contracts are designed to enforce fixed fair-launch rules.
The system checks allocation totals and funding consistency while following a zero-insider-allocation framework. This is intended to reduce some of the uncertainty around how a new token is distributed.
The $MT token also has planned utility across:
memecoin trading platform access staking rewards prediction markets The project currently advertises a projected staking return of up to 35% APY.
Stage 7 Price and How to Buy MemeToro’s current Stage 7 price is $0.00430, with more than $140,000 raised.
The stated listing target is $0.05186. A move from $0.00430 to $0.05186 would equal about 12.06x, or approximately 1,106% hypothetical upside.
Again, this is not a prediction or guaranteed return.
To buy, users should verify the official website, contract address, BNB Chain network, presale stage, and purchase instructions before connecting a wallet.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Physical Products, Global Events, and a Growing Payment NetworkPudgy Penguins used August to push further into mainstream consumer territory, rolling out new physical products, community events, and payment tools across multiple continents.
On the collectibles side, the project shipped new Schleich figurines alongside 14-inch Pengu plushies available worldwide. The Schleich partnership pairs the Pudgy Penguins IP with a figurine brand that has a 90-year crafting history, with figures such as Pax Pengu and Polly now available through the official Pudgy Penguins store and select retailers.
The Pengu World Tour also gained momentum during the month, bringing community events to cities across Asia, North America, and other regions. The tour is part of a broader effort to build offline engagement alongside the project's digital ecosystem.
Pengu Card Growth and On-Chain ExpansionThe Pengu Card, integrated with the Visa network and backed by a partnership with KAST, surpassed 35,000 users across more than 170 countries in August. The card allows $PENGU holders to spend tokens at merchants that accept Visa and supports Apple Pay and Google Pay. The user milestone underscores growing adoption of the payment product since its launch earlier this year.
On the token side, $PENGU (solana:2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv) expanded to Robinhood Chain through LayerZero. Robinhood Chain is an Ethereum Layer 2 built on the Arbitrum stack, with LayerZero serving as its cross-chain connectivity provider. The move extends $PENGU's reach into another retail-oriented blockchain environment and marks another step in the project's multi-chain strategy, which already spans Solana and Ethereum.
Taken together, August's activity reflects a project pushing across physical retail, consumer finance, and on-chain infrastructure at the same time, a combination that has become central to the Pudgy Penguins playbook.
Sources:
The Toy Book: Pudgy Penguins Expands Licensing and Collaboration Reach
Robinhood Newsroom: Robinhood Chain Launches Public Testnet
CoinMarketCap: LayerZero Surges on Robinhood Chain Partnership
Key Highlights PENGU token surged more than 60% over the past week, currently trading around $0.00947 Trading volume exploded by over 300%, hitting between $487 million and $666 million daily The Pudgy Penguins brand now distributes toys through Target and Walmart locations nationwide Open interest increased 25.79% to reach $136.99 million while derivatives trading jumped 294% Critical resistance level stands at $0.0100–$0.0105, while support maintains at $0.0080–$0.0085 The Pudgy Penguins (PENGU) token has emerged as a leading performer in cryptocurrency markets this week. With gains exceeding 60% across seven days and approximately 15% in just 24 hours, the token is currently hovering near $0.00947. This rally has propelled PENGU back into the top 100 cryptocurrencies, with its market capitalization now standing at approximately $728 million.
Pudgy Penguins (PENGU) Price The most remarkable metric has been the explosion in trading activity. Daily volume skyrocketed between 277% and 308% across various tracking platforms, registering anywhere from $487 million to $666 million. This substantial volume surge indicates focused speculative interest rather than general market momentum. For context, Bitcoin only appreciated 1% during this same timeframe.
During the price surge, PENGU emerged as one of the most frequently searched tokens on Birdeye. The asset has rebounded approximately 77% from its most recent bottom.
Catalysts Behind the Price Movement Several factors converged simultaneously to fuel this rally. On August 23, LBank initiated a $500,000 promotional campaign featuring trading rewards and volume-based incentives. PENGU appreciated 13.9% within the 24-hour window surrounding this announcement.
Additionally, Pudgy Penguins finalized a licensing agreement with SOLYD, potentially opening doors to additional product lines and distribution networks. The franchise currently maintains a presence in more than 10,000 retail locations, including major chains like Target and Walmart. Beyond plush toys, the brand manufactures trading cards, comic books, and gaming products.
The company has set an ambitious revenue target of $50 million for this year and is working toward a public market debut scheduled for 2027. Plans also include launching a Lil Pudgys brand between 2026 and 2027, featuring a YouTube series designed for younger demographics.
Chinese cryptocurrency analyst 夏木KRIS (@VireGeek) observed on August 24 that PENGU had experienced notable capital inflows, with the token climbing nearly 14% on August 23 alongside rapidly expanding volume. He emphasized that PENGU’s primary advantage over conventional memecoins lies in its well-established intellectual property that has successfully penetrated mainstream retail markets.
Technical Analysis PENGU escaped a consolidation range of $0.0058–$0.0060 in mid-August. The token subsequently cleared resistance levels at $0.0070, $0.0075, and $0.0085 before peaking near $0.0104. Following this high, price action retraced to the $0.0080–$0.0085 area where it found support and rebounded.
The Relative Strength Index currently reads 67.41, indicating strength without entering overbought territory. The MACD line continues trading above its signal line. However, the MACD histogram has begun to flatten, indicating the rally’s momentum may be decelerating.
Open interest climbed 25.79% to reach $136.99 million. Derivatives trading volume surged 294% to $666.69 million.
$PENGU 50% in 5 Days. And It's Just Getting Started 🔥
Pudgy Penguins is breaking out of the descending triangle on the daily timeframe, with $0.008 becoming new support.
Strong brand. Loyal community. Real products. When the bull market returns, #PENGU won't need a catalyst.… pic.twitter.com/oRpHkD2Z1b
— Lana Valentis (@LanaValentis) August 22, 2026
Market analyst Lana Valentis (@LanaValentis) identified that PENGU successfully broke above a descending triangle formation on the daily timeframe, with $0.008 now functioning as new support. She established price objectives at $0.011, $0.014, $0.023, and $0.035, pointing to the brand’s strength, community engagement, and tangible products as fundamental support.
Primary resistance continues at $0.0100–$0.0105. Support is maintained at $0.0085–$0.0090.
Memecoins posted strong gains over the past week, with Pudgy Penguins (PENGU) token outperforming more valuable and popular cryptocurrencies.
‘Exciting’ Unlock For Square SellersPENGU surged 54% to become the most profitable large-cap memecoin over the last seven days. The native token of the popular NFT brand Pudgy Penguins is up nearly 50% in a month.
In addition to the broader cryptocurrency market rebound, the coin rallied following a cryptic message from Pudgy Penguins CEO Luca Netz about potentially taking the company public by 2027.
The post on X featured a pair of eyes, a penguin, a building and an “SOON” arrow.
Additionally, Pudgy Penguins’ official X account replied, “Well, well, well,” to Polymarket’s post that cryptocurrency whales are buying NFTs again in large numbers.
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DOGE, SHIB Trail PENGU’s AdvancesFrog-themed Pepe (CRYPTO: PEPE) trailed PENGU with impressive gains of 48% last week, while Solana (CRYPTO: SOL)-based Bonk (CRYPTO: BONK) came in at a distant third at 31%.
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Major dog-themed coins, such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), jumped 23% and 19%, respectively, last week.
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Photo Courtesy: Koshiro K on Shutterstock.com
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Pudgy Penguins' $PENGU token is now tradable on Robinhood Chain (@RobinhoodCrypto), the Ethereum layer 2, according to an announcement from @pudgypenguins. The project shared the Robinhood Chain contract address (0x74BE72AFFAFbC8de30F0C11247814036314D625f) and urged users to verify any token details exclusively through official channels before transacting. At the time of the announcement, $PENGU was trading roughly 10% higher on the day and 35% higher over the prior week.
A Token With a Growing Multi-Chain Footprint The Robinhood Chain integration adds another venue for retail access alongside those existing deployments.
On the NFT side, the Pudgy Penguins team has used LayerZero's interoperability protocol to extend the Lil Pudgys companion collection across multiple networks. That cross-chain integration covers the NFT layer; the PENGU token's own multi-chain deployments are separate and include Solana, Ethereum, and BNB Smart Chain, among others.
Two Taipei Events Planned Around FUTUREMODE Alongside the Robinhood Chain news, @pudgypenguins announced two community events in Taipei timed around the FUTUREMODE festival. On September 5, the team is hosting a pickleball event alongside AvaxTeam1. On September 6, a Pengu Garden holder meetup is planned, co-hosted with Deepcoin and 0G Labs and organised by 0xmedia.
Sources:
FUTUREMODE 2026 Official Site
Pudgy Penguins: Lil Pudgys Are Now Cross-Chain (Official Blog)
@pudgypenguins has taken its Kakawow trading card collaboration to South Korea, marking what the brand is calling its first step into Korean retail. Seoul's @moacardshop has become the country's first store to carry the Pudgy Penguins Kakawow 1st Edition collection, according to the team's announcement on Monday.
To mark the debut, Pudgy Penguins ran PENGU-branded street advertising across Seoul, signaling that the launch is more than a quiet shelf placement. @PenguAsia said further details on the regional expansion are coming.
A Global Retail Push Gathering Pace The South Korea launch is the latest step in a broader strategy to move Pudgy Penguins from digital collectible to mainstream consumer brand.
On the physical merchandise side, the brand has built a notable footprint in the United States.
Asia Expansion Already Underway The addition of the Kakawow trading card line at a dedicated card specialist in Seoul adds another layer to that presence, targeting the collectibles-focused segment of the Korean market specifically.
, and the Korea trading card launch illustrates how the team is adapting its product mix to suit each market. Trading cards carry strong cultural traction across East Asia, making Seoul a natural next stop after the brand's initial Asian retail moves.
Further announcements from @PenguAsia on the regional rollout are expected in the coming weeks.
Sources:
Bitcoinist: Pudgy Penguins Trading Cards Launch at Target Stores
PR Newswire: Pudgy Penguins Expands Toy Collection in Major U.S. Retail Chain
EGamers.io: Pengu Plushies Land in Over 1,800 Target Stores
Pudgy Penguins token PENGU climbed 62.1% over the past week and now trades near $0.0095. Traders link a cryptic post from CEO Luca Netz to the company’s stated ambition of a public listing.
The token added roughly 15% in the last 24 hours alone. Meanwhile, its market value sits close to $598 million, ranking PENGU 97th across all cryptocurrencies.
What Is Driving the PENGU Token RallyLBank, a centralized crypto exchange, opened a promotional campaign with Pudgy Penguins in August. The program combines trading competitions, giveaways, and yield products that lock user deposits for 30 days. Those locked products keep tokens away from exchange order books for a month at a time. Therefore, the campaign thins the supply available to sellers while it runs.
The brand keeps widening its offline footprint too. Plush toys and collectible figures now sell through Walmart and Target stores across North America. Netz pushed the Target rollout directly to his followers this weekend.
Retail distribution has become the core bull case here. In January, the project moved deeper into sports through its Manchester City NFT deal. That pivot matters more now, because the wider NFT market cap slide has hit blue-chip collections hard this year.
IPO Speculation Points Back to a 2027 TargetNetz posted four emojis: a pair of eyes, a penguin, and a building, followed by an arrow and the word soon.
Many traders read the building as a stock exchange. Netz attached no text to the post, however, and never tied it to a listing.
His timeline traces back to an interview published in August 2025. Netz said he would be disappointed in himself if the company failed to list within two years. That deadline falls in 2027, and he asked investors to hold him to it.
Revenue underpins his case. Pudgy Penguins guided toward roughly $50 million in annual sales at the time. Toys, not token activity, generated most of that figure.
That split also marks the harder part of the plan. Merchandise revenue flows to the company, while PENGU holders own a brand asset with no claim on it. A US listing would additionally demand audited accounts and a clean legal line between the equity and the token. Shareholders would capture the toy revenue, therefore, and the token would not automatically follow.
PENGU Price Performance. Source: BeInCrypto MarketsMomentum still looks fragile. The PENGU price trades far below its December 2024 record of $0.06845. The token has climbed off a February low near $0.0053, though, and it broke a long downtrend in April around $0.0083. Analysts flagged PENGU repeatedly among meme coins to watch through the spring.
The goal itself is therefore on the record, but the paperwork is not. No registration statement has surfaced, and the company has named neither a bank nor a venue. Traders are pricing a stated ambition, an exchange promotion, and retail momentum well ahead of any filing.
PENGU, the native token of the Pudgy Penguins ecosystem, rallied roughly 62% over the past week, trading between $0.0095 and $0.0102 as of late August 2026. The catalyst wasn’t a product launch or a major partnership. It was something far more old-school: the prospect of an IPO.
CEO Luca Netz has been vocal about his ambition to take Pudgy Penguins public by 2027, a timeline he first laid out in 2025 interviews. Back then, he set a target revenue of $50 million for 2025 and said he’d feel “disappointed” if the company hadn’t filed for an IPO by 2027.
What’s behind the move Approximately 703 million PENGU tokens were unlocked back in April 2026, an event that typically applies downward pressure on price. The fact that this surge came months after that unlock, rather than being weighed down by it, suggests the buying pressure is sentiment-driven rather than supply-driven.
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PENGU launched on the Solana blockchain on December 17, 2024, with a total supply of 88.89 billion tokens. The token functions as both a utility and governance asset within the Pudgy Penguins ecosystem, tying together NFT holdings, gaming initiatives, and the brand’s broader consumer strategy.
From JPEG collection to consumer brand Pudgy Penguins started in 2021 as an 8,888-piece NFT collection on Ethereum. Luca Netz acquired the project in 2022 and turned it into something considerably more ambitious. Under his leadership, Pudgy Penguins expanded into physical retail merchandise, landing products on shelves at major retailers. The brand also pushed into digital products and gaming, building out an ecosystem that extended well beyond the original NFT collection.
What this means for PENGU holders and crypto-to-TradFi convergence The interesting tension here is what an IPO would actually mean for PENGU token holders. A public listing would create equity shares in the company, a separate instrument from the token itself. If Pudgy Penguins does go public, the token could benefit from increased brand visibility and legitimacy. A publicly traded parent company would bring audited financials, regulatory oversight, and institutional investor attention to the ecosystem.
On the other hand, institutional investors who want exposure to the Pudgy Penguins brand might prefer regulated equity over a Solana-based token with 88.89 billion units in circulation. That’s a scenario where the stock and the token compete for the same capital, and the stock has structural advantages in terms of investor protections and market access.
The 62% weekly rally demonstrates how sensitive the token is to corporate narrative shifts, even when no material news has dropped. Any indication that the IPO timeline is slipping, or that revenue targets aren’t being met, could unwind these gains quickly.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pudgy Penguins‘in PENGU tokenı son bir haftada %62,1 yükselerek 0,0095 dolar seviyesine yaklaşırken yatırımcıların gözü markanın halka arz hedefinde. CEO Luca Netz’in son paylaşımı beklentileri artırsa da ortada henüz resmi bir IPO başvurusu bulunmuyor.
PENGU son 24 saatte de yaklaşık %15 yükseldi. Tokenın piyasa değeri 598 milyon dolara yaklaşırken PENGU, kripto para piyasasında 97. sıraya çıktı.
Son rallide tek bir gelişme öne çıkmıyor. LBank’in Pudgy Penguins ile başlattığı kampanya, markanın Walmart ve Target mağazalarındaki yayılımı ve Luca Netz’in halka arzla ilişkilendirilen paylaşımı aynı döneme denk geldi.
PENGU Neden Bu Kadar Yükseldi? PENGU’daki yükselişin arkasındaki gelişmelerden biri LBank’in Ağustos ayında başlattığı Pudgy Penguins kampanyası. Programda işlem yarışmaları, ödüller ve kullanıcıların varlıklarını 30 gün boyunca kilitlemesini gerektiren kazanç ürünleri bulunuyor.
Bu ürünlerde kilitlenen PENGU’lar kampanya süresince borsa emir defterlerinde kullanılabilir durumda olmuyor. Ancak bu mekanizmanın fiyat üzerindeki etkisini tek başına ölçmek mümkün değil.
Pudgy Penguins’in fiziksel ürün satışları da aynı dönemde genişliyor. Plush oyuncaklar ve koleksiyon ürünleri Walmart ve Target mağazalarında Kuzey Amerika genelinde satılıyor. Luca Netz de hafta sonu Target dağıtımını takipçileriyle yeniden paylaştı.
Markanın büyüme stratejisi yalnızca perakende satışlarla sınırlı değil. Pudgy Penguins ocak ayında Manchester City ile NFT anlaşması yaparak spor alanındaki varlığını da genişletti. Bu hamle, NFT piyasasının genel değer kaybı yaşadığı bir dönemde markanın kullanım alanlarını çeşitlendirme çabasına işaret ediyor.
👀🐧🏢🔜
— Luca Netz 🐧✳️ (@LucaNetz) August 23, 2026
PENGU rallisinin en merak edilen kısmı Luca Netz’in son paylaşımı oldu.
Netz, göz, penguen ve bina emojilerinin ardından bir ok ve “soon” ifadesinin yer aldığı kısa bir paylaşım yaptı. Bazı yatırımcılar binayı bir borsa olarak yorumlayarak mesajı halka arz ihtimaliyle ilişkilendirdi.
Ancak Netz paylaşımında doğrudan halka arzdan söz etmedi. Bu nedenle ortada şu aşamada doğrulanmış bir IPO duyurusu bulunmuyor.
Bununla birlikte şirketin halka arz hedefi yeni değil. Netz, Ağustos 2025’te verdiği bir röportajda Pudgy Penguins’in iki yıl içinde halka açık bir şirket haline gelmemesi durumunda kendisini başarısız sayacağını söyledi. Bu hedef, 2027’yi işaret ediyor.
Aynı dönemde şirket yıllık yaklaşık 50 milyon dolarlık satış hedefinden söz ediyordu. Bu gelirin büyük bölümünü token işlemleri değil, oyuncak satışları oluşturuyordu.
Get your Pudgy Penguins available at target! 🐧 https://t.co/K7PHW8IefX
— Luca Netz 🐧✳️ (@LucaNetz) August 23, 2026
Pudgy Penguins’in Oyuncak Satışları PENGU’yu Nasıl Etkiliyor? Pudgy Penguins’in ticari büyümesinin önemli kısmı fiziksel ürünlerden geliyor. Walmart ve Target gibi büyük perakendecilerdeki dağıtımın genişlemesi, markanın NFT projesinden daha geniş bir tüketici markasına dönüşme çabasını destekliyor.
Ancak burada PENGU yatırımcıları açısından önemli bir ayrım var: Oyuncak satışlarından elde edilen şirket geliri doğrudan token sahiplerine ait değil.
Dolayısıyla markanın gelirlerinin artması, PENGU tokenının aynı oranda değer kazanacağı anlamına gelmiyor. Olası bir ABD halka arzında da şirket hissedarları şirket gelirlerine ortak olurken PENGU sahiplerinin bu gelirler üzerinde otomatik bir hakkı olmayacak.
Üstelik halka arz süreci yalnızca bir hedef açıklamasıyla tamamlanmıyor. Denetlenmiş finansal tablolar ve şirket hisseleri ile token arasında net bir hukuki ayrım gerekiyor.
PENGU Rallisi Kalıcı Olabilir mi? PENGU’nun son yükselişi güçlü olsa da token hâlâ tarihi zirvesinin oldukça altında. Token, Aralık 2024’te gördüğü 0,06845 dolarlık rekorun yaklaşık yüzde 86’sından daha düşük seviyede işlem görüyor.
PENGU şubat ayında yaklaşık 0,0053 dolara kadar geriledikten sonra toparlandı. Nisan ayında ise yaklaşık 0,0083 dolar seviyesinde uzun süren düşüş trendini kırdı. Token, sonraki aylarda analistlerin takip listesine giren meme coinler arasında da yer aldı.
Bu nedenle son haftadaki yüzde 62,1’lik yükseliş önemli olsa da daha geniş fiyat yapısı hâlâ tamamen değişmiş değil.
Piyasanın halka arz beklentisini fiyatlamaya başlaması ise ayrı bir konu. Şu ana kadar ortada ne bir kayıt başvurusu ne de seçilmiş bir yatırım bankası veya belirlenmiş bir borsa bulunuyor. Bu nedenle PENGU’daki son hareket, resmi bir IPO sürecinden çok şirketin daha önce açıkladığı hedef, son sosyal medya paylaşımı, LBank kampanyası ve markanın perakende büyümesinin aynı anda yarattığı beklentiyle şekilleniyor.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Pudgy Penguins [PENGU] rallied 13.37% over 24 hours, extending a sharp recovery from its recent August consolidation range. The trading volume also saw a massive jump of 70.07% to $573.31 million, further indicating much higher participation in the rally.
However, the stronger turnover arrived as the price rapidly escaped its previous range, increasing opportunities for short-term profit-taking.
Buyers, therefore, face an important test around higher resistance levels after driving the initial expansion.
Open Interest adds fuel to the fire Speculative interest in PENGU’s rally fueled intensified exposure for derivatives traders on leveraged markets. Open Interest rose 30.97% to $138.47 million, making significant expansion of outstanding derivatives positions during the price rise.
These simultaneous increases indicated new positions entering alongside the rally rather than widespread position closures.
Also, derivatives volume climbed to $573.31 million, up 70.07%, further strengthening the speculative activity. Further gains may be achieved by continued buying, but if demand slows down, the highly leveraged traders could be exposed to quick liquidations.
Source: CoinGlass Are derivatives traders becoming too bullish? Long-side positioning strengthened further as derivatives participation expanded alongside PENGU’s double-digit daily price increase.
The OI-Weighted Funding Rate remained positive around 0.0054%, indicating long traders were still paying shorts for their positions. Meanwhile, Binance top traders maintained 64.65% long accounts against only 35.35% short positions.
Their Long/Short Ratio stood at 1.83, further confirming the overall sentiment towards further price gain.
Source: CoinGlass PENGU breakout now meets its hardest test On the daily timeframe chart, PENGU’s price already cleared $0.007119 and $0.008340, transforming former resistance levels into important areas for potential support.
PENGU then approached $0.010337, where a previous price ceiling created the next significant technical challenge. However, before hitting that barrier, RSI had already jumped to a strong overbought territory at 75.
These high levels indicated strong buying pressure but also presented short-term exhaustion risks.
Meanwhile, Parabolic SAR stayed below price around $0.006542, maintaining the overall bull market trend. However, a sustained break above $0.010337 will allow for further upside potential to the higher $0.013851 resistance area.
On the other hand, a failure at $0.010337 might stimulate profit-taking, thus putting $0.008340 under pressure as the closest significant support.
Source: TradingView Final Summary PENGU’s 13.37% rally gained support from sharply expanding volume and the derivatives participation. Rising leverage strengthens upside participation but also increases pullback risks near $0.010337 resistance.
PEPE Posts Double-Digit Gains as Memecoin Bid Returns$PEPE is trading at $0.0000031127, up 15% over the past 24 hours and 17% on the week, according to CoinMarketCap. The bulk of that weekly gain arrived in a single breakout move that began on Tuesday, and the token currently holds the number 50 spot by market cap. , reflecting a sharp pickup in activity.
That dynamic was on full display this week, as a broad risk-on shift across crypto markets funnelled fresh capital into the memecoin sector.
Wider Memecoin Sector Joins the MoveThe rally was not isolated to $PEPE. Dogecoin ($DOGE), Shiba Inu ($SHIB), and Pudgy Penguins' $PENGU all posted double-digit daily gains as the entire crypto market turned green. , and the move drew in tokens across the size spectrum.
That supply shift may have amplified the price response once buying picked up.
, and the sector remains driven largely by market sentiment rather than fundamental value. Traders should be aware that moves of this magnitude can reverse as quickly as they appear.
Sources:
MetaMask: PEPE Price and On-Chain Data
CoinPedia: Memecoin Sector Analysis
TheStreet Crypto: Memecoin Rally Coverage
September 1 Deadline Approaches for Mystery Box Holders@pudgypenguins has confirmed September 1, 2026 as the final date for holders to redeem their Mystery Box NFTs. After that date, unredeemed boxes will no longer be eligible.
Holders originally had two paths: burn the box for a Soulbound Token (SBT) or redeem it for physical merchandise.
Two Ways to Open: Ship or StreamFor those still holding boxes, two redemption formats are available. Holders can request physical shipment of their box or opt for a live unboxing through @dyli_io.
On shipping timelines, All redemptions are final, with no returns or exchanges accepted.
The project has not disclosed how many boxes remain unredeemed ahead of the September 1 cutoff.
Pudgy Penguins Mystery Box official redemption page | NFT Calendar: Pudgy Penguins Mystery Box Redemption Goes Live | Dyli: Pudgy Penguins Mystery Drop
Anas is a crypto editor at Coingape with 5+ years of experience covering cryptocurrency markets, exchanges, and digital asset infrastructure. His expertise spans crypto exchange reviews, trading platforms, crypto-friendly banks, and neobanks, with a strong focus on security, compliance, fees, and user experience. Anas applies rigorous editorial standards and data-driven analysis to ensure Coingape’s rankings and reviews are accurate, unbiased, and aligned with real-world investor needs.
The @pudgypenguins Pengu Card is picking up serious momentum. More than 35,000 people are now using the card to earn cashback rewards on everyday purchases, a milestone that underlines growing appetite for crypto-native financial products with real-world utility.
A Visa-Backed Card Built for Everyday SpendingThe Pengu Card is a Visa-backed crypto debit card built in partnership with KAST, live across 170 countries and 150 million merchants, letting holders spend stablecoins and the $PENGU token wherever Visa is accepted. The card works with Apple Wallet or Google Wallet, allowing online payments and global ATM withdrawals.
The card comes in three tiers: Standard, Black, and Gold, with Gold delivering the maximum reward at 12% and Standard offering 6%. All tiers support USDC, USDT, cash, and cryptocurrency deposits, processed through Visa at 150 million-plus merchants in 18-plus local currencies.
The core appeal is straightforward. Rather than navigating exchanges or managing complex wallets, cardholders can spend crypto directly at point of sale, earning cashback in the process. The program converts routine consumer spending into on-chain activity, quietly embedding blockchain behaviour into daily life without requiring users to think about the underlying infrastructure.
From NFT Brand to Consumer FinanceThis marks Pudgy Penguins' expansion from NFTs into real-world financial utility, aligning with its broader push into consumer products and mainstream adoption. For Pudgy Penguins, KAST provides the compliance infrastructure and global card network access needed to make crypto spending feel frictionless to users who have no prior experience with decentralised finance.
The Pengu Card reflects a wider trend across the crypto industry, with more projects now focusing on usability and integration with existing financial systems. With 35,000 active cardholders and a global Visa footprint, @pudgypenguins is among the more concrete examples of an NFT-native brand making that transition stick.
Sources
Pudgy Penguins Launches Pengu Card on Visa: Spend PENGU and Stablecoins at 150 Million Merchants Worldwide (PlayToEarn)
Pudgy Penguins Launches Visa-Backed Crypto Debit Card Worldwide (Benzinga)
Spritehood has sold 42,956 paid NFTs on Robinhood Chain in about 53 minutes, generating nearly $1.28 million for Pudgy Penguins co-founder Cole Villemain.
Summary
Paid buyers minted 42,956 Spritehood NFTs priced at either $17 or $117. The sale generated about $1.283 million, equal to roughly 684.28 ETH at the mint price. Another 1,488 NFTs were distributed free, bringing the reported collection total to 44,444. Spritehood’s Blockscout contract page displays unverified source code, limiting public review of its mechanics. Spritehood NFT sale reached $1.28 million The Defiant reported that Villemain launched Spritehood on Aug. 11 after previously being removed from the founding team of Pudgy Penguins, with the paid portion of the sale selling out in less than one hour.
On-chain analyst 0xlaplaced calculated that the mint generated about $1.2829 million, or approximately 684.28 ETH, based on the price of Ether during the sale. The final total came in well above an earlier estimate of roughly $755,000 that circulated before the mint had finished.
According to the analyst’s transaction review, buyers minted 37,430 NFTs for $17 each, producing $636,310 in proceeds. A second group of 5,526 NFTs sold for $117 each, adding another $646,542.
Combined, the two paid tiers generated $1,282,852 from 42,956 tokens. The deploying address had already distributed 1,488 NFTs at no charge through 20 zero-price transactions before the public sale, taking the full reported supply to 44,444 items.
Although the available figures show how many tokens moved at each price, the supplied report did not identify what determined whether a buyer paid $17 or $117. It also did not provide details about any benefits, future access, or other features attached to the collection.
Unverified code limits review of Spritehood’s mint Spritehood’s contract appears with an “unverified” label on Robinhood Chain’s Blockscout explorer, according to The Defiant. An unverified contract can still operate and record transactions on-chain, but its human-readable source code has not been matched publicly with the deployed bytecode through the explorer.
Without that verification, buyers cannot use Blockscout to inspect the complete source code governing Spritehood’s pricing and distribution process. The label does not establish that the contract is malicious or faulty, though it reduces the information available for independent review through the explorer.
The reported mint figures instead come from an analysis of completed blockchain transactions. Since every paid tier can be calculated separately, the on-chain totals explain why the final proceeds exceeded the figure shared while the sale was still underway.
No information in the supplied report indicates that Robinhood organized, promoted or endorsed the Spritehood launch. Robinhood describes its network as a permissionless Ethereum Layer 2, meaning independent developers can deploy applications and tokens without each project representing an official Robinhood product.
Robinhood Chain has attracted speculative assets Spritehood arrived about six weeks after Robinhood opened its Layer 2 network to the public. As crypto.news reported in July, Robinhood Chain launched as an Arbitrum-based Ethereum scaling network designed for tokenized stocks and decentralized finance applications.
The mainnet debuted with integrations involving infrastructure providers, including Alchemy, BitGo, and Chainlink. Robinhood also introduced Stock Tokens for eligible users outside the United States, while decentralized exchanges and lending applications supplied on-chain trading functions.
Despite its stated focus on financial assets, permissionless deployment has allowed unrelated tokens and speculative projects to enter the network. A July network review found that memecoin trading had become a major source of early activity, even though Robinhood built the chain around tokenized equities and real-world assets.
The network’s early activity also produced a gap between trading volume and available liquidity. Another July analysis found $570 million in launch-week trading volume against $21.68 million in liquidity, with incentive-backed decentralized finance deposits and speculative tokens driving much of the activity.
More recent figures cited by Bitmine Chairman Tom Lee placed Robinhood Chain’s cumulative decentralized exchange volume near $9 billion. Lee said the chain could expose Robinhood’s 27 million customers to Ethereum-based services, although the figure represented the company’s funded customer base rather than confirmed users of the blockchain.
ETH functions as Robinhood Chain’s native gas token, while network transactions settle through Ethereum. Buyers therefore need ETH to pay transaction fees when directly using applications deployed on the chain, including NFT contracts such as Spritehood.
Pudgy Penguins history follows Villemain’s new mint Villemain, also known online as ColeThereum, helped create Pudgy Penguins with three other founders in 2021. The original collection contained 8,888 penguin profile-picture NFTs and sold out shortly after launch.
An earlier Pudgy Penguins history published by crypto.news said the initial mint priced the NFTs at about $90 each and generated more than $800,000. The collection later became one of the most recognized projects from the NFT market’s 2021 expansion.
Pudgy Penguins holders voted Villemain out of the founding team in January 2022. The removal followed community allegations that he had misused project funds and failed to deliver on parts of the project’s roadmap.
The claims remained allegations, and the supplied report said Villemain was not prosecuted over them. Entrepreneur Luca Netz later acquired control of the Pudgy Penguins brand in April 2022 for 750 ETH, taking over its leadership after the original team’s removal.
Under its new ownership, the project expanded beyond blockchain collectibles into physical toys, licensing deals, and the PENGU token. Pudgy Penguins has also continued to register periods of high secondary-market activity, including a 247% weekly sales increase to $9.3 million in July 2025.
What the Spritehood sale means for US buyers Robinhood is a U.S.-listed brokerage, but use of its public blockchain does not mean an NFT carries Robinhood’s approval or the protections attached to a brokerage account. The company’s official disclosures describe Robinhood Chain as a permissionless and separate blockchain from its regulated financial services.
For U.S. buyers, the tax treatment of NFT purchases also differs from buying assets inside a standard brokerage account. The Internal Revenue Service treats digital assets as property, and its guidance requires taxpayers to report taxable gains or losses when cryptocurrency is sold, exchanged or used to acquire property, including an NFT.
Paying for a Spritehood NFT with ETH may therefore create a taxable disposal for a U.S. buyer if the Ether changed in value between acquisition and use. Any later sale of the NFT may produce another reportable gain or loss based on the difference between its cost basis and sale proceeds.
Federal securities treatment depends on the economic facts surrounding an offering rather than the NFT label alone. In 2023, the Securities and Exchange Commission charged Impact Theory over an NFT offering that raised about $30 million, while Stoner Cats 2 agreed to settle charges tied to an $8 million NFT sale.
Neither the supplied report nor the cited on-chain review said a U.S. regulator had examined Spritehood or alleged that its NFTs were securities. The report also did not identify any passive-income rights, revenue-sharing terms, or promises of returns attached to the collection.
