Key Insights:
- PENGU’s 24-hour trading volume on Upbit beat Dogecoin’s, despite having just 1/13 of its market cap.
- Analysts believe this volume spike is likely based on speculation rather than long-term fundamentals.
- DOGE is holding on to its dominance with an $8 billion market cap so far.
Surprisingly, Pudgy Penguins (PENGU) has overtaken Dogecoin (DOGE) in trading volume on South Korea’s largest exchange, Upbit. Despite PENGU being far smaller in terms of market cap (compared to DOGE’s $8 billion), PENGU racked up an impressive $45 million in trading volume over 24 hours.
DOGE, in comparison, trailed with $38 million.
Trading Volume vs Market Cap
Things are not all that they seem, though. Analysts are warning that while the jump in trading volume may be bullish, it doesn’t necessarily mean that PENGU has beaten Dogecoin in long-term value. Historically, high volumes in smaller tokens tend to come from short-term speculation, rather than strong fundamentals (especially with memecoins).
In other words, a spike in volume is more like a loud cheer than a vote of confidence. Still, PENGU could be on the lookout for a massive rally as we will soon see.
Why Did PENGU’s Volume Spike?
Several factors seem to have contributed to PENGU’s volume breakout. For example, the charts show that the cryptocurrency recently broke out of a descending triangle pattern with strong support near $0.041.
So far, the price climbed to $0.043, and analysts now have their sights set on $0.052 if the momentum continues.
According to insights from market analyst Cas Abbé, “big accounts are changing their PF (or portfolio) to Pudgy Penguins.”
He also pointed to the asset’s comeback after a sharp decline following its $1.5 billion airdrop. According to Abbé, this fresh activity could result in a 150%–200% price increase over the next two months if trends hold.
$PENGU (@pudgypenguins) comeback should be studied.
Airdropped $1.5B to the community, and then experienced a 90% drawdown.
And now it’s back to a new ATH.
It has flipped the $DOGE volume on Upbit, which shows Korean traders are betting big on it.
Big accounts are changing… pic.twitter.com/oWaTpTIzHM
— Cas Abbé (@cas_abbe) July 27, 2025
PENGU and the OpenSea Acquisition
Another source of buzz for the project was rumors that Pudgy Penguins had bought NFT marketplace OpenSea. These rumors were quickly shut down by Beau, a team member responsible for security at Pudgy Penguins. “Pudgy Penguins didn’t buy OpenSea… chill,” he clarified in a post on X.
Pudgy Penguins didn’t buy Opensea… chill.
The scale of things planned for the Penguin is so large that you need not speculate on a single acquisition.
Instead talk about partnering with Lufthansa and NASCAR, and go find the next great brand for us to proliferate with. pic.twitter.com/78ZmUZOyLe
— Beau (@beausecurity) July 26, 2025
While the rumor turned out to be false, it added fuel to the fire and likely contributed to the volume spike on Upbit.
Mobile Game Launch and More
More than mere metrics, Pudgy Penguins is taking steps to expand its footprint. The team has confirmed they are developing a mobile game for both iOS and Android, even though no release date has been shared yet.
Overall, if executed well, this could offer some utility and engagement for the project beyond simple trading.
A successful game could help cement Pudgy Penguins as more than just another speculative token. However, for now, it is still a work in progress.
In summary, while PENGU’s trading volume surge has been exciting for many, it is important to note that high volume doesn’t equal high value. Many tokens, especially memecoins, experience short hype cycles, only to fall flat when interest fades.
Investors should understand that PENGU is a project with a lot of potential, but they must approach the market itself with caution.
The post Pudgy Penguins Flip DOGE on Upbit as PENGU Eyes 200% Rally appeared first on Live Bitcoin News.
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