Pudgy Penguins (PENGU) has rapidly climbed the memecoin rankings, gaining more than 350% in market value over the past month. Its market cap has surged from under $700 million to over $2.71 billion, placing it just behind BONK in fifth place among the top memecoins. The token is now on track to overtake BONK, which currently holds a market cap of approximately $2.77 billion.
The recent growth of PENGU has raised questions about whether it could eventually surpass PEPE, which sits in third place with a market cap of over $5.3 billion.
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Key Drivers of PENGU’s Rise
The growth of PENGU has been supported by several developments. Increased NFT sales from the Pudgy Penguins project have brought renewed attention to the brand. A temporary update to Coinbase’s profile, which included a mention of Pudgy Penguins, added to market interest. In addition, the U.S. Securities and Exchange Commission acknowledged a Spot PENGU ETF filing by Canary Capital, contributing to a boost in investor sentiment.
These events, along with rising community engagement and social media activity, helped accelerate the token’s upward trend throughout the month.
Market Cap Comparison
Despite its growth, PENGU still trails PEPE by a significant margin. At the time of writing, PEPE’s market cap is nearly double that of PENGU. To match PEPE’s current valuation, PENGU’s price would need to increase from $0.043 to around $0.086, assuming no change in circulating supply or PEPE’s price.
While PENGU has gained over 350% in recent weeks, PEPE has also seen growth, albeit more modest at around 36% over the same period. If both coins maintain their current momentum, the gap may close. However, as market caps increase, sustaining rapid percentage growth becomes more challenging.
ATH Comparisons
PEPE is currently trading about 55% below its all-time high, which was reached on December 9 of last year. In contrast, PENGU is only around 25% down from its own peak, which occurred a few days later. This puts PENGU closer to its previous high, although both coins remain below their historical maximums.
The difference in proximity to ATHs suggests different potential paths forward. If PEPE begins to recover toward its former peak, PENGU would need to grow more significantly to catch up. Conversely, if PEPE remains relatively flat, PENGU has a clearer path to narrowing the market cap difference.
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Technical Outlook
Technical indicators such as the Relative Strength Index (RSI) are beginning to signal overbought conditions for PENGU. This can often suggest a slowdown or short-term correction. However, market sentiment and trading volume remain high. So far, any price dips have been met with renewed buying pressure.
Momentum-based rallies like the one seen with PENGU often attract both long-term holders and short-term traders. This type of activity can increase volatility and make price trends less predictable.
Can PENGU Overtake PEPE?
Assuming current market conditions persist and PEPE maintains its valuation, PENGU would need to double in price to match it. This level of growth is not unprecedented in the memecoin sector, but it typically requires sustained interest, new developments, or wider exposure such as exchange listings or major announcements.
In the near term, PENGU appears likely to overtake BONK, which would place it fourth among memecoins by market cap. Surpassing PEPE would require continued growth at a strong pace, as well as either stagnation or a decline in PEPE’s market position.
The progress of both coins will depend on market behavior, community engagement, and further developments that impact investor perception. As things stand, PENGU remains one of the most closely watched memecoins and continues to gain attention across platforms. Whether this will translate into a ranking shift remains to be seen.
