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Pudgy Penguins mimics PEPE’s 2024 pattern: Can PENGU breakout beyond $0.025?
From ashes to breakout: PENGU rekindles the PEPE flame.
The memecoin market has been a bloodbath lately. However, one outlier is defying the trend — Pudgy Penguins [PENGU]. The token has surged over 50% in the past week, breaking away from sector-wide weakness. In fact, the rally has pushed PENGU back to its mid-May levels, effectively reclaiming all losses from the recent monthly downtrend. So, anyone who bought the top and held through the dip is basically back in profit. But the catch is, this doesn’t look like just another hype cycle. PENGU has been closely mirroring Bitcoin’s price structure, including a 52% retrace from its May high of $0.017, before launching into a strong V-shaped recovery.
It tells us the rally isn’t fueled by FOMO. Instead, it’s following real structural flows. Buyers stepped in right at a key support level, and the rebound came with strong momentum. According to AMBCrypto, that kind of conviction is a major distinguishing factor. And it’s showing up in the PENGU/BTC pair too, which just posted its most bullish weekly close with a 62% surge.
Given that kind of relative strength, it’s no surprise analysts are drawing comparisons between PENGU’s current market structure and PEPE’s 2024 pre-breakout phase.
Source: ambcrypto.com
