PENGU performs a 10x miracle, is the chubby penguin the biggest winner in encryption IP?

Original｜Odaily Daily Report (@OdailyChina)

Author｜Wenser（**@wenser 2010 ）

After more than 3 months, the fat penguin ecosystem Meme coin PENGU staged a "10x miracle show" in the volatile cryptocurrency market.

According to OKX market data, as of the time of writing, PENGU is currently priced at $0.03, with the 24-hour high price briefly breaking to $0.032. Compared to the bottom price of $0.0037 on April 9 this year, it has risen nearly 10 times. In addition, the floor price of Pudgy Penguins NFT has risen to 14.08 ETH, with a 7-day increase of 53.9%. We previously analyzed the recent situation of the Pudgy Penguins ecosystem in the article "PENGU rebounds with a growth of 360%, is the Pudgy Penguins ecosystem迎来第二春?" in April this year, when the price of PENGU was only around $0.012. Now, nearly three months later, with favorable trends such as Coinbase, OKX, OpenSea, MoonPay, and Polkadot changing their official account avatars and the Pudgy Penguins planning mobile games, PENGU has once again become the focus of the crypto market. Odaily will also share the recent developments of the Pudgy Penguins ecosystem with readers again.

When the "Penguin Avatar" Becomes the Greatest Common Divisor in Crypto: The IP Spread Password of the Fat Penguin

When mentioning Pudgy Penguins, the first thing that comes to mind is a cute yet clever little penguin avatar. The Pudgy Penguins team, well-versed in the "3B Rule" of advertising communication (Baby, Beauty, Beast, referring to children, beautiful women, and animals), naturally utilizes this as one of their trump cards, not only opening the doors to toy retail at Walmart but also making it an "elite IP face" in the crypto world.

"Fat Penguin Brand Communication Avatar Matrix"

On July 12, Coinbase changed the official X platform account avatar to a chubby penguin image with the Coinbase LOGO, which immediately attracted significant attention from the crypto market. Subsequently, the crypto market experienced a long-awaited "avatar-changing craze" —

A series of cryptocurrency projects covering exchanges, infrastructure, public chains, and platforms such as OpenSea, MoonPay, Polkadot, EigenCloud, OKX, Awaken, Polygon, SOL Strategy, KaitoAI, Trust Wallet, Drift, Nansen, Raydium, MetaMask, Binance.US, LayerZero, MagicEden, and so on have joined the "Fat Penguin Brand Avatar Matrix", making it another industry phenomenon-level brand IP dissemination event following VanEck's collaboration with the Fat Penguin doll for the Nasdaq bell ringing and the change of the Fat Penguin IP avatar.

What's rare is that during this grand "avatar change craze," the official account of the Fat Penguin has consistently shown enthusiasm and strong meme-making ability, which has attracted more and more crypto projects to join in, gradually evolving into a spontaneous "IP dissemination movement" —

As of now, many official accounts of cryptocurrency platforms have switched to using the image of a chubby penguin as their profile picture, such as the cryptocurrency exchange Gate, Coinsquare; even the cryptocurrency data platform Coinmarketcap has been "targeted" by the chubby penguin official, which quickly appeared in the comment section after the former made an interactive video to give the latter a profile picture featuring the brand LOGO of the chubby penguin.

It must be said that the Fat Penguin team is professional in creating Meme templates and building IP momentum. This, of course, is inseparable from the ecological advantages they have consistently built and the multiple benefits at the industry level.

The Landscape and Multiple Benefits Behind PENGU: Spanning Multiple Fields, Focusing on Gaming, Token Issuance, and ETFs

In addition to the IP image that combines a down-to-earth style with an elite temperament, the factors supporting the rise in PENGU's price are naturally inseparable from the increasingly rich ecological landscape and the frequent positive developments.

The ecological landscape of the Fat Penguin: spanning multiple fields such as products, social, and games.

As one of the earliest, most knowledgeable, and supportive crypto media in the Chinese-speaking crypto region regarding the Fat Penguin ecosystem, Odaily has previously provided a detailed introduction and analysis of the Fat Penguin ecological map.

Last July, when Pudgy Penguins acquired Frame to build the Abstract ecosystem, we discussed and analyzed the layout planning of the Pudgy Penguins ecosystem in the article "Acquisition of Frame, Building Abstract Chain, Disrupting Base, Can Pudgy Penguins Carry the Banner of Consumer Economy?"; in February this year, we also had an exclusive in-depth interview with Pudgy Penguins CEO Luca Netz (see the article "Odaily Exclusive Interview with Pudgy Penguins CEO Luca Netz: Significant Progress on Abstract Coming Soon, Different Missions for Ethereum and Solana"), where we gained detailed insights into the Pudgy Penguins team composition, future development plans, views on different public chain ecosystems, and many other internal information. The above content has also been positively confirmed in the recent ecological layout released by Pudgy Penguins official.

In this ecological map, we can see that the Fat Penguin ecosystem has far surpassed just the NFT sector, evolving into a large commercial organization that spans multiple fields including physical products, social interaction, gaming, offline activities, communities, social currencies, regional cooperation, and institutional support.

A picture of a fat penguin is worth a thousand words.

Specifically, in terms of recent multiple benefits, simply put, it includes the following 3 aspects:

Product: Fat Penguin is focusing on mobile games

In June, Pudgy Penguins launched the P2E game Pengu Clash on the TON blockchain. The official stated that this game will adopt a play-to-earn model, allowing players to earn rewards through competition. Pudgy Penguins CEO Luca Netz stated that the reason for choosing this model is essentially to make the game more skill-based.

On July 15, according to the official announcement from Pudgy Penguins, their Web3 mobile game Pudgy Party will soon be launched on the Apple App Store and Google Play Store, and pre-registration is now open.

As the process of mainstreaming cryptocurrency accelerates, the Fat Penguin team may hope to leverage games to quickly penetrate the Web2 audience, thereby boosting IP dissemination, revenue growth, and brand marketing.

Token issuance: Abstract may have its TGE before the end of the year

Recently, the consumer-grade blockchain project Abstract published an article asking "What is CA (on Abstract)?", which seems to hint at issuing a token. Previously, Pudgy Penguins CEO Luca Netz hinted during a live broadcast that the Layer 2 network Abstract Chain may have its TGE before the end of the year, at which point he claimed: "Before the end of the year means September, October, November, December." This point was also mentioned in our previous exclusive interview with the founder.

ETF: PENGU ETF may be on the agenda

In March of this year, Canary formally submitted the S-1 form for the PENGU ETF to the U.S. Securities and Exchange Commission, which also means that PENGU has officially embarked on its institutional ETF journey.

In June, Cboe BZX Exchange submitted a 19b-4 application to the U.S. Securities and Exchange Commission (SEC) for the Canary PENGU ETF.

In July, Bloomberg ETF analyst James Seyffart published a prediction on the approval probability of a crypto spot ETF by the end of 2025, indicating that excluding SOL, LTC, and XRP, which have a higher probability of approval, the PENGU ETF is expected to have a 50% approval probability; on the 8th, he updated again, stating that @CBOE and @CanaryFunds have submitted the 19 b-4 amendment documents for the Canary Pengu ETF, and the initial response suggests that this may be due to comments between Canary and the SEC, but it is currently uncertain.

Regardless, the PENGU ETF door has been opened a crack, and when it will be fully opened still depends on accurate news from the U.S. SEC.

Conclusion: PENGU has not reached a new high yet, just wait for the flowers to bloom.

According to the information from the OKX market page, the historical high price of the PENGU token was 0.056 USD on the day it launched, December 17th last year. Currently, there is still about a one-fold difference from that price. For countless Meme coins that have faded away during the same period, PENGU has experienced a near tenfold increase after a decline of over 90%, which is indeed a remarkable price miracle.

As for whether it can lead to the resurgence of the Fat Penguin ecosystem and even set new highs, it may still require major positive stimuli such as the approval of the PENGU ETF or the issuance of tokens by the Abstract public chain.