PENGU has taken the top spot in Kraken’s Meme Coin Showdown, earning a unique prize the Pudgy Penguins mascot will be featured on the Williams Racing FW47 during the Singapore Grand Prix. That means the beloved penguin will be hitting speeds of over 200 mph on one of Formula 1’s most iconic tracks.
A Race for the Memecoin Crown
The contest, run by Kraken in partnership with Williams Racing, pitted some of the most popular memecoins against each other in a trading volume competition. After 32 “laps” of trading, PENGU crossed the finish line first with over $21.4 million in volume, leaving Dog (DOG) in second place and Bonk (BONK) in third.
Kraken has also promised special recognition for the top three finishers, though details haven’t been revealed yet.
Price Action: Bullish Setup on the Charts
While the Pudgy Penguins community celebrates its win, traders are eyeing the charts. PENGU’s price has been consolidating since a recent pullback to $0.0312, with the 20-day EMA acting as a steady support.
The pattern forming looks like a bullish pennant narrowing highs and lows following July’s sharp rally. This kind of setup, especially alongside declining trading volume, often signals the market is catching its breath before a potential breakout.
- Breakout Zone: Above $0.0395–$0.0400 could trigger another move up.
- Initial Target: Late-July swing high near $0.045.
- Stretch Target: The psychological $0.050 level.
From the current price around $0.036, those targets represent gains of roughly 25% and 39% respectively.
A drop below $0.0312 would invalidate the bullish pattern and suggest more downside.
Bottom line: PENGU’s big win puts the Pudgy Penguins brand in front of millions of Formula 1 fans worldwide and the charts suggest the token might be gearing up for its own race toward higher prices.
