Pudgy Penguins (PENGU) crashes 10% in 24 hours as memecoin market weakens
- Pudgy Penguins (PENGU) price fell to lows of $0.010 as altcoins crashed on Thursday.
- The token’s dip extends losses seen in the past months.
- Bitcoin’s slip amid the AI market downturn impacted PENGU’s price.
Pudgy Penguins (PENGU) has taken a significant price hit in the past 24 hours, with the memecoin token plummeting more than 10% to lead the top 100 losers on the day.
At the time of writing, PENGU price hovered around $0.01085. The token broke from under $0.0100 to touch highs of $0.013 earlier in the week.
However, with cryptocurrencies showing weakness, the token has erased all these gains.
Pudgy Penguins tanks 10% as altcoins slip
The Pudgy Penguins ecosystem, which boasts an NFT collection and burgeoning token utility, has had it rough in the past few months.
After surging to above $0.043 in July, a downward spiral saw PENGU slip to a low of $0.0097 on December 2, 2025.
While bulls masterminded a slight uptick to above $0.013, the PENGU token, which powers community initiatives like merchandise drops and digital collectibles, has once again shed gains.
By paring by more than 10% of its value within a single day, the token is now staring at 30% declines in the past month.
The token has one of the steepest declines among the top 100 cryptocurrencies by market capitalization in the past year. On December 11, Pudgy Penguins’ trading volume dropped 12% to $243 million.
Analysts see this as a signal of reduced selling pressure after the latest declines were accompanied by huge surges in volume.
PENGU price outlook
The PENGU price decline is emblematic of a wider bearish assault across cryptocurrencies.
As Bitcoin sees bearish pressure, altcoins have dropped to key support levels. Memecoins, which have failed to rally amid declines for Dogecoin and others, lead some of the sectors with huge losses.
Global equity markets also faltered after the previous session’s gains.
In this case, a lack of momentum after the US Federal Reserve cut interest rates has dampened broader risk appetite. PENGU’s correlation with top alts and memecoins amplifies the potential for further declines.
Overleveraged positions from recent gains could catalyse an unfolding scenario of downward action. A drop below $0.010 will be bad news for bulls.
Sellers could even target $0.004, an area near all-time lows seen in April 2025.
However, catalysts such as upcoming ETF decisions and broader adoption suggest bulls may not be done yet.
Investors will eye these and other reversal cues. A path forward remains treacherous as the bear run rolls in, but price reclaiming $0.013 is key. PENGU’s bullish levels are above $0.04.
The post Pudgy Penguins (PENGU) crashes 10% in 24 hours as memecoin market weakens appeared first on CoinJournal.
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