PENGU defies the broader memecoin sell-off, reclaiming key levels with a 50%+ weekly rally.
Is the memecoin setting up a breakout fractal similar to PEPE’s 2024 run?
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.
Source: TradingView (PENGU/USDT)
It tells us the rally isn’t just 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.
Analysts spot a familiar pattern: PENGU vs. PEPE
The chart comparison between PEPE’s 2024 breakout and PENGU’s current setup reveals a striking structural similarity.
In PEPE’s case, the token consolidated for months following a steep 78.6% retracement, forming a solid base before breaking out.
That move ended up being a monster rally, blowing past extensions with gains north of 300%. PENGU’s following a really similar script. It had a steep drop, found its footing, and now it’s pushing back up.
Source: TradingView (PEPE/USDT)
Therefore, it doesn’t feel like random hype.
The memecoin is tracking a structure we’ve seen play out before, and that’s got traders paying attention, with total addresses now hitting an all-time high of 218,000.
If this pattern holds, we could be looking at targets like $0.025, $0.043, and even a stretch to $0.19 down the line.
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