Pudgy Penguin toys are rallying thanks to Powell
Pudgy Penguins (PENGU) has come out as the best-performing meme coin during the past week, going against the trend of the rest of the sector.
Pudgy Penguins is worth $0.03313 right now, which is a 2.1% increase over the past seven days. This is more than other big memecoins like Dogecoin, which is up 1.4%, Shiba Inu, up 0.1%, and Pepe ,down 1.8%.
Even newer meme coins like Bonk and SPX6900 lost more than 5% during the same time, with Pump.fun leading the race with a 16.6% loss over the week.
Pudgy Penguins is also seeing daily momentum, having achieved a bump of 9.5% in the past 24 hours and 6.5% in just the last hour, just after Federal Chair Jerome Powell hinted at a rate cut.
On Friday, Powell addressed the interest rate 'policy stance' in his speech, saying:
“Risks to inflation are tilted to the upside and risks to employment to the downside, a challenging situation when our goals, our intention, like this, our framework calls for us to balance both sides of our dual mandate. Our policy rate is now 100 basis points closer to neutral than it was a year ago.
Nonetheless, with policy and restrictive territory, the base territory, the baseline outlook, and the shifting balance of risks may warrant adjusting our policy stance.”
PENGU's trading volume climbed above $507 million, giving it a market cap of just over $2.03 billion, making it one of the most actively traded meme coins in the last week.
In comparison, more established names like Dogecoin and Shiba Inu saw very little in the way of gains, while Pepe and Bonk posted losses.
Even President Donald Trump's Official Trump token (TRUMP) dropped by nearly 3.7%.