PENGU Price Prediction: Igloo Stops Abstract After 18 Months of Funding and Goes All In on Pudgy Penguins

Pudgy Penguins (PENGU) trades at around $0.0088, or about 0.0078 euros, early on Thursday morning, October 8, 2026 (according to CoinGecko). Almost 9 percent is missing over seven days, and most of that went after a piece of news on Tuesday evening: Igloo Inc., the company behind Pudgy Penguins, is shutting down its own blockchain Abstract and will from now on concentrate entirely on Pudgy Penguins, the collection's NFTs and PENGU. For the PENGU price prediction that cuts both ways: a loss-maker disappears, but so does part of the story the project grew on.

What Igloo Announced: Abstract Closes, PENGU Moves to the Centre

Igloo chief executive Luca Netz set out the reasoning on X on October 6. Igloo had bought the company Frame in the summer of 2024 to build a blockchain for everyday crypto use. That became Abstract, a network based on Ethereum. By Netz's account, Igloo funded Abstract itself over the past 18 months and lost a double-digit million dollar sum across two years without finding a viable business. He gives as reasons a lack of decentralised finance offerings, too little liquidity, scant interest from large investors and high costs. Taking money out of the Pudgy Penguins business for it could no longer be justified, he says.

What Igloo did not do is just as notable. The company considered and rejected an Abstract token of its own, or a token sale to rescue the chain, in Netz's words, because a token only works if something drives demand for it. Abstract itself cites more than 400,000 users and over 144 applications running on the chain in its statement on the shutdown.

Abstract goes offline on December 15, 2026. Whatever has not been bridged back by then stays out of reach, and that includes PENGU held on Abstract. PENGU itself runs mainly on Solana and additionally on Ethereum and the BNB Chain, among others, where nothing changes. How to move balances off Abstract and which routes exist is set out in our piece Abstract Chain shuts down on December 15.

PENGU Price Prediction: What the Change of Course Does to the Token

For PENGU holders the decision has two sides. The good one: Igloo stops putting money from the Pudgy Penguins business into a chain that, on its own numbers, did not carry itself. Team, budget and attention now go into the brand PENGU hangs on. The difficult one: Abstract was meant to be the home for applications that use PENGU. That building block falls away, and a company that has just admitted a loss in the tens of millions still has to show what it will fill the new focus with.

The market traded the second side first. Shortly before the news on Tuesday evening, PENGU cost around $0.0094; by Wednesday evening the price had fallen to around $0.0085, a drop of roughly 10 percent. The wider market also gave ground over the same period, but less: bitcoin lost around 3 percent, and the meme coins dogecoin and bonk around 6 and 8 percent (CoinGecko). PENGU has since recovered slightly, but still sits roughly 7 percent below its level before the announcement.

Over twelve months PENGU is down roughly 71 percent, and it sits roughly 87 percent below the record high of around $0.068 set on December 17, 2024 (CoinGecko). Over 30 days it is slightly up. The price sits just above the 50-day moving average (around $0.0085) and the 200-day average (around $0.0084), both calculated from CoinMarketCap daily closes.

Around $0.0094 is the first level on the upside, the level just before the Abstract news. A close above it would mean the market has made the discount back.

Around $0.0100 and $0.0110 are the levels above that. $0.0100 was the seven-day high on October 2, and $0.0110 the 30-day high on September 23.

Around $0.0085 is the first level on the downside. That was the low of the week on Wednesday evening, and it is where the 50-day moving average runs.

Around $0.0084 and $0.0067 follow below: first the 200-day moving average, then the low of September 16 from which the past weeks' advance started. Closes below both averages would call that advance into question.

Unlock on October 17: 723 Million PENGU for the Team and the Company

Nine days after the Abstract news comes the next fixed date. On October 17, roughly 723 million PENGU are released under the unlock schedule at Tokenomics, going to the team and the company. At the current price that is around $6.3 million, and measured against the circulating supply a good 1 percent. Tranches like this arrive on the 17th of every month, most recently on September 17, and run until November 2028. Of a maximum of roughly 88.9 billion PENGU, around 70.7 percent is currently in circulation (CoinGecko).

The unlock itself is nothing new, then, but this time it lands in an unusual situation. Igloo has just admitted a heavy loss and is at the same time pointing all its resources at Pudgy Penguins. Whether the company will sell released tokens to fund that is not known. After October 17 the blockchain will show whether the recipient addresses send PENGU to exchanges or hold it.

What to Check Before You Buy PENGU in Germany

Where you buy: buy PENGU only on a platform authorised under the EU's MiCA crypto regulation. Which exchanges hold that licence is shown in our comparison of regulated crypto exchanges.

Custody: PENGU exists on several networks. With every transfer, confirm which network the exchange pays out on and whether your wallet supports it, because picking the wrong one can cost you the tokens. For Solana and Ethereum, the wallets in our software wallet comparison are suitable. If it is the collection's NFTs rather than the token you have in mind, the trading venues are in our comparison of NFT marketplaces.

Leverage: meme coins swing harder than bitcoin, as the Abstract news showed: a fall of roughly 10 percent in less than a day would have wiped out a position with tenfold leverage.

Holding period: in Germany, gains on crypto assets are tax-free under section 23 of the income tax act once more than a year lies between purchase and sale. Under the federal finance ministry's draft bill of September 30, 2026, purchases from January 1, 2027 would be taxed with no holding period, and the cabinet is to adopt the draft on October 14. Until a law is promulgated, today's rule applies. The details are in our piece on the holding period before the cabinet.

PENGU: Three Dates Set the Tone for the Coming Weeks

First, October 17 with the release of roughly 723 million PENGU. If the tokens sit still, that takes pressure out of the situation; if they move to exchanges, more supply looms. Second, Igloo's first steps after the end of Abstract: Netz has said he will take Pudgy Penguins to the next level, but concrete plans are so far missing. Third, December 15, when Abstract is switched off. On the chart, two zones matter most in between: around $0.0094 on the upside and the two moving averages around $0.0085 on the downside.

Crypto assets swing sharply, and with meme coins a total loss is possible. This article places news and price levels in context; it is not a recommendation to buy or sell PENGU.

(As of October 8, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)