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The PENGU token jumped more than 30% in early December 2025 following news of a major partnership between the Pudgy Penguins and the National Hockey League (NHL) for the 2026 Discover NHL Winter Classic.
Despite the price jump, data on the chain shows a continued shift of PENGU from the project’s publishing address to centralized exchanges. This trend has sparked debate about the sustainability of PENGU’s recovery.
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The NHL collaboration sparks the rise of PENGU
Pudgy Penguins community token PENGU saw significant growth during the first week of December. It is up nearly 30% in the last 24 hours, trading at $0.01246 as of this writing.
This price increase corresponds to the Pudgy Penguins announcing a partnership with the NHL from December to January.
The partnership was launched at Miami Art Week, with activations, giveaways and live appearances at NHL events.
The partnership runs from December to January, and begins with activations at Miami Art Week. The campaign, supported by an animated video of cartoon penguins skating on an ice rink, reflects the brand’s expansion into mainstream entertainment.
Previously known primarily as an NFT group, Pudgy Penguins has branched out into gaming, physical events and global licensing, and now aims to “get the winter” by tying it to sports.
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The partnership revived enthusiasm for the symbol. PENGU’s DEX trading volume reached a monthly high in early December, he noted Solscan. This growth reflects increased activity by traders in response to the news of the partnership.
The positive sentiment had more support from the whales’ accumulation. At the end of November, large investors bought about $273,000 worth of PENGU, buying three times its average volume. Smart Money Flows tracked $1.3 million from new addresses as of early November.
At the same time, Bitso Exchange, the leading cryptocurrency trading platform in Latin America, announced the launch of a permanent pool in the first quarter of 2026, with PENGU approved as a key asset. This step targets the remittance market in the region, which is estimated at $1.37 trillion.
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However, as hype grows around the Budgie Penguins’ new partnership with the NHL, traders are now facing a stark discrepancy between bullish momentum and selling pressure signals. Disruptor.
Blockchain Analysis: Selling Pressure Continues
Although the price action has turned positive, the blockchain data identifies ongoing token transfers. PENGU’s distribution address transferred about $3 million of tokens to centralized exchanges every few days.
Chain analyst EmberCN said these transfers have continued, with the last movement seen in early December.
They wrote “The last transfer was in the early hours of this morning,”
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Since mid-July, the address has transferred 3.881 billion PENGU tokens worth $108 million to centralized exchanges. These activities were directly in line with the decrease in the price of PENGU, which fell from the second highest point of $0.04 to about $0.01.
Continued cash flows from the project’s core portfolio indicate an ongoing strategic sale or distribution, challenging recent price gains.
These movements are often for tokens to sell or provide liquidity. In the PENGU system, however, volume and continuity refer to continuous distribution rather than regular liquidity management.
This dynamic creates a tension between positive news, such as a partnership with the NHL, and the continued sale of a team’s or ecosystem’s unlocked tokens.
