PENGU rallied over 30% in early December 2025 following news of a major collaboration between Pudgy Penguins and the National Hockey League (NHL) for the 2026 Discover NHL Winter Classic.

Despite the price jump, on-chain data shows persistent transfers of PENGU from the project’s deployment address to centralized exchanges. This trend has sparked debate about the sustainability of PENGU’s recovery.

NHL Partnership Sparks PENGU Rally

PENGU, the Pudgy Penguins community token, experienced a notable surge during the first week of December. It has increased by almost 30% in the last 24 hours, trading at $0.01246 as of this writing.

Pudgy Penguins (PENGU) Price Performance. Source: Coingecko

This price increase aligned with Pudgy Penguins’ announcement of an NHL partnership lasting from December to January.

The collaboration launched at Art Week Miami, highlighted by activations, giveaways, and live appearances at NHL events.

The partnership spans December through January, beginning with activations at Art Week Miami. The campaign, supported by an animated video of cartoon penguins skating across an ice rink, reflects the brand’s broader push into mainstream entertainment.

Once known primarily as an NFT collection, Pudgy Penguins has expanded into toys, physical events, and global licensing, now aiming to “own winter” through sports tie-ins.

The partnership reignited enthusiasm in the token. DEX trading volume for PENGU reached its monthly high in early December, as noted by Solscan. This surge reflected increased activity from traders responding to the partnership news.

PENGU DEX Trading Volume. Source: Solscan

Bullish sentiment received further support from whale accumulation. In late November, large investors acquired about $273,000 in PENGU, buying at nearly three times their average volume. Smart money inflows tracked $1.3 million from new addresses in early November.

At the same time, Bitso Exchange, the leading Latin American crypto exchange, announced a Q1 2026 launch of a perpetuals aggregator, featuring PENGU as a primary asset. This move targets the region’s $1.37 trillion remittance market.

However, with hype building around Pudgy Penguins’ new NHL partnership, traders now face a sharp contrast between bullish momentum and uneasy sell-pressure signals.

On-Chain Analysis: Selling Pressure Persists

Although price action turned positive, blockchain data identified ongoing token transfers. The PENGU deployment address has routinely moved about $3 million in tokens to centralized exchanges every few days.

On-chain analyst EmberCN reported that these transfers have continued, with the latest seen in early December.

“The most recent transfer was in the early hours of this morning,” they wrote.

Since mid-July, the address moved 3.881 billion PENGU tokens, worth $108 million, to centralized exchanges. This activity tracked directly with the decline in PENGU’s price, which fell from its $0.04 second peak to roughly $0.01.

Regular outflows from the project’s core wallet suggest ongoing selling or strategic distribution, challenging recent price gains.

PENGU price decline correlates with on-chain transfers to exchanges / EmberCN

Such token movements often prepare for sales or liquidity. In the PENGU ecosystem, however, the scale and sustained pace suggests ongoing distribution rather than routine liquidity management.

This dynamic creates tension between positive news, such as the NHL partnership, and continued selling from unlocked team or ecosystem tokens.