PENGU Comeback: CEO Sets Sights on New Funding - Coinspeaker

Key Notes

• Pudgy Penguins CEO Luca Netz confirmed plans to raise funds for Abstract.
• Smart Money inflows surged +15.97% in 24h as bulls drive PENGU prices.
• PENGU soared 43.49% this week, and is now consolidating around $0.03024.

In a bold new chapter for the Pudgy Penguins

PENGU $0.0306

24h volatility: 2.2%

Market cap: $1.91 B

Vol. 24h: $1.19 B

universe, CEO Luca Netz has announced plans to raise fresh capital for Abstract, the Ethereum layer-2 blockchain developed under Igloo Inc., the parent company behind the Pudgy empire.

“But I did underestimate the behemoth that building a blockchain is.”

Igloo’s Expanding Ecosystem

Abstract is just one pillar in a rapidly growing Igloo empire that also includes Pudgy Penguins NFTs, PENGU (its Solana-based token), and an undisclosed project that Netz hinted remains under wraps.

Despite the complexity, he emphasizes on building standout products, backed by real communities, not hype-fueled Ponzi dynamics. Netz sees Pudgy Penguin products being rolled out on different chains in the near future since the project is not depending on a specific native chain.

Abstract: Not Just Another L2

Positioned as a consumer-first blockchain, Abstract’s future is pinned to its super-app experience, Portal. Netz likens Portal’s importance to World Chain’s app, which he says “is the chain” in practice.

Netz believes Abstract has the potential to command a multi-billion-dollar valuation at TGE (Token Generation Event), but he remains cautious. He added that he won’t hold the Abstract TGE unless it’s being “comped somewhere between Base and World Chain.”

Related article: PENGU Price Jumps 34% Amid Pudgy Penguins ETF HypeNetz credited his team, including a standout developer named Saigar, for giving Abstract the technical firepower it needs. But he acknowledged the hard truths of blockchain development: liquidity fragmentation, token incentives, and the dangers of overengineering for short-term TVL spikes.

The crypto entrepreneur seeks to take more risks, especially on the portal feature front, adding that he wants his products to win over the community with “integrity.”

A New Raise on the Horizon

The fundraising effort comes just months into Abstract’s development. Netz is clear-eyed about the timing. “I think it’s time to activate the marketing machine,” he said, citing momentum from existing builds and user traction.

Though he didn’t specify the size or timeline of the raise, it’s part of a broader push to elevate Abstract to L2 heavyweights like Base and World Chain.

PENGU Comeback Now?

According to Nansen, smart wallets increased their PENGU exposure by +15.97% in the last 24 hours, signaling high-conviction buys during the rally. Whales now hold 2.59 billion PENGU, up +1.97%, showing large players are still adding to positions, not exiting.

Over 179 million PENGU tokens were moved by top wallets, indicating rising institutional or coordinated trader interest. Looking at the current setup, PENGU could be one of the best meme coins to buy.

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