PENGU rose over 30% in early December 2025, following the announcement of a significant collaboration between Pudgy Penguins and the National Hockey League (NHL) for the Discover NHL Winter Classic 2026.
Despite the spike in price, 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.
Partnership with NHL boosts PENGU's rise
PENGU, the token of the Pudgy Penguins community, saw a significant increase in the first week of December. It rose nearly 30% in the last 24 hours, trading at $0.01246 at the time of this analysis.
This price increase coincided with the announcement of the partnership between Pudgy Penguins and the NHL, which lasts from December to January.
The collaboration was launched at Art Week Miami, highlighted by activations, prizes, and live appearances at NHL events.
Pudgy Penguins X @NHL
We will be collaborating with the NHL for the 2026 Discover NHL Winter Classic from December to January, starting this week at Art Week Miami.
From giveaways to Pengu meeting NHL fans and more, these activations will bring Pengu into the world of the NHL. pic.twitter.com/rcnIAT6fet
— Pudgy Penguins (@pudgypenguins) December 2, 2025
The partnership extends from December to January, starting with activations at Art Week Miami. The campaign, supported by an animated video of cartoon penguins skating on an ice rink, reflects the brand's broad incursion into mainstream entertainment.
Previously known mainly as an NFT collection, Pudgy Penguins has expanded into toys, physical events, and global licensing, now seeking to 'dominate winter' through sports partnerships.
The partnership rekindled enthusiasm for the token. The DEX trading volume of PENGU reached its monthly peak in early December, as indicated by Solscan. This increase reflected investor activity in response to the news of the partnership.
DEX trading volume of PENGU. Source: Solscan
The optimistic sentiment received further support from accumulation by large investors. By the end of November, large investors acquired about $273,000 in PENGU, buying at nearly three times its average volume. Smart money flows recorded $1.3 million in new addresses in early November.
At the same time, the Bitso Exchange, the leading crypto exchange in Latin America, announced a launch in the first quarter of 2026 of a perpetual aggregator, featuring PENGU as a key asset. This move targets the remittance market in the region, valued at $1.37 trillion.
$PENGU is there still hope? after experiencing a pump of +35% blueprint of pengu with a potential increase of +359% to ATH$PENGU is the official community token of Pudgy Penguins, a web3 entertainment brand based on 8,888 unique NFTs launched on Ethereum in 2021 Acquired by… pic.twitter.com/kBIb0JPgtH
— Vespamatic.hl (@vespamatic96) December 3, 2025
However, with the hype surrounding the new partnership between Pudgy Penguins and the NHL, investors face a sharp contrast between bullish momentum and uncomfortable selling pressure signs.
On-Chain Analysis: selling pressure persists
Although the price action has become positive, blockchain data identified ongoing token transfers. The PENGU deployment address has routinely transferred around $3 million in tokens to centralized exchanges every few days.
On-chain analyst EmberCN reported that these transfers continue, with the most recent occurring in early December.
"The most recent transfer was in the early hours of this morning," they wrote.
Since mid-July, the address has moved 3.881 billion PENGU tokens, valued at $108 million, to centralized exchanges. This activity directly accompanied the decline in the price of PENGU, which fell from its second peak of $0.04 to approximately $0.01.
The regular flows from the project's main wallet suggest ongoing sales or strategic distribution, challenging the recent price gains.
These token movements generally prepare for sales or liquidity. In the PENGU ecosystem, however, the scale and sustained pace suggest ongoing distribution rather than routine liquidity management.
This dynamic creates tension between positive news, such as the partnership with the NHL, and ongoing sales of unlocked tokens from the team or ecosystem.
The Token article jumps 30% with NHL deal, check it was first seen on BeInCrypto Brazil.
