PENGU Comeback: CEO Sets Sights on New Funding

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.

Netz made a candid podcast appearance, where he outlined an ambitious roadmap and offered unfiltered insight into the project’s evolving structure. “I’ve actually never been more confident uh and never been more bullish on it [Abstracat],” Netz said on the When Shift Happens podcast, adding:

“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.”

Netz 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.

$PENGU continues to rally in the past 24h.

Smart Money added +15.97%. Whales now hold 2.59B tokens (+1.97%).
Top wallets moving over 179M of the token.

The penguins are waddling into something. pic.twitter.com/1J8RUJTubs

— Nansen 🧭 (@nansen_ai) July 18, 2025

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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