PENGU Price Prediction: Igloo Pulls the Plug on Abstract

Pudgy Penguins (PENGU) trades at around $0.0088, or about 0.0078 euros, early on Thursday morning, October 8, 2026 (according to CoinGecko). Almost 9 percent is missing over seven days, and most of that went after a piece of news on Tuesday evening: Igloo Inc., the company behind Pudgy Penguins, is shutting down its own blockchain Abstract and will from now on concentrate entirely on Pudgy Penguins, the collection's NFTs and PENGU. For the PENGU price prediction that cuts both ways: a loss-maker disappears, but so does part of the story the project grew on.

What Igloo Announced: Abstract Closes, PENGU Moves to the Centre

Igloo chief executive Luca Netz set out the reasoning on X on October 6. Igloo had bought the company Frame in the summer of 2024 to build a blockchain for everyday crypto use. That became Abstract, a network based on Ethereum. By Netz's account, Igloo funded Abstract itself over the past 18 months and lost a double-digit million dollar sum across two years without finding a viable business. He gives as reasons a lack of decentralised finance offerings, too little liquidity, scant interest from large investors and high costs. Taking money out of the Pudgy Penguins business for it could no longer be justified, he says.