Meme Coin Market Faces Slowdown as Pudgy Penguins and Shiba Inu Gain Ground

The meme coin market is expected to continue its upward trend in September 2026, but at a slower pace than other altcoins. According to CoinGecko data, the top-10 meme coin basket gained 10.24% over 30 days, while a comparable altcoin basket gained 40.28%. This mismatch makes it difficult to predict which meme coins will perform well.

Pudgy Penguins (PENGU) is one of the standout performers in the market, with a 47.45% gain in seven days and 60.02% in 30 days. The recent partnership with Schleich collectible figurines has drawn attention to the token, with fresh wallets adding $427,000 and top-PnL wallets $611,000 over seven days.

Nansen's data shows that PENGU's supply is increasing, with $7.50 million flowing into exchange wallets. This could signal possible sell pressure, but the buyers attracted by the figurines' launch must absorb this supply for the rally to continue.