The meme coin market ended August on a lackluster note, with most major tokens posting significant monthly losses. However, despite the recent downturn, on-chain data and technical indicators suggest a potential shift in momentum for three specific tokens as September begins. Bonk (BONK), Pudgy Penguins (PENGU), and Dogecoin (DOGE) are showing signs of strong whale accumulation, even as retail investors sell off.
Bonk (BONK)
Though BONK dropped 32% in August, large investors, or “whales,” have been increasing their positions. Whale wallets have grown their holdings by over 16% in the last month, adding more than $7 million worth of BONK. This whale accumulation, occurring while exchanges see retail outflows, suggests a potential rebound. For BONK to rally, it needs to break above the key resistance level of $0.0000239.
Pudgy Penguins (PENGU)
PENGU, which is tied to the Pudgy Penguins NFT brand, is also experiencing quiet accumulation despite a nearly 25% drop in August. Large holders have increased their balances, adding over $4.2 million worth of PENGU. At the same time, the supply on exchanges is decreasing, indicating selling pressure is weakening. The token’s technicals are also turning bullish, with the Parabolic SAR indicator flipping to a positive signal. A move above $0.031 and $0.036 could signal a strong recovery.
Dogecoin (DOGE)
As the original meme coin, DOGE has shown more stability than its peers, with only a slight monthly decline. This resilience has caught the attention of mega-wallets, which have added over $84 million worth of DOGE in just a couple of days. This significant accumulation, combined with a weakening bearish trend on the Bull Bear Indicator, points to a potential price increase. A breakout above the key resistance of $0.2449 is crucial for an upward move.
August 2025, Cryptoniteuae
