The Pudgy Penguins-themed meme coin Pengu PENGU/USD has surged over 123% in the past seven days, becoming one of the best-performing meme coins on the market.

Here's what happened:

Trader Notes: Pseudonymous trader ‘fuel’ saw the breakout “confirmed” and “a clear road” to a valuation of $1 billion.

Trader ‘BullishBanter’ says Pengu “pulled a god candle” and predicts consolidation below “the old imbalance zone” below 1.8 cents.

Trader ‘Don’ was equally bullish, targeting 2.5 cents as his next take profit before a final target of over 4 cents.

Statistics: According to CoinGlass data, open interest increased to over $100 million, the highest since February. Trading volume is up by 180% over the past 24 hours and also trading at three-month highs.

Community News: According to a promotional website, creaters can earn $2 per 1,000 views “making Pengu content.”

On Saturday, he called on token holders to create memes and X posts around the brand as part of a promotional campaign.

At the time of writing, Pengu is trading at $0.014, having risen from lows of less than $0.006 on Friday. It is now trading at its highest levels since March.

The meme coin has shot up rapidly following a partnership with cold storage provider Ledger.

On Monday, Pengu co-founder Luca Netz retweeted a post by Ledger, which advertised a limited edition hardware wallet with Pudgy Penguins branding.

The partnership was announced on Friday, sending Pengu on a tear higher. It had already gained around 100% in the seven days to Friday, but it went on to surge a further 123% over the past seven days.

According to a promotional website, creators can earn money by making Pengu content.

For every 1,000 views, creators will earn $2, while every 1,000 follows will earn them $5.

Pengu is currently ranked 990 on CoinMarketCap, with a market cap of $149 million. It is up 180% over the past 24 hours.