In July 2025, when Bitcoin broke through the $110,000 mark, most people were debating whether the next stop would be $150,000 or $200,000. Amidst this generally bullish market frenzy, a meme coin called "Fat Penguins" quietly "slid" out from the crowd, becoming the latest traffic harvester in the entire crypto community.

Unlike previous years' meme trends, this time the rise of "Fat Penguins" completely rode the wave of the bull market. After the halving in 2024, funds flowed back into the crypto market, mainstream coins surged strongly, and NFT, Layer 2, and AI narratives heated up in succession. However, after large funds and whales pushed Bitcoin and Ethereum to new highs, there were still many retail investors and short-term funds looking for more "exciting" speculative outlets. Meme coins became their most direct gambling destination.

The story of "Fat Penguins" is not complicated: a cute penguin meme fermented in Reddit and Telegram communities, then promoted by KOLs, flooded with memes, and boosted by short videos, quickly igniting market sentiment. Overnight, trading pairs related to "Fat Penguins" topped the charts on popular public chains like Solana and Base. Many players were unaware of whether there was a team behind it, whether there was a roadmap, and they didn't care; it only needed one consensus—rising fast and running fast.

After Bitcoin reached $110,000, the overall market sentiment was further elevated: many old players holding substantial unrealized gains in BTC were willing to take a small portion of their profits to "gamble"; new retail investors were eager to find low-threshold doubling opportunities after missing out on mainstream coins. The survival soil for meme coins was more fertile than ever.

Unlike the meme craze of Dogecoin and Shiba Inu in 2021, this time "Fat Penguins" felt more like a self-indulgent celebration of community and AI-generated content. Images, videos, and jokes formed overnight, with almost no centralized team intervention, as retail investors spontaneously turned "Fat Penguins" from a meme into a "belief." On short video platforms, "Fat Penguins" themed BGM and imitation dances appeared, garnering over ten million views within a week.

Behind this is also a typical byproduct of a bull market: when the main line of growth slows down, FOMO sentiment pushes funds to seek faster limit-up opportunities. Someone described the explosive popularity of this meme coin with a phrase: "Can Fat Penguins not fly? But in a bull market, everything can fly."

However, behind the excitement lies familiar hidden dangers. Recently, the on-chain community has seen a wave of "copycat" imitations, with new "Skinny Penguins," "Rainbow Penguins," and "Penguin Kings" continuously launching. Some opened with a price surge to offload, while others announced their exit just hours after launching. Some DEX trading pairs had inflated liquidity, with market makers attracting retail investors to chase high prices, then instantly withdrawing liquidity to cut losses; these old tricks are still being repeated.

More concerning is that several small to medium-sized centralized exchanges have taken the opportunity to launch "Fat Penguins" perpetual contracts, promoting high leverage and low margin, pulling the gambling table from spot trading to derivatives, instantly amplifying risks. Some players shared their statements on social platforms: using 50x leverage to go long on "Fat Penguins" within 24 hours, resulting in liquidation overnight; the myth of getting rich overnight and the bloody lessons are playing out simultaneously.

On the regulatory front, global attention on meme coins remains limited. Although the U.S. and Europe have recently tightened regulations on stablecoins and CEXs, these purely community-driven meme coins, lacking official endorsement, often operate in gray areas, making a one-size-fits-all approach unrealistic. The only certainty is that when hot money floods the market in a bull run, such speculative hotspots will continue to emerge.

Market researchers generally believe that "Fat Penguins" will not change the main line of the bull market, but it acts as an emotional amplifier, reminding people that irrational bubbles may also lurk in a bull market. Once the market encounters a correction, these meme coins lacking fundamental support are often the first to plummet.

Perhaps for speculators, this is the essence of "fun coins": they leave no sustainable value but can push human greed, revelry, and regret to the extreme in a short time. As an old player said: "In a bull market, no one really needs 'Fat Penguins,' but everyone wants to catch the next meme that takes off."

As Bitcoin hovers at high levels, funds are always reluctant to rest. From "Fat Penguins" to the next "Fat Ducks," "Fat Cats," or even any absurd meme, they could all become the next target for speculators to inflate. The bull market continues, the revelry is unceasing, and no one knows who will be left holding the bag in the end, but every "Fat Penguin" reminds the market: a bull market never has only a rational side.

Related: RWA should have become a core module of DeFi, but has become an "island" of "mirroring."

Original article: “Fat Penguins Soar: The Meme Coin Frenzy and Risks in the Bull Market”

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