Abstract L2 sets Dec 15 bridge-out deadline for Pudgy Penguins
Pudgy Penguins (PENGU)
Editor:
Eugene Serbin
cryptocurrency.com.tr reports that Abstract, the Ethereum layer-2 built by Igloo Inc, has established a December 15, 2026 deadline for users to withdraw their assets. The network announced via X that any funds remaining on the chain after this date will become inaccessible. Abstract has onboarded over 400,000 users and deployed more than 144 applications during its operation.
Users can exit through the official migration hub at migrate.abs.xyz or use the native bridge at native-bridge.abs.xyz, which takes approximately three hours to process. The company advised users to be cautious of fake migration websites. Igloo Inc, the parent company of Pudgy Penguins, financed Abstract for 18 months, losing tens of millions of dollars in the process.
CEO Luca Netz stated on X that the company lost eight figures but chose not to launch a token or pursue an ICO. Netz explained that a token requires demand to drive value, and launching one without faith in its success would have let down the community. The company is now refocusing its resources on Pudgy Penguins and the PENGU token, with Netz noting his only regret was not sharing a victory with the Abstract community.
How the market reacted
Whalio's own Binance spot order flow for PENGU, measured when this story was written up on 7 October 2026. Not the outlet's figures.
PENGU is trading at $0.009109 with a 24-hour spot volume of $15,183,352. The 1-hour buy ratio is 49.0%, while the 4-hour buy ratio rises to 53.7%, indicating that buying pressure is building over the short term compared to the immediate past hour. The 24-hour buy ratio sits at 49.0%, showing a neutral balance between buyers and sellers over the full day. Volume Delta for the 1-hour period is -$12,759, suggesting recent selling pressure, whereas the 4-hour Volume Delta is +$174,678, reflecting net buying over that longer window. The 24-hour Volume Delta is -$308,637, and the Cumulative Volume Delta (CVD) at the 24-hour close is -$134,128, indicating that sellers have dominated the flow over the last day. Net buying occurred for 9 of the 24 hours, with 183,998 trades recorded.
The latest daily buy ratio of 50.4% sits at the 59th percentile of the last 322 days, against a median of 50.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for PENGU, averaged over the days leading up to the story.
Over the preceding week, PENGU experienced a price change of -8.6% over eight days. The weekly average buy ratio was 51.7%, which is 2.7 percentage points higher than the latest day's reading, suggesting a slight cooling in buying sentiment compared to the weekly norm. Volume was at 0.92x the average, indicating lower-than-usual trading activity. Net buying was observed for 5 of the 7 days in the preceding week. The 8-day total Volume Delta was +$3,935,429, contrasting with the negative 24-hour delta, showing that buying pressure was stronger over the longer timeframe despite the recent price decline.