Altcoin Winners of July 2025: PENGU, CFX, and ENA Lead the Rally

As Bitcoin consolidates near its all-time highs, July proved to be an explosive month for altcoins. Topping the charts were Pudgy Penguins (PENGU), which soared over 150%, with Conflux (CFX) nearly doubling and Ethena (ENA) posting strong gains. Analysts now hail these projects as emblematic of the rising altcoin season.

🐧 Pudgy Penguins Emerges as Meme Coin of the Cycle

Leading all July altcoin gains was Pudgy Penguins (PENGU), whose native token skyrocketed by more than 150% in the month. CCN and Coinentral report that its price action accelerated rapidly—including as much as a 218% monthly gain—supported by whale accumulation and derivative volume surging by 291% to $4.43 billion. Open interest reached an eye-popping $591 million.

What’s driving this memecoin movement? PENGU’s resurgence has real-world roots: the project sold over a million Pudgy Penguin toys through Walmart, Amazon, and other retailers. Each item included a redeemable NFT, onboarding more than 860,000 new users who had little prior Web3 experience. A spot ETF filing by Canary Capital further amplified institutional visibility, though analysts caution the price remains highly volatile and narrative-driven.T

Still, the meteoric rise and active interest—alongside a move of $66 million in tokens to exchanges that ignited speculation—reaffirm that PENGU is the meme-coin standout of July.

🌉 Conflux (CFX) Climbs on China-Narrative and Upgrades

Not far behind, Conflux (CFX) delivered one of the most consistent altcoin rallies. It surged approximately 1.8× during July, according to CCN. Coincentral and Techloy report week-to-week gains above 50%, with the token bouncing off a long-term support range and breaking past key resistance levels.

Conflux’s narrative strength lies in its positioning within China-linked blockchain development. As one of the few compliant public chains with Beijing’s backing or interest, CFX grabbed attention from institutional layers, financial media, and developers exploring RMB-backed stablecoin pilots. Added to this was talk of a forthcoming “Conflux 3.0” upgrade, which analysts see as a catalyst for future utility and yield opportunities.

⚖️ Ethena (ENA) Strengthens with DeFi Growth

Rounding out July’s top performers, Ethena (ENA) also saw notable upside, particularly during the broader altcoin assist of mid-month. That’s when it completed wave “A” in a classic A-B-C correction, triggering renewed demand.

Anchor coverage such as Crypto News and CCN highlight that ENA gained nearly 20% around July 21—led by growing traction for its synthetic stablecoin protocol, USDe. That aligned with surging DeFi yields and heightened institutional interest in derivatives-backed dollar exposure.

With sustainable on-chain metrics and ecosystem growth, Ethena is seen as more than a speculative play—it’s a protocol gaining structural relevance in DeFi verticals.

🔍 Market Context: Altseason Takes Hold

July’s action arrives amid a broader shift in market dynamics:

• The Altcoin Season Index, which measures how many altcoins outperform Bitcoin over 90 days, surged from 11 in June to 27 in July—an increase of 150% and a classic signal of early altseason momentum.
• Bitcoin dominance declined notably, pushing capital into speculative and narrative-based alt tokens.
• Ethereum and Solana ecosystems softened their gains, amplifying investor rotation into smaller-cap and meme-driven tokens.

Arthur Hayes, former BitMEX CEO, was among the first to explicitly flag the trend—and called it a “monster alt season,” following Bitcoin’s breakout past $110K.

📈 What to Watch Next

For PENGU: Look at exchange flow data, NFT integrations, retail partnerships, and community events. The volatility remains high—expect correction or consolidation near $0.036–0.04.

For CFX: Monitor price levels around the $0.11–0.12 support zone. A breakout above $0.18–0.19 could lift toward $0.24–0.34 Fibonacci targets.

For ENA: Watch USDe TVL growth, staking yield trends, and integrations with platforms like Aave or Pendle. Rising protocol utility could drive sustained accumulation.

• Memecoin volatility: PENGU could easily retrace sharp gains if investor sentiment shifts or whales rotate profit.
• Regulatory headwinds: China-focused tokens like CFX could face scrutiny if geopolitical narratives shift.
• Execution risk: Ethena’s long-term success hinges on DeFi adoption—not just token speculation.

July 2025’s altcoin surge emphasized that beyond Bitcoin, the crypto market remains a dynamic environment for fast-moving capital and narrative-driven upside. Pudgy Penguins (PENGU) led the charge as meme coin king, powered by ecosystem expansion and real-world retail traction. Conflux (CFX) leaned on its China ties to fuel institutional interest. And Ethena (ENA) captured a quieter, but meaningful rally through synthetic dollar innovation.

Together, these three tokens defined altcoin season’s early contours—marking a shift in interest and capital that may shape crypto’s second half of the year. If institutional flows, technical patterns, and ecosystem momentum continue to align, the next leg of altcoin season may already be underway.