The Real Time Google Penguin Algorithm is LIVE
Google Penguin 4.0 is officially part of Google's Core Algorithm, according to an official statement given by Google on September 23, 2016.
"Penguin is now real-time. Historically, the list of sites affected by Penguin was periodically refreshed at the same time. (…) With this change, Penguin's data is refreshed in real time, so changes will be visible much faster, typically taking effect shortly after we recrawl and reindex a page. It also means we're not going to comment on future refreshes."
The “real-time feature” implies that effects of the Penguin algorithmic filter, i.e. demotions and promotions of organic rankings for a website due to link spam (unnatural links) happen faster than in the past. In the past, every Google Penguin update brought drastic changes.
Penguin 4.0 is the last Penguin update in history. There will be no other update.