PENGU, the Token of the Pudgy Penguins collection, recorded a 210% increase over the month with a peak price of $0.0344, thanks to the meme effect and attention from the ETF market.
The increase was driven by a viral post on social media and interest surrounding the PENGU ETF, along with the simultaneous avatar changes from major cryptocurrency brands, creating a resonance effect in the market.
MAIN CONTENT
PENGU increased by 210% in the month, while Pudgy Penguins NFT surged by 55% in floor price.
PENGU ETF is recognized by the SEC, creating strong growth momentum.
Trading volume and market capitalization surged, indicating active participation from investors.
PENGU has surged in price thanks to viral memes and ETFs; what is the main reason?
On-chain analyst Ali Martinez believes that PENGU is in a rare accumulation phase and could reach $0.060 if the ETF frenzy continues. Moreover, high liquidity on major exchanges like Binance and OKX also indicates sustainable market support.
Furthermore, the event where major cryptocurrency brands simultaneously changed their avatars to the Pudgy Penguins image increased media appeal, pushing the Token price up over 30% in just a few hours. This led to the floor price of Pudgy Penguins NFTs rising from 9 ETH to 14 ETH, corresponding to a 55% increase, contributing to investor confidence.
Digital assets like PENGU are becoming a hot spot for investors, especially with the ETF event and high liquidity on major exchanges.
Ali Martinez, On-chain analyst, 2024.
What is the current market capitalization and trading activity of PENGU?
Fundamentally, PENGU has a total supply of 88.8 billion Tokens but 26% of that has been locked in community pools, creating a limited circulating supply. The current market capitalization is around $1.8 billion.
The 24-hour trading volume exceeded $2.2 billion, while on-chain metrics recorded the highest active wallet counts in months and open interest has surpassed $265 million, indicating increasing cash flow and interaction on the network.
How is PENGU being received in the Asian market and what are the next price forecasts?
In Asia, PENGU has ranked in the top 4 on Upbit, South Korea, with a daily trading volume of $222 million, second only to Bitcoin. This is evidence of the growing appeal of the Token in the region.
The ETF evaluation period is expected to last up to 240 days. If approved, PENGU will become the first meme coin with an ETF in the United States, marking an important milestone for this Token. Along with plans for game and related merchandise releases, price thresholds of $0.045 and $0.060 are expected to be the next breakout points.
The approval of the ETF will be a significant step forward for PENGU to join the ranks of mainstream financial products, expanding opportunities to reach new investors.
Director of Canary Capital, June 2024.
Frequently asked questions about PENGU and the Pudgy Penguins market.
What is PENGU? PENGU is the main Token of the Pudgy Penguins NFT collection, prominent in the cryptocurrency and NFT space.
What factors are causing PENGU to rise sharply? Factors include viral memes, ETF attention, and support from major brands.
What is the current market capitalization of PENGU? Approximately $1.8 billion with a limited circulating supply.
How long is the review period for the PENGU ETF? It could last up to 240 days according to SEC regulations.
Does PENGU have potential for further increases? According to experts, if the ETF is approved and the accompanying projects are well implemented, PENGU could break target price levels in the near future.
Source: https://tintucbitcoin.com/pengu-tang-210-gia-va-trien-vong/
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