Pudgy Penguins rise sharply, is the NFT+Memecoin track welcoming a dark horse?
In the past week, the Pudgy Penguins project has successfully attracted the spotlight of the market with its strong price performance, quickly standing out in both the NFT and Memecoin tracks, enjoying a moment of prominence.
As trading volume continues to rise and community enthusiasm soars, the project has not only attracted a large number of retail investors but has also caught the attention of some institutions and analysts. Some believe that if the current trend continues, the token could rise further, potentially achieving a gain of up to 140%, setting a new historical high.
In the face of this momentum, the market is generally focused on one question: Can Pudgy Penguins become a dual-culture symbol and market potential dark horse in this bull market?
Fat penguins are back! Driven by the dual core of NFT and Memecoin, PENGU surged 20% in 24 hours.
Recently, a wave of 'penguin fever' has swept through the crypto market. The star token PENGU in the Solana ecosystem surged nearly 20% in just one day, once hitting a six-month high of $0.040, becoming the brightest presence in the memecoin sector.
The NFT project behind PENGU, Pudgy Penguins, is quite significant, being the second largest blue-chip NFT by market cap, only behind CryptoPunks, with a total value of over 143,000 ETH. At the end of last year, the team launched the official token PENGU on Solana, quickly attracting a large number of fans and becoming a strong competitor to WIF and BONK.
Currently, PENGU is not only the largest meme coin by market cap on Solana, but it has also surged to become the fourth largest memecoin globally, only behind DOGE, SHIB, and PEPE. Despite its current momentum, it actually dropped to $0.003 in April this year, marking a staggering 95% decline from its historical high. Now, with a strong rebound, the integration of NFT and meme narratives seems to reignite market imagination.
PENGU's comeback is not just 'cute', it is showing everyone with action that - fat penguins can fly too!
Fat penguins make a strong comeback, and the NFT market welcomes a long-awaited explosion.
In the past week, the PENGU token successfully broke through a months-long downtrend, rebounding strongly by about 30%, outperforming both SHIB and PEPE in daily and weekly gains, becoming the focal point of the market.
Meanwhile, the Pudgy Penguins NFT collection saw its trading volume soar by 290% in the past 24 hours, driving the floor price up by 16%, now reaching 16.19 ETH, equivalent to about $60,000, indicating that investors have reignited their enthusiasm for the field.
According to CoinGecko data, the NFT market cap surged to $6 billion on Sunday, a 17% increase from the previous $5.1 billion, reaching a new high since January this year. The latest report shows that NFT sales in the second quarter increased by 78% year-on-year, with the number of transactions rising by 20% compared to the first quarter, indicating strong recovery momentum in the industry.
Overall, the increased activity of PENGU and the NFT market indicates that the digital collectibles sector is entering a new round of explosion.
PENGU is expected to grow by 140%.
AltCryptoGems's cryptocurrency analyst Sjuul pointed out that the Solana memecoin has shown positive bullish signs since it broke out of a textbook-style multi-month cup and handle pattern in late June.
Since then, the token has broken through the neckline of the pattern at around $0.018 and regained the resistance level of $0.020 as a support level, driving it up 30% within the week, reaching levels of $0.035-$0.040.
PENGU's cup and handle pattern breakout. Source: AltCryptoGems on X.
Before the surge on Monday, Ali Martinez emphasized that PENGU was 'ready to rise again' as it had been accumulating within a symmetrical triangle for the past week.
According to this pattern, if the cryptocurrency continues to stay above the breakout area of $0.031 to $0.033 and confirms these levels as support in the coming days, its price could soar by 140% to the level of $0.075.
Meanwhile, two market observers have given optimistic targets for cryptocurrency performance in this cycle. Byzantine General confirmed that PENGU's market cap is expected to reach $10 billion.
He explained in detail: "If you consider that it is currently the most mainstream meme coin (perhaps except for Dogecoin), then its price is actually not that crazy." Similarly, Crypto Kaleo believes "$0.8888 is a nice target price, but it is still FUD (Fear, Uncertainty, Doubt)."#pengu
