The popular meme coin in the Solana ecosystem, Pudgy Penguins (PENGU), experienced a strong breakout on July 23, with a daily price surge of over 20%. Behind this wave of growth are several driving forces: Binance Futures opened 75x leveraged perpetual contracts, NFT floor prices surged simultaneously, and breakthrough signals on technical charts all contributed to this craze. PENGU not only saw a price increase, but the entire ecosystem also quickly warmed up in response to market sentiment, attracting significant attention and investment funds.
Binance launches 75x leveraged contracts, igniting market enthusiasm
On July 23 at 07:30 UTC, Binance Futures officially launched the PENGUUSDC perpetual contract, offering up to 75x leverage and supporting multi-asset collateral. This move immediately ignited market interest, and within just 24 hours, PENGU's trading volume surged by 56.5%, reaching $2.75 billion.
This not only injects new vitality into the spot market but also allows derivative traders to enter easily. Historical experience shows that for highly volatile assets like meme coins, liquidity in the futures market often acts as a catalyst for price explosions.
NFT prices rise simultaneously, Suplay collaboration plan adds fuel
In addition to the explosion in the derivatives market, the NFT ecosystem behind PENGU should not be underestimated. According to data, the NFT floor price of Pudgy Penguins rose by 13%, reaching 16.57 ETH (approximately $63,150), and the number of sales within 24 hours surged by 380%, totaling 24 transactions.
Technical outlook bullish: Key resistance level broken, momentum strong
From a technical chart perspective, PENGU successfully broke through the important resistance level of $0.032 and once approached the previous high of $0.0344. Its daily RSI indicator has reached 75.39, indicating extremely strong buying pressure. Over the past 30 days, PENGU has accumulated a rise of 411%, and the increase over 90 days has reached an astonishing 609%, proving that this is not a fleeting moment but a continuation of several weeks of upward trend.
Market Outlook: Can it challenge $0.045? The NFT craze is key
The upward momentum of PENGU is currently driven by both futures leveraged trading and NFT sales. The next key resistance area lies between $0.038 and $0.045; if successfully broken, it may open up a new wave of increase.
However, the market should also be cautious: if the NFT trading heat cools down, or if there are changes in the macroeconomic environment, whether PENGU can maintain its leading position among Ethereum NFT projects will be a significant test.
This article PENGU soars again: Futures launch ignites the craze, NFT prices soar. Originally appeared in Chain News ABMedia.
