PENGU Leads Top Memecoin List Amid 20% Daily Surge – What’s Behind The Rally?

6 hours ago

The Pudgy Penguins task has had a monolithic rally implicit the past week, stealing the spotlight successful some the non-fungible token (NFT) and memecoin sectors. Amid its caller performance, immoderate analysts suggest that the token is preparing for a 140% tally to caller highs.

Pudgy Penguins Catch NFT And Memecoin Rally

On Monday, Pudgy Penguins (PENGU) became 1 of the starring memecoins aft surging astir 20% successful the past 24 hours. The Solana-based token saw its terms ascent from the $0.031 people to a six-month precocious of $0.040 earlier retracing to the $0.036 area.

Pudgy Penguins is 1 of the largest NFT collections, with a marketplace capitalization of 143,897 ETH. It consists of 8,888 unsocial cartoons of cute penguins and sits down CryptoPunks arsenic the second-largest NFT collection.

In December, the Pudgy Penguins task launched its authoritative token, PENGU, connected the Solana Blockchain, gathering monolithic attraction during the Q4 2024 rally.

The memecoin flipped tokens similar dogwifhat (WIF) and BONK, momentarily becoming the largest Solana memecoin by marketplace headdress and the fourth-largest memecoin by this metric, conscionable down Dogecoin, Shiba Inu, and PEPE.

During the caller crypto marketplace performance, PENGU has importantly recovered from its April all-time debased (ATL) of $0.003, which represented a 95% diminution from its December all-time precocious (ATH) of $0.068.

Over the past week, the token has reclaimed important levels aft breaking retired of its multi-month downtrend and rallied astir 30%, surpassing the regular and play performances of SHIB and PEPE.

Pudgy Penguins NFT postulation besides soared successful the past 24 hours, with a 290% summation successful trading volume, driven by the caller involvement successful the sector. The collection’s 16% regular surge saw its level terms emergence to 16.19 ETH, oregon $60,242, by Monday afternoon.

Notably, the NFT marketplace headdress reached its highest level since January aft jumping 17% connected Sunday from $5.1 cardinal to $6 billion, according to CoinGecko data. A caller study noted that NFT income accrued by 78% successful Q2, portion the fig of traders accrued 20% from Q1, suggesting renewed involvement successful the sector.

PENGU Eyes 140% Surge

Crypto expert Sjuul from AltCryptoGems noted that the Solana memecoin has been showing affirmative signs of spot since precocious June, erstwhile it broke retired of a textbook multi-month Cup and Handle pattern.

Since then, the token has smashed past the pattern’s neckline, astir the $0.018 mark, and reclaimed the $0.020 absorption arsenic support, which propelled its 30% surge successful the play timeframe to its $0.035-$0.040 levels.

Ahead of the Monday surge, Ali Martinez highlighted that PENGU was “ready for different limb up” arsenic it had been accumulating wrong a symmetrical triangle enactment implicit the past week.

Based connected this pattern, the cryptocurrency could spot a 140% surge toward the $0.075 obstruction if it continues to clasp supra the $0.031-$0.033 breakout country and confirms these levels arsenic enactment successful the coming days.

Meanwhile, 2 marketplace watchers person shared optimistic targets for the cryptocurrency this cycle. Byzantine General affirmed that PENGU could spell to a marketplace capitalization of $10 billion.

“If you see that it’s the memecoin with the astir mainstream adoption, with possibly the objection of DOGE, it’s not that brainsick astatine each actually,” helium detailed. Similarly, Crypto Kaleo considers that “$0.8888 is simply a decent target, but it’s inactive FUD.”

To the analyst, “PENGU to $4.20 would enactment it astatine a $373B mcap. This is simply a overmuch amended upside target.” He explained his bold prediction, arguing that “Last bull market, SHIB deed 50% of DOGE’s peak. There’s country to person different high-quality memes bash thing akin this cycle.”

As of this writing, PENGU trades astatine $0.036, a 19% summation successful the regular timeframe.