- PENGU records a weekly increase of 61.81%, while registering a loss of 4.61% within 24 hours.
- Trading volume hits $691.42 million, up 11.56%, showing robust investor activity.
- Technicals are calling for a breakout to $0.044, assisted by improving fundamentals.
Pudgy Penguins (PENGU) stands out as the top performer with aggressive bullish sentiment and gaining immense traction while the overall crypto space remained largely inactive.
Despite most altcoins finding no direction, the coin managed to leap a remarkable 61.81% in the last week, notwithstanding a minor loss of 4.61% within the last 24 hours. Such a stark contrast is an indication of expanding confidence on the part of the investors and enhanced demand for the coin.
Currently, the token is trading at $0.01537 with a healthy 24-hour volume of $691.42 million, an impressive increase of 11.56% from yesterday. What is even better is that its market capitalization is now at $965.97 million after rising steadily in the ranks of the week’s top-performing altcoin gainers.
With activity gaining momentum, the token is now spoken about in the same context as big guns like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) in trading circles.
Also Read: Sales of Pudgy Penguins NFTs Rose by 38% in 3 Days
Mainstream Partnerships Drive PENGU Token Growth
Transitioning to the technical analysis, crypto commentator Ali noted a possible breakout situation for PENGU. According to his chart for the period between January and August, the price exhibits the pattern of consolidating and then climbing in an ascending trendline.
Such a pattern implies a breakout to the upside for the $0.044 area that could translate into a possible 200% upswing from the current price. Main indicators, including support and resistance areas, growing volume, and a simple technical structure, confirm this bullish expectation.
Besides the technical strengths, the fundamentals of PENGU seem just as attractive. The initiative has achieved mainstream recognition with collaborations with NASCAR and Random House Kids, and recent listings on Upbit and Revolut have added access to a broader user base.
Furthermore, rumors about an ETF listing and claims of one billion daily impressions have added further depth to the narrative of the token and brought out institutional and retail interest.
PENGU May Enter Crypto Major League
Yet while the buzz is contagious, analysts issue caveats. There is legitimate concern regarding historical volatility as well as the possibility of a rapid flip, @Bokah787 warns.
So while the sentiment is unmistakably bullish, there should be volume confirmation and a willingness to employ good risk management in these volatile markets. In the near future, the eyes are fixed upon the ability of PENGU to maintain the current momentum.
With a number of days left in the week and the volume currently skyrocketing, there are speculations that PENGU might top $10 billion in a week, producing one of the biggest altcoin candles during the quarter.
If the trends continue, Pudgy Penguins can quickly transition from NFT novelty to a force to be reckoned with within the crypto universe.
Also Read: PENGU Token Rockets 47% Amid NFT Market Surge and Growing Institutional Backing