- PENGU token surges 47%, adding $300M in market cap amid NFT market revival and whale accumulation.
- Pudgy Penguins NFT volume jumps 191%, boosted by a broader 33.8% NFT market rise and upcoming mobile game “Pudgy Party.”
- Analysts eye $0.017 breakout, with comparisons to Pepe’s explosive rally; bullish targets reach as high as $0.1774.
PENGU Token, a Solana meme coin linked with the Pudgy Penguins project, surprised investors with a humongous 47% valuation jump in the past week, increasing its market capitalization by a staggering $300 million despite rampant crypto market fluctuations.
Currently trading at $0.01475, PENGU registered a marginal 1.86% appreciation over the preceding 24-hour trading period but is still dominant across top exchanges as a very highly traded token. This unwavering support is despite rising activity among so-called “whale” players, crypto wallets that hold over a million dollars in assets.
Most recent on-chain records indicate these whales have acquired a total of nearly 240 million tokens throughout the past week, evidencing growing optimism among veteran market players.
Pudgy Penguins NFT Volume Jumps 191% Amid Market Rally
The token’s rise coincides with a broader resurgence in the NFT sector. The NFT marketplace has increased 33.8% during the week and outperformed every other part of crypto, according to analytics firm Artemis. CryptoSlam data also records a massive 191% jump in volume traded over a single 24-hour day in Pudgy Penguins NFTs, a sign of a new sense of excitement around the brand’s digital collectibles.
Following that momentum, the team behind Pudgy Penguins is set to introduce “Pudgy Party,” a mobile phone game that is intended to attract mainstream players and further expand the project’s ecosystem beyond traditional ownership of NFTs to phone entertainment. The move is intended to increase community growth and usage over the long term.
Even institutional demand is rippling out. Cboe BZX recently filed paperwork with the U.S. Securities and Exchange Commission (SEC) to trade shares of a potential PENGU exchange-traded fund (ETF) managed by Canary Capital. The filing is a good indication that the meme coin is gathering mainstream acceptability and may be more attainable for mainstream investors shortly.
PENGU Nears Breakout Above $0.017
Analysts have pointed out the meteoric growth of the tokens and likened it to the explosive growth of a different meme coin, Pepe, last January. Notable crypto analyst “degengambleh” pointed out similarities in pricing behavior and foresaw a very bullish upside target of $0.1774, more than 10 times the spot level.
Meanwhile, trader Ali Martinez pointed out that a close above the resistance level of $0.015 to $0.017 per coin might ignite a very strong breakout and drive PENGU still further in the short term.
Also Read: Pudgy Penguins (Pengu) Gains 50%, Sets Short-Term Target at $0.01745
While PENGU basks in the limelight, a different budding project, Subbd, is silently gathering steam in the creator economy. Poised to disrupt a market worth a whopping $85 billion in content subscriptions,
Subbd is harnessing Web3 and AI technologies to offer a tokenized experience that lets creators programmatically deliver content and fans enjoy distinctive, interactive experiences.
Subbd’s native Ethereum-based token, SUBBD, powers the ecosystem through granting premium access to content, staking rewards, and features enhanced through AI. Token holders who stake SUBBD gain access to more perks such as special livestreams, behind-the-scenes posts, and special releases of content, leading to a more active and loyal fan base.
The project has been able to raise a total of $465,670 via its ongoing presale, and there isn’t much time left before the next pricing level is activated, showing strong early investor demand.
Also Read | Sales of Pudgy Penguins NFTs Rose by 38% in 3 Days