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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

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

Rubmar Garcia
Rubmar Garcia
3 months ago
3 mins read
memecoin

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The Pudgy Penguins project has had a massive rally over the past week, stealing the spotlight in both the non-fungible token (NFT) and memecoin sectors. Amid its recent performance, some analysts suggest that the token is preparing for a 140% run to new highs.

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Pudgy Penguins Catch NFT And Memecoin Rally

On Monday, Pudgy Penguins (PENGU) became one of the leading memecoins after surging nearly 20% in the past 24 hours. The Solana-based token saw its price climb from the $0.031 mark to a six-month high of $0.040 before retracing to the $0.036 area.

Pudgy Penguins is one of the largest NFT collections, with a market capitalization of 143,897 ETH. It consists of 8,888 unique cartoons of cute penguins and sits behind CryptoPunks as the second-largest NFT collection.

In December, the Pudgy Penguins project launched its official token, PENGU, on the Solana Blockchain, gathering massive attention during the Q4 2024 rally.

The memecoin flipped tokens like dogwifhat (WIF) and BONK, momentarily becoming the largest Solana memecoin by market cap and the fourth-largest memecoin by this metric, just behind Dogecoin, Shiba Inu, and PEPE.

During the recent crypto market performance, PENGU has significantly recovered from its April all-time low (ATL) of $0.003, which represented a 95% decline from its December all-time high (ATH) of $0.068.

Over the past week, the token has reclaimed crucial levels after breaking out of its multi-month downtrend and rallied around 30%, surpassing the daily and weekly performances of SHIB and PEPE.

Pudgy Penguins NFT collection also soared in the past 24 hours, with a 290% increase in trading volume, driven by the recent interest in the sector. The collection’s 16% daily surge saw its floor price rise to 16.19 ETH, or $60,242, by Monday afternoon.

Notably, the NFT market cap reached its highest level since January after jumping 17% on Sunday from $5.1 billion to $6 billion, according to CoinGecko data. A recent report noted that NFT sales increased by 78% in Q2, while the number of traders increased 20% from Q1, suggesting renewed interest in the sector.

PENGU Eyes 140% Surge

Crypto analyst Sjuul from AltCryptoGems noted that the Solana memecoin has been showing positive signs of strength since late June, when it broke out of a textbook multi-month Cup and Handle pattern.

Since then, the token has smashed past the pattern’s neckline, around the $0.018 mark, and reclaimed the $0.020 resistance as support, which propelled its 30% surge in the weekly timeframe to its $0.035-$0.040 levels.

memecoin
PENGU’s Cup And Handle pattern breakout. Source: AltCryptoGems on X

Ahead of the Monday surge, Ali Martinez highlighted that PENGU was “ready for another leg up” as it had been accumulating within a symmetrical triangle formation over the past week.

Based on this pattern, the cryptocurrency could see a 140% surge toward the $0.075 barrier if it continues to hold above the $0.031-$0.033 breakout area and confirms these levels as support in the coming days.

Meanwhile, two market watchers have shared optimistic targets for the cryptocurrency this cycle. Byzantine General affirmed that PENGU could go to a market capitalization of $10 billion.

“If you consider that it’s the memecoin with the most mainstream adoption, with maybe the exception of DOGE, it’s not that crazy at all actually,” he detailed. Similarly, Crypto Kaleo considers that “$0.8888 is a decent target, but it’s still FUD.”

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To the analyst, “PENGU to $4.20 would put it at a $373B mcap. This is a much better upside target.” He explained his bold prediction, arguing that “Last bull market, SHIB hit 50% of DOGE’s peak. There’s room to have other high-quality memes do something similar this cycle.”

As of this writing, PENGU trades at $0.036, a 19% increase in the daily timeframe.

memecoin, PENGU, PENGUUSDT
PENGU’s performance in the one-week chart. Source: PENGUUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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