The cryptocurrency space is known for its wild price explosions. One such meme coin was PENGU, which is tied to the Pudgy Penguins NFT collection, and has experienced an incredible rally. Here’s what’s powering this unprecedented wave. A new listing on the Upbit exchange and an explosion in sales and adoption of Pudgy Penguins NFTs are the big two. Here’s a closer look at what’s behind this trend.

The Pudgy Penguins NFT Connection

PENGU’s ascent is inextricably linked to the larger Pudgy Penguins NFT collection. These super cute, penguin-themed digital assets have been flying high in popularity recently. According to current data, Pudgy Penguin NFT transactions just increased by 91.39%. Further, the rate of new buyers increased by 91.91%. This newfound interest in the NFTs has helped PENGU gain further exposure and demand. Indeed, after a recent hype cycle which we’ve covered on NFTevening, Pudgy Penguins is rebounding, taking seventh with $2.4 million in sales and a 65.87% increase. The current price floor for Pudgy Penguins (PPG) is $26,478, with a 24-hour sales volume of 664.07 ETH.

The NFT market is rehabbing real healthy! Sales volume increased by 22.43%, with the total dollar volume hitting $107.1 million. This NFT trend has likely increased demand for our unique PENGU ecosystem. This massive increase in attention is fueling the current crypto price boom. The connection between NFTs and cryptocurrencies is becoming more apparent. Collectors and investors alike are flooding in, hoping to cash in on their meteoric rise in popularity.

Upbit Listing: A Catalyst for Growth

Perhaps the biggest catalyst behind PENGU’s recent explosion is its listing on Upbit, one of the world’s largest crypto exchanges. The effect of a listing on a major exchange such as Upbit is to increase the liquidity and thereby accessibility to a cryptocurrency. This update improves liquidity by allowing a wider variety of investors to purchase and trade the token. This added prominence usually creates a huge price bump, with fresh investors clamoring to buy the new asset that just got listed.

Regardless, the PENGU listing on Upbit has given it a massive shot in the arm in terms of trading volume and visibility. Whether large or small, more investors are now able to access PENGU through Upbit. This increase in availability will probably increase demand for the token, pushing its price higher and higher. This listing validates the project in some ways, considering how many projects are trying to be listed on big exchanges.

Technical Analysis and Price Targets

These levels can act as potential entry and exit points for traders. Should the price manage to clear the nearest resistance at $0.016, it might open the doors for additional upside. The Fibonacci rejection zone at $0.0199 remains an upside target to shoot for. In case the primary support floor at $0.0136 gives way, the meme-based altcoin will likely revisit the structural support at $0.0094. It might even fall as low as the macro support zone at $0.0032.

  • Immediate Resistance: $0.016 (wave v top)
  • Fibonacci Rejection Zone: $0.0199 (0.382 Fib)
  • First Support Zone: $0.0136 (0.236 Fib)
  • Macro Support: $0.0032 (cycle low)
  • Structural Support: $0.0094 (wave iv low)

PENGU’s recent rise might seem irresistible, it’s important to understand the risks involved in investing in meme coins. These coins are infamous for their extreme volatility, with some coins tripling in price one day, only to lose value the next day. It’s important for investors to understand the risks upfront before jumping in.

Risks Associated with Meme Coin Investing

At the moment, market sentiment for PENGU seems to be bearish. Funding Rate Funding Rate (FR) has gone negative, currently at -0.0038%. Over on OKX it’s reading 0.93 and on Binance it’s sitting at 0.9613, suggesting that sellers are still in command of the overall volume. As PENGU moves in both directions you can see this reflected on the chart. Its recent 1.94% price appreciation indicates bearish market sentiment in the near term.

Smart money investors have already sold 33% of their PENGU tokens. This development indicates they’re taking profits and adding to the bearish flow. Yet this pessimistic outlook only serves to underscore the importance of careful study. Whatever you do, just be sure you’re aware of the risks before buying PENGU or any other meme coin. The PENGU market sentiment is currently bearish. Traders and investors alike are tracking the token’s price movements and preparing for volatility as we approach the next upgrade in the coming weeks.

  • High volatility and risk: Meme coins are known for their high price fluctuations, making them a risky investment.
  • High chance of scams, project abandonment, low interest: Meme coins are often created with little to no underlying value or use case, making them vulnerable to scams and abandonment.
  • Low liquidity in less popular memes: Less popular meme coins may have low liquidity, making it difficult to buy or sell them.
  • Overhyping is common: Meme coins are often hyped up on social media, which can lead to unrealistic expectations and investment decisions based on emotions rather than facts.
  • No use cases or utility other than as a convertible currency or trading instrument: Meme coins often lack a clear use case or utility beyond being a tradable asset.

Market Sentiment and Smart Money Moves

Currently, the market sentiment surrounding PENGU appears to be bearish. The Funding Rate (FR) has turned negative at -0.0038%, and readings of 0.93 on OKX and 0.9613 on Binance suggest that selling volume has remained dominant. PENGU exhibits two-way price movement on the chart, and its recent 1.94% price increase signals a lack of strong market sentiment in the short term.

Furthermore, smart money investors have sold 33% of their PENGU tokens, suggesting they are exiting at a profit and contributing to the bearish momentum. This cautious sentiment highlights the importance of conducting thorough research and understanding the risks before investing in PENGU or any other meme coin. The PENGU market sentiment is cautious, with traders and investors monitoring the token's price movements closely and preparing for potential volatility in the coming weeks.