Historically, PENGU tokens have recently seen a major price jump of up to $0.01450 at the time of writing on Saturday, June 28. This jump coincides with a rebound in Pudgy Penguins' non-fungible token (NFT) sales and a notable decrease in the token's supply. The price shot up 52% from its recent low last week. It’s all the more remarkable, soaring an incredible 232% from its 2023 low point.
Much of the recent rally in PENGU’s price is attributed to good news coming out of the Pudgy Penguins ecosystem. In third-party data, a robust recovery in NFT-related sales over the last week has helped spur new investor optimism. Even with this positive momentum, PENGU still got passed by other collections such as CryptoPunks, PGNFT, STRAT Option, and Gods Unchained.
Even more majorly contributing to this price rise is the fact that the circulating supply of PENGU tokens has dropped significantly. As a result, the supply has fallen to 14.7 billion, a huge drop from the 15.6 billion logged on June 12. When exchange reserves decrease, it is almost always taken as a bullish indicator. It implies that investors are electing to perform the “HODL” rather than cash out.
Since the breakout on May 14th, PENGU has formed a channel pattern of lower highs and lower lows. This significant pattern is characterized by higher highs and lower lows. The Percentage Price Oscillator has crossed above the zero line, indicating increasing bullish momentum. Since then, PENGU has traveled above the channel’s upper side and the 25-period Exponential Moving Average.
This month, PENGU has been on fire with transaction activity. We closed 68 transactions last week, which is up 36% from the week before. As compared to last month, monthly sales are down 33% to $5.6 million, making for an all-time monthly volume of more than $636 million.
Even analysts who haven’t been historically bullish are getting excited about the bullish run. Looking ahead, they expect PENGU to continue its upward trajectory, targeting the next major resistance level at $0.01742. On the flip side, a fall under the support level at $0.100 would invalidate the bullish prediction made above.
