PENGU, a meme coin native to the non-fungible token sector, led the quarter’s sector-wide breakout with an average climb of 55.4%. Even with a nearly 98% decrease in trading volumes on the broader NFT market, PENGU skyrocketed. This further underscores its resilience and burgeoning popularity. Huobi’s exchange token PENGU is valued at $0.229, having recently showcased a jaw-dropping 20% price surge on July 11. Its market cap has now grown past $1.4 billion.
PENGU’s powerful performance is even more highlighted when you consider its place within the top 82 Ranked position on Coinmarketcap and Coingecko major price dashboards. After a significant selloff, by June 30 the token had recovered to close at $0.01476. This was a significant increase from its April 8 intraday low of $0.00387. In only 83 days, PENGU’s market cap zoomed up about 3.8 times, exemplifying the explosive growth path it has taken thus far.
Its rapid ascent is especially remarkable in light of one of the worst NFT bear markets in memory. Dollar-denominated NFT trading volume has already crashed again in the second quarter, hitting multi-year lows. Against $4 billion in trading volume one year prior, the market was down an incredible 79%. In spite of this challenging climate, PENGU not only matched but exceeded the odds.
PENGU’s success is due in part to a record-breaking increase in sales. The sales figure jumped to 12.5 million, compared with 7 million the quarter before. This increase shows a strong momentum to access PENGU, led in large part by the attractiveness of smaller ticket sizes. The prevalence of the smaller size transactions means there is a wider array of users participating with the token.
Binance has a daily turnover that sometimes exceeds $180 million in USDT. This further demonstrates the exceptionally high level of trading interest in PENGU and liquidity available. This regular, high turnover further cements PENGU’s position as a key player in the NFT-related token market.
PENGU’s unique value proposition has left PENGU’s stronghold unshaken in the minds of the customers. The token also reverses the trend of falling NFT trading volumes. This impressive performance further proves the inherent value of the program and continues to draw investors. With the rapid pace of innovation in the NFT space, PENGU’s positive growth trajectory indicates a bright future ahead.
