PENGU, the coin associated with the early meme-rich Pudgy Penguins NFT collection, recently experienced an astonishing increase in price. Since June 23, it has increased by a whopping 170%! Now, the sales volume of Pudgy Penguins NFTs has exploded in popularity. In turn, this collection has quickly jumped up to occupy the number two slot for NFT market cap, right behind CryptoPunks. After price recently broke above a local high of $0.035 on the 4-hour timeframe, that was a clear signal that more upside was likely. PENGU last traded at such low levels in Jan 2023. Its comeback at this stage poses as an impressive comeback following half a year of consolidation.
Market Performance and Technical Analysis
So far, PENGU’s track record has been stellar. On Monday, July 21st, the token jumped +21.7%, climbing above resistance at $0.036. At face value, this breakout would suggest a roughly 25% increase from today’s trading prices. Technical targets indicate that the next significant resistance barrier lies around $0.047. Indeed, trading activity has more than quadrupled since August, led by an outstanding 230% increase in trading volume. This unprecedented surge in volume is a clear indicator of robust market demand and engagement.
The token has boomed well beyond its trading highs in January. This huge positive step displays a fresh sense of optimism among investors, adding to the bullish wave of confidence. Since the bullish market structure fractal broke on June 23, PENGU has been on a nonstop run. This increase is a testament to the demand and growing value of the Pudgy Penguins ecosystem.
NFT Sales and Collection Growth
The sudden popularity and value of PENGU can be directly attributed to the amazing success of the Pudgy Penguins NFT collection. Within less than two weeks, boosted trading activity propelled the collection’s floor price up from under $10 to $16.88. Just last week, Pudgy Penguins NFT sales jumped to $9.65 million. This extraordinary number not only underscores its unprecedented market dominance, but the extreme demand for it from eager investors.
The Pudgy Penguins' rise to second place in NFT market capitalization highlights its growing influence and appeal within the digital collectibles space. This milestone underscores the amazing level of civic engagement and activism that’s taken root in the community. It touts the ongoing, continued dev of the project, increasing the value/demand of the NFTs and PENGU token.
Token Distribution and Accumulation
More recently, activity surrounding the PENGU token deployer wallet has caused a buzz. Between Aug. 28 and Aug. 29, the deployer wallet moved 1.5 billion PENGU tokens valued at $45 million to exchanges.
Not only that, the whales have been loading up on PENGU tokens, with more than 200 million tokens purchased by Octopuses since early July. These accumulation patterns point to high conviction from the whales and other large/institutional investors about where this token can go.
