Pudgy Penguins PENGU price surge Rising 133.3% over the previous week, Pudgy Penguins (PENGU) is making a strong comeback this month. The spike corresponds with a fresh wave of interest in its famous NFT collection, which has seen sales explode in the past days.
OpenSea’s data shows that, during the past seven days, 202 Pudgy Penguins NFTs were sold—a notable 221% rise in transactions. Along with this increase in sales, the NFT floor price changed by 18%, and total trading volumes almost tripled. Although the actual link between NFT sales and PENGU’s value is not clear-cut, such momentum typically drives investor sentiment and speculative purchases in related meme coins.
Fueling the PENGU Price Rally
Built on the Solana blockchain, PENGU is a meme coin expected to form the basis of a larger ecosystem now under construction. Although this ecosystem is yet undeveloped, the community is excited about its possibilities. Traders predict that PENGU might profit indirectly from the attention. Pudgy Penguins NFTs receive, thereby increasing the price of the token.
Despite the general decline in the crypto market, PENGU has climbed 6.2% over the previous 24 hours alone, trading at $0.01180 per token. With approximately 80% of the token’s circulating supply represented in trading volume, which has increased by 78% to $565 million. Thanks to its NFT brand recognition and devoted following, PENGU is considered the most community-driven of the three meme coins. Even though others, such as Fartcoin (FARTCOIN) and Brett (BRETT), have also shown significant increases.
PENGU Rides Solana Meme Coin Wave
PENGU’s price surge aligns with a broader trend among Solana-based meme coins. From an annual low of $7.92 billion to a shockingly $20 billion, weekly DEX trade volumes on the Solana blockchain have surged. Riding this wave of rising activity are platforms such as Raydium, Orca, and a newcomer. PumpSwap provides more gasoline for the momentum within the meme coin market. The popularity of Fartcoin appears to have sparked the movement in part, in the opposition sector overall.
PENGU Notes Opposition at $0.12
Pudgy Penguins PENGU price surge had a strong performance at $0.12; it faced notable Opposition. The technical data point suggests that the coin may be due for a temporary pullback. Entering overbought territory, the Relative Strength Index (RSI) indicates that the asset may be overextended. The MACD histogram, meanwhile, has been on an increasing trend for ten consecutive days, typically indicating that a rally is nearing exhaustion.
Furthermore, the price has veers far from its point of control (POC), the level where most trading activity has occurred. Suppose volume does not stabilize around PENGU’s current price range. This difference may generate weakness and make PENGU vulnerable to sudden movements in either direction.
PENGU Surge Amid NFT Boom
Rising NFT demand, high volume, and favorable market sentiment within the Solana meme currency category support PENGU’s current breakthrough. Still, traders should exercise caution, as technical indicators suggest that the current surge may be overstretched. In the coming days, it will be crucial to remain vigilant for key support levels and volume fluctuations.
