- PENGU continues its rally, surging over 23% after being listed on the South Korean exchange Upbit, with trading volume hitting $500 million.
- Additionally, Pudgy Penguins’ NFT sales have spiked 360%, further fueling the token’s growth and market excitement.
PENGU, the native token of the Pudgy Penguins ecosystem, is experiencing a significant rally, continuing its upward trend for the second consecutive day. After securing a listing on the South Korean crypto exchange Upbit, PENGU has surged over 23%, reaching an intraday high of $0.015 on May 9. This marks a massive 300% gain from its monthly low, with trading volume skyrocketing nearly 100%, reaching $500 million in just 24 hours.
The momentum is fueled by multiple factors, with the most notable being Upbit’s decision to list PENGU on its spot trading platform. The Upbit listing has driven an influx of activity, not only on the exchange but also in PENGU’s derivatives market. Data from CoinGlass reveals that open interest in PENGU futures surged by 30%, reaching $136 million within a single day, indicating robust market sentiment and growing interest in the token.
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But it’s not just the Upbit listing that’s propelling PENGU’s rise. The Pudgy Penguins NFT collection, which is at the heart of the PENGU ecosystem, is seeing a remarkable surge in sales. According to Crypto Slam, NFT sales have spiked 360% in the past 24 hours, generating over $617,000 and positioning Pudgy Penguins as the 8th most popular NFT collection globally. The surge in transaction activity is equally impressive, with the number of sales jumping by 200% and the number of buyers increasing by 320%.
Moreover, PENGU’s rally is part of a broader trend in the Solana meme coin market. The Solana-based meme coin sector has seen a 28.7% increase in market capitalization, bringing it to over $12.1 billion. This surge is largely attributed to Bitcoin’s breakout above $100,000, which has reignited bullish sentiment throughout the crypto space.
From a technical analysis perspective, PENGU’s price action is also signaling a bullish outlook. The token recently broke out of a descending parallel channel, a pattern typically seen as a bullish reversal. Momentum indicators, including the Aroon Up and Down, suggest that buyers are in control, while the Supertrend indicator has flipped green, reinforcing the positive momentum.
PENGU is now eyeing the psychological resistance level at $0.021, a price it has struggled to break since February. If the bulls manage to push past this barrier, the next target could be $0.022, a key level of support-turned-resistance from earlier this year. While volatility is expected as the hype around these developments fades, the outlook for PENGU remains promising as it continues to gain traction in the market.
