- PENGU crypto saw 41%+ gains in the last 24 hours as it flipped WIF by market cap.
- The memecoin, at $0.036235, showed a bullish setup after breaking out of a descending triangle.
As a seasoned analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of memecoins and their antics. The recent surge in Pudgy Penguins [PENGU] has caught my attention, not just because it flipped WIF by market cap, but also due to its robust holder base and strategic price action.
Recently, the Pudgy Penguins (PENGU) have demonstrated strong results, climbing up to be the fifth-largest meme token on the Solana blockchain.
Over the past day, the market value of PENGU reached an impressive $2.32 billion, marking a significant 41.28% jump in its price which now stands at approximately $0.0371.
This spike in value allowed PENGU to surpass WIF’s market cap, which stood at $2.07 billion.
This flipping indicated PENGU’s growing popularity in the memecoin community.
The surge in popularity for PENGU often results from speculative trading or increased investments, which suggests a positive outlook on its potential usefulness and widespread adoption in the future.
Consequently, these tokens might experience sudden increases in value, suggesting that they could potentially rise even more if the current trend persists.
PENGU crypto price action and prediction
Based on its price movement, PENGU displayed a rising or optimistic trend after breaking out from a downward sloping triangle formation, which is often interpreted as a bullish sign in technical analysis.
Initially trading at $0.036235, it later pulled back to $0.028392, creating a significant area where buying (long positions) might be strategically advantageous.
This pattern typically suggested a potential uptrend post-consolidation, aiming for new highs.
The projected prices are estimated at approximately $0.044073 and $0.054105. These figures could potentially function as resistance levels in the future. These scenarios frequently prompt traders to buy, as they expect the market will continue moving upward towards these higher targets.
Should this trend continue, it’s possible that PENGU may experience an increase in value in the short-term, possibly pushing the price up towards the predicted ranges.
Holders and address distribution by action
A more detailed examination of the metrics revealed a significantly larger holder base for PENGU when compared to other cryptocurrencies.
Among the top seven platforms, PENGU stands out with a massive user base of over half a million (511,180) compared to WIF, which has slightly fewer users at 213,654.
The sturdy data on this holder implies a strong foundation, boosting investors’ trust and possibly elevating the token’s worth.
The rising number of holders suggests that PENGU may continue or even strengthen its standing in the market, reflecting its effective community interaction tactics.
Upon closer examination, it was found that there was a high level of interaction with the PENGU AirDrop, as nearly all (91%) of the distributed amounts were successfully claimed by approximately 1.1 million unique addresses.
Approximately 74% chose the option to either sell or move their airdrop rewards mainly onto centralized trading platforms.
16% of participants held on to their airdrop tokens during the sale, demonstrating resilience. Additionally, around 3.5% of token holders displayed increased confidence by making additional purchases.
At the moment of publication, the available supply stood at 70%. As no fresh releases are anticipated shortly, there might be a possible shortage in the future.
Read Pudgy Penguins’ [PENGU] Price Prediction 2024–2025
In simpler terms, this AirDrop integration has brought together the Ethereum Virtual Machine (EVM) and Solana networks, while also elevating PENGU’s status as a valuable cultural artifact within the decentralized web world, attracting interest from both crypto-native and traditional online communities.
Despite most airdrop recipients quickly selling off their holdings, the overall market trends indicated a positive outlook, suggesting optimism among investors.
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2024-12-26 05:12