The price surge of PENGU token aligns with the successful period for Pudgy Penguins ecosystem, now the second-largest NFT collection by market cap.
Impact of NFT Ecosystem on Demand
According to DappRadar, the total NFT market cap jumped 94% in July, reaching $6.6 billion. Pudgy Penguins led this rally with rising trading volumes and ecosystem expansion, including plush toy partnerships with Walmart. CEO Luca Netz stated that the brand could become the 'next Mickey Mouse' of digital culture.
Technical Signals Support Bullish Momentum
PENGU’s chart shows a clear breakout above key Fibonacci levels, including the 61.8% retracement. Momentum indicators support this surge: RSI is at 71.81 (bullish, nearing overbought); MACD confirmed a bullish crossover with a positive histogram; price is trading above 30-, 50-, and 200-day EMAs. The 24h trading volume exceeded $1.57 billion, a 33% increase day-over-day.
Prospects for PENGU Token Growth
The current growth of PENGU token is observed in light of breaking through short-term resistance. Bulls are targeting the next level near the psychological $0.05 mark, particularly with heightened interest in utility-driven collections with real-world partnerships.
Current developments in the NFT market and the success of Pudgy Penguins create a positive demand dynamic for PENGU token, indicating further growth potential in the future.
