This week, the Pudgy Penguins ($PENGU) token experienced a notable price correction as the interest in its associated NFT collection waned. Sales have dropped, and prices have been recorded at levels not seen since March.
Sales Volume Drops 72% in 30 Days
According to CryptoSlam, Pudgy Penguins NFT sales fell by 72% over the last 30 days, reaching $8.15 million. This has shifted the project to the 10th spot in NFT collection rankings by sales volume, signifying a notable fall from its previous positions.
Token Activity Remains High Despite Price Weakness
Despite the price drop to $0.005923, trading activity remains strong. Over the past day, trading volume fell by 8.13% to $41.25 million, and the market capitalization stands at $372.36 million.
Indicators Suggest Possible Rebound
Technical indicators like the RSI and MACD suggest a potential trend reversal. The Relative Strength Index value of 39.44 indicates growing market momentum. The MACD line is moving toward the signal line, which might signal an upcoming trend change.
Despite the declining interest in the Pudgy Penguins NFT collection, technical indicators show the potential for a short-term price rebound of the $PENGU.
