The Pudgy Penguins token price surged as its NFT sales increased by nearly 70%.
Success of Pudgy Penguins Sales
According to CryptoSlam, Pudgy Penguins' sales rose by 68% on January 5, making them the second-best performing NFTs after Guild of Guardians Heroes. The number of transactions increased by 85%, reaching 13. The total sales of the NFT project exceeded $545 million. Over the last 30 days, sales jumped by 261% to $104 million, possibly due to the PENGU airdrop on December 17.
PENGU Price Chart Analysis
The two-hour chart shows that PENGU has been in a steady uptrend after reaching a bottom of $0.02286 in December. It broke the key resistance level at $0.04080, creating new highs. Currently, resistance at $0.0433 has formed a double-top pattern, indicating a potential risk of trend reversal.
Prospects and Risks
It remains unclear whether the upward momentum for Pudgy Penguins will continue. Sales have dropped over the past seven days, and examples from other popular collections like Bored Ape Yacht Club suggest a possible decline in interest. However, if PENGU moves above the resistance at $0.043, it could reach its all-time high of $0.046.
The Pudgy Penguins token has seen significant growth and activity in the NFT market, though risks of trend reversal remain.
