The Pudgy Penguins token has recorded a significant surge, reaching its highest level since February, fueled by rising NFT sales and a broader market uptick in meme tokens.
Pudgy Penguins Token Price Surge
The price of Pudgy Penguins (PENGU) has soared to $0.010, which is over 167% higher than its lowest level this month. This increase came in a high-volume trading environment, with 24-hour trading volume rising by 500% to $372 million. Its market cap has also climbed to $576 million.
Increase in NFT Sales
Pudgy Penguins’ NFT sales have significantly surged, rising by 400% in the past 24 hours to $436,000, making it the fourth most popular collection behind DMarket, Panini America, and Guild of Guardians Heroes. The number of transactions involving Pudgy Penguins increased by 380% to 24, while buyers grew by 400% to 15.
PENGU Price Analysis
The four-hour chart shows that the PENGU price has been in a strong bullish trend this week, reaching a two-month high of $0.010, coinciding with the 78.60% Fibonacci Retracement level. The token remains above the key resistance level at $0.0075, its highest level on March 20. However, the coin has become extremely overbought, with the Relative Strength Index (RSI) jumping above 80, indicating a potential pullback to the support level at $0.0075, after which the bullish trend could resume.
Despite the current surge in the Pudgy Penguins token and NFT sales, the long-term outlook remains uncertain as sales have dropped by 11% over the past 30 days to $6.76 million.
