The Pudgy Penguins project has had a massive rally over the past week, stealing the spotlight in both the non-fungible token (NFT) and memecoin sectors. Amid its recent performance, some analysts suggest that the token is preparing for a 140% run to new highs.
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Pudgy Penguins Catch NFT And Memecoin Rally
On Monday, Pudgy Penguins (PENGU) became one of the leading memecoins after surging nearly 20% in the past 24 hours. The Solana-based token saw its price climb from the $0.031 mark to a six-month high of $0.040 before retracing to the $0.036 area.
Pudgy Penguins is one of the largest NFT collections, with a market capitalization of 143,897 ETH. It consists of 8,888 unique cartoons of cute penguins and sits behind CryptoPunks as the second-largest NFT collection.
In December, the Pudgy Penguins project launched its official token, PENGU, on the Solana Blockchain, gathering massive attention during the Q4 2024 rally.
The memecoin flipped tokens like dogwifhat (WIF) and BONK, momentarily becoming the largest Solana memecoin by market cap and the fourth-largest memecoin by this metric, just behind Dogecoin, Shiba Inu, and PEPE.
During the recent crypto market performance, PENGU has significantly recovered from its April all-time low (ATL) of $0.003, which represented a 95% decline from its December all-time high (ATH) of $0.068.
Over the past week, the token has reclaimed crucial levels after breaking out of its multi-month downtrend and rallied around 30%, surpassing the daily and weekly performances of SHIB and PEPE.
Pudgy Penguins NFT collection also soared in the past 24 hours, with a 290% increase in trading volume, driven by the recent interest in the sector. The collection’s 16% daily surge saw its floor price rise to 16.19 ETH, or $60,242, by Monday afternoon.
Notably, the NFT market cap reached its highest level since January after jumping 17% on Sunday from $5.1 billion to $6 billion, according to CoinGecko data. A recent report noted that NFT sales increased by 78% in Q2, while the number of traders increased 20% from Q1, suggesting renewed interest in the sector.
PENGU Eyes 140% Surge
Crypto analyst Sjuul from AltCryptoGems noted that the Solana memecoin has been showing positive signs of strength since late June, when it broke out of a textbook multi-month Cup and Handle pattern.
Since then, the token has smashed past the pattern’s neckline, around the $0.018 mark, and reclaimed the $0.020 resistance as support, which…
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