Key points
- PENGU rose 20% in the past 24 hours, making it the top performer among the top 50 cryptocurrencies.
- The coin could continue climbing and challenge its seven‑month high, potentially surpassing its previous all‑time high.
Rising NFT sales propel PENGU higher
PENGU, the native token of the Pudgy Penguins ecosystem, has emerged as the best‑performing token among the top 50 cryptocurrencies. The token’s price increased by about 20% over the last 24 hours and has gained nearly 45% over the past seven days.
This surge coincides with stronger NFT market activity. Sales of the NFT collection reached $9.65 million last week, and the floor price rose from $10 to $16.88. At the same time, large holders have been accumulating tokens in anticipation of further gains.
Whales have amassed more than 200 million PENGU tokens since the start of the month, a behavior that helped support the recent price advance. Trading volume for PENGU has also spiked, climbing roughly 230% over the past three weeks. On‑balance volume indicators point to persistent buying pressure in the market.
PENGU could test its all‑time high of $0.05738
The PENGU/USD 4‑hour chart shows a bullish picture after the meme token gained roughly 40% over the last seven days. Technical indicators are also signaling strength, with buyers in control of price action.
The MACD line sits in positive territory and the RSI reads about 81, both suggesting a bullish bias for PENGU at present. At the time of writing, PENGU trades around $0.04503.
If bullish momentum continues, PENGU could break the near‑term resistance at $0.047 within hours. The token is only about 22% below its all‑time high, and continued demand from buyers could push the price toward a new ATH.
That said, meme tokens often experience pullbacks after extended rallies. A corrective phase could send PENGU back to its initial major support near $0.036 for a retest. The PENGU/USD 4‑hour chart still shows inefficiencies, and if a prolonged bearish period sets in, the token could fall further toward the EPA level near $0.03372.