PENGU token, as the official currency of the Pudgy Penguins NFT series, has recently performed impressively, with its market cap once reaching $2.2 billion and trading volume soaring 161% within 24 hours. This astonishing growth, especially with PENGU token increasing 602% within a month, has attracted significant attention from investors, leading to a more positive market sentiment.
Listing on Bithumb boosts exposure, driving market cap soaring
The rapid growth of PENGU token is inseparable from its recent listing on Bithumb, one of South Korea's largest cryptocurrency exchanges. Bithumb's support has brought more exposure opportunities for PENGU token, helping its market cap quickly climb to $2.2 billion. Reportedly, PENGU's 24-hour trading volume reached $1.54 billion, marking a 161% increase compared to the previous day. This growth reflects strong market demand for PENGU token.
Although the token faced some selling pressure in the early days of listing, PENGU token has shown strong rebound ability, breaking through the historical high of $0.06989 and quickly stabilizing near $0.03745. This trend clearly indicates that investor confidence is gradually recovering and strengthening.
Airdrops and whale activities are driving the continuous price increase
Behind the rise of PENGU token, airdrops and whale activities are playing a crucial role. On December 24, 2024, the price of PENGU token rose again by 24%, which is closely related to the 40% increase in sales of the Pudgy Penguins NFT series to $1.38 million. Meanwhile, large whales are continuously accumulating PENGU tokens, playing an important role in driving up its price.
According to a report from crypto analytics company Lookonchain, a whale made a profit of $8.4 million from the fluctuations of PENGU token within just 20 minutes of trading. Clearly, this whale activity has had a positive impact on the market.
Even more exciting, Bithumb plans to continue driving the growth of PENGU token. The platform announced that it will airdrop 88,888,888 tokens to PENGU traders. The airdrop is expected to take place on January 9, 2024, and users who trade before December 25, 2024, can participate.
PENGU price trend - Breakthrough resistance or usher in a new round of increases
Despite the strong recent performance of PENGU token, it still faces some technical challenges. In particular, early airdrop recipients may continue to face selling pressure, leading to price corrections. Nonetheless, PENGU token maintains a positive upward trend, with the current price down about 44% from its historical high, but the market remains optimistic.
Currently, PENGU is approaching a key technical resistance level, and if it breaks through this resistance, the token price may experience a larger increase. Analysts view the psychological threshold of $0.04 as the next milestone, and breaking through it may create further price increase potential.
The booming market of PENGU token demonstrates the vitality of the cryptocurrency market, especially driven by its listing on Bithumb and strong sales of the Pudgy Penguins NFT series, making PENGU's price performance exciting. With more airdrop activities underway, the future of PENGU token may be even brighter.
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