Pudgy Penguins (PENGU) launched on the Solana blockchain marking a major milestone as it surged to the top spot, replacing BONK as the largest memecoin on the network. With a massive $1.5 billion in trading volume, PENGU is up 9.5% in the past 24 hours and 22% in the past seven days.
According to data from CoinGecko, PENGU is ranked as the 59th largest cryptocurrency on the site and is trading at $0.03909 at press time after hitting an intraday high of $0.0431. However, the meme is still down 31.8% from its all-time high of $0.05738, which was recorded just nine days ago.
While PENGU has reached higher levels, BONK could not keep up, only increasing about 6% in the past week and trading at $0.00003291. With a market capitalization of $2.4 billion, BONK is just one more price level away from reclaiming the top meme coin position on Solana, as PENGU has a market capitalization of $2.5 billion.
Recently, PENGU conducted an airdrop distributing the meme coin to 7 million eligible addresses. After that, users had only 88 days to claim 23.5% of the 88 billion tokens or 20.6 billion coins allocated for the airdrop.
It is important to note that BONK has been part of this year's meme coin rally, after Pump.fun launched on the Solana blockchain, pushing dogwifhat (WIF) and other SOL-related tokens higher.
Will PENGU continue to rise?
Since the PENGU token is still quite new, the future of this altcoin is quite uncertain. The surge in asset valuation may be followed by a correction phase. Interestingly, the Relative Strength Index (RSI) on the 4-hour chart below reads 59.91, indicating that buyers are still in control, although the slope suggests that lower prices may occur.
The MACD indicator remains optimistic with the MACD line (green) continuing to move above the signal line (red). Moreover, the MACD chart is also optimistic. If the broader market maintains bullish momentum, investors can expect PENGU to retest the $0.05 level in the future.