Pudgy Penguins ($PENGU ) was launched this month and has already become the meme coin with the highest market capitalization on the Solana blockchain. This has propelled it into trending altcoins. Its current market capitalization is $2.54 billion, surpassing Bonk (BONK) and Dogwifhat (WIF). This surge occurred due to divergent price dynamics. While WIF and BONK dropped by 6%, the price of PENGU increased by 15.70% over the last 24 hours.

On the 4-hour chart, bulls are defending support at the level of $0.037. If they succeed, the value of the altcoin could rise above $0.43 in the near future. However, if bears push the price below this support, this may not happen. Instead, PENGU could decline to $0.029. $SOL $XRP