Look! The PENGU token has skyrocketed by 602% in just one month due to airdrop news!
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As the official token of the Pudgy Penguins NFT series, the value of the PENGU token has surged by 602% in just one month, reaching $0.03531, and has increased by 13% within 24 hours. This expected rise occurred after the highly anticipated airdrop of the chubby penguin token, attracting the attention of traders and investors.
Bithumb helps to list and promote PENGU growth
One of the key factors in PENGU's rise is its recent listing on Bithumb, Korea's top cryptocurrency exchange. This greatly enhanced the token's visibility and propelled its market capitalization to $2.2 billion. Currently, PENGU's 24-hour trading volume has reached $1.54 billion, an increase of 161% from the previous day.
Despite experiencing some selling pressure early on, PENGU quickly rebounded, reaching a historic high of $0.06989, and stabilizing around $0.03745. This rebound clearly reflects an increase in investor confidence.
Airdrop and whale activity continue to push forward
On December 24, 2024, as Pudgy Penguins NFT sales soared by 40% to $1.38 million, PENGU rose again by 24%. At the same time, large whales continued to accumulate PENGU tokens, further driving up the price.
According to a report by cryptocurrency analytics firm Lookonchain, one whale made a profit of $8.4 million in just 20 minutes by trading PENGU.
Additionally, to support this upward trend, Bithumb plans to conduct an airdrop for PENGU traders, with airdrop amounting to 88,888,888 tokens, scheduled to be distributed on January 9, 2024, provided participants trade tokens before December 25, 2024.
PENGU price analysis
Although PENGU has performed strongly, it still faces some resistance, especially from the selling pressure of early airdrop recipients. The current price is down nearly 44% from its historical peak, but the overall trend remains positive.
Analysts state that PENGU is approaching a key resistance level, and if it successfully breaks through, it may continue to rise. The market generally views $0.04 as the next psychological barrier and considers it a potential breakout point.
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