The PENGU token, as the official currency of the Pudgy Penguins NFT series, has recently performed impressively, reaching a market capitalization of $2.2 billion, with trading volume soaring by 161% within 24 hours. This astonishing growth, especially with the PENGU token rising 602% within a month, has attracted a lot of investor attention, making market sentiment more positive.
Bithumb listing boosts exposure, driving market capitalization soaring
The rapid growth of the PENGU token is inseparable from its recent listing on Bithumb, one of the largest cryptocurrency exchanges in Korea. Bithumb's support has brought more exposure opportunities for the PENGU token, helping its market capitalization quickly rise to $2.2 billion. Reportedly, PENGU's 24-hour trading volume reached $1.54 billion, an increase of 161% compared to the previous day. This growth reflects the strong market demand for the PENGU token.
Despite facing some selling pressure in the early stages of the token's listing, the PENGU token has shown strong rebound capability, breaking through the historical high of $0.06989 and quickly stabilizing around $0.03745. This trend clearly indicates that investor confidence is gradually recovering and strengthening.
Airdrops and whale activities drive continuous price increases
Behind the rise of the PENGU token, airdrops and whale activities play a key role. On December 24, 2024, the price of the PENGU token rose again by 24%, 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, significantly contributing to the price increase.
According to a report by the crypto analysis company Lookonchain, a whale made a profit of $8.4 million in just 20 minutes of trading by taking advantage of the fluctuations of the PENGU token. Clearly, such whale activities have a positive impact on the market.
Even more exciting, Bithumb plans to continue driving the growth of the PENGU token. The platform announced it will airdrop 88,888,888 tokens to PENGU traders. The airdrop is expected to be distributed on January 9, 2024, and users who trade before December 25, 2024, can participate.
PENGU price trend — Break resistance or welcome a new round of increases
Although the PENGU token has performed strongly recently, it still faces some technical challenges. In particular, early airdrop recipients may continue to face selling pressure, leading to a price correction. Nevertheless, the 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 this resistance, the token price may see a larger increase. Analysts view the psychological level of $0.04 as the next milestone, and breaking through it could bring further price upside.
The booming market of the PENGU token showcases the vitality of the cryptocurrency market, especially driven by its listing on Bithumb and the strong sales of the Pudgy Penguins NFT series, making PENGU's price performance exhilarating. With more airdrop activities ongoing, the future of the PENGU token may look even brighter.
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