Hey there, I have exciting news for you about the latest developments in the cryptocurrency world! A new meme coin called Pudgy Penguins’ PENGU has taken over the Solana ecosystem, surpassing Bonk (BONK) to become the largest meme coin with a staggering market cap of $2.65 billion! This impressive feat comes after a massive rally that started on Christmas Eve, with the token gaining over 30% in just 24 hours. But wait, there’s more! The entire Solana meme coin market has seen exponential growth recently, with its total valuation increasing to a massive $18.2 billion – a whopping 10.3% increase over the last day alone. And leading this charge is none other than our very own PENGU, which posted an 11.2% jump in the past 24 hours and a mind-blowing 22.3% rise in the last seven days. Now, here’s where things get interesting – the story behind this meteoric rise isn’t without controversy. The launch of PENGU led to a significant drop in the floor prices of the Pudgy Penguins NFT collection, plunging by more than 50%. While this may seem like bad news, it’s important to remember that this dip was primarily due to the perceived loss of exclusivity associated with the NFTs. After all, the introduction of PENGU made investing in the collection much more accessible, thereby diluting its value proposition. Despite this initial turbulence, PENGU has continued to soar, reaching a record high of $0.0684 shortly after its launch. However, it quickly dropped to a record low of $0.0114 before stabilizing around the $0.038-$0.0231 range over the next few days. But since December 23rd, it’s been making steady progress, hitting a high of $0.0417 on Boxing Day – quite an impressive feat indeed! Meanwhile, the previously reigning king of Solana meme coins – BONK – has shown more modest improvements in its price over the last week, with a 6.9% increase in that period alone. Furthermore, over the course of two weeks, it’s seen a 17% decline in value, followed by yet another 23% drop-off over the past month. As a result, its current market cap stands at just over $2.5 billion – a far cry from PENGU’s staggering $2.62 billion. But the competition doesn’t stop here! Other meme tokens like dogwifhat (WIF) and Fartcoin (FARTCOIN) are also vying for investor attention. While WIF managed to reach an all-time high of $1.02 on Christmas Eve, pushing its overall worth beyond the $1 billion mark, it’s faced a slight decline since then, with a current price of around $0.986. Similarly, Fartcoin experienced significant gains during this timeframe, reaching a one-week high of 13.1% and briefly touching the $1 billion mark itself. However, since December 25th, it too has faced some turbulence, posting a 15% drop in price and settling around $0.986 per unit at present. So, there you have it – the latest updates on the exciting world of meme coins and their ongoing battle for dominance in the cryptocurrency landscape. With so much happening, one thing’s for sure: the future of digital currencies looks anything but boring!
Source: Cryptopotato.com
The post Newly Launched Pudgy Penguins’ Meme Coin PENGU Surpasses Bonk (BONK), Claims Top Spot in Solana Ecosystem appeared first on CoinBuzzFeed.
