PENGU Surges 26% to Become 58th Largest Crypto Asset

PENGU, the utility token of the Pudgy Penguins ecosystem, has experienced a significant surge in value, rising approximately 26% over the last 48 hours. This increase has propelled its market capitalization to $2.8 billion, surpassing Optimism’s OP token to become the 58th largest crypto asset by market value, according to CoinGecko data.

Rumors of Pudgy Penguins x Pokémon Collaboration Fuel Rally

The rally is attributed to rumors circulating about a potential partnership between Pudgy Penguins and Pokémon, a globally recognized entertainment franchise. If true, this collaboration could boost Pudgy Penguins’ visibility, attracting a wider audience and driving increased interest and activity in the PENGU market.

Skepticism Surrounds Rumors

However, some users are skeptical about these speculations, suggesting they could be attempts to influence market sentiment. Pudgy Penguins have yet to comment on the rumors, leaving the community to speculate about the potential partnership.

PENGU’s Volatile History

PENGU launched in December with a $2.3 billion market cap and secured immediate listings on Binance, OKX, and Bybit. The token’s value initially reached $0.068 before dropping to $0.031 following its airdrop to Pudgy Penguins NFT holders, marking a more than 50% decline. This decrease was accompanied by a substantial fall in Pudgy Penguin’s NFT prices, with the collection’s floor price dropping from 33 ETH to 16 ETH.

Recent Recovery

However, the floor price has recently recovered, rising 30% in the past seven days to 23.85 ETH ($86,000), according to CoinGecko. This recovery has helped the NFT collection overtake Bored Ape Yacht Club, making it the second-largest NFT collection by market cap, trailing only CryptoPunks.

Conclusion

In conclusion, PENGU’s recent surge has propelled it to become the 58th largest crypto asset by market value. While rumors of a potential partnership with Pokémon have fueled the rally, skepticism surrounds these speculations. As the community awaits confirmation from Pudgy Penguins, the token’s volatile history serves as a reminder of the risks and uncertainties associated with the cryptocurrency market.

Source: Cryptobriefing.com

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