Introduction to PENGU’s Growth
The PENGU token, representing the official currency of the Pudgy Penguins NFT collection, has captured the attention of the crypto community with its astonishing growth. Over the past month, the token has experienced a significant surge, appreciating by 602% to reach a value of $0.03531. Notably, within the last 24 hours alone, it climbed by 13%, showcasing the immense interest and activity surrounding this digital asset.
Bithumb Listing Fuels PENGU’s Growth
A pivotal factor contributing to PENGU’s rapid ascent is its recent inclusion on Bithumb, a leading cryptocurrency exchange in South Korea. This strategic listing has significantly amplified the token’s visibility, propelling its market capitalization to an impressive $2.2 billion. Additionally, the 24-hour trading volume soared to $1.54 billion, marking a remarkable 161% increase from the day before. Despite initial selling pressures, PENGU rebounded robustly, peaking at an all-time high of $0.06989 before stabilizing at approximately $0.03745. This remarkable trajectory underscores a growing sense of investor confidence in the token’s potential.
Airdrop and Whale Activity Continues
On December 24, 2024, PENGU experienced another uplift, with its value increasing by 24% following a 40% surge in Pudgy Penguins NFT sales, which totaled $1.38 million. The token has also attracted the attention of large investors, commonly referred to as “whales,” who have been accumulating PENGU tokens, further driving up the price. A notable instance reported by crypto analytics firm Lookonchain highlighted a whale securing an astounding $8.4 million in profits within just 20 minutes through PENGU trading.
To maintain its upward momentum, Bithumb has announced an upcoming airdrop aimed at PENGU traders, distributing 88,888,888 tokens to participants who traded before December 25, 2024. This airdrop is scheduled for distribution on January 9, 2024, serving as an enticing incentive for continued engagement with the token.
PENGU Price Analysis
While PENGU’s bullish trend remains evident, the token is encountering resistance, primarily due to ongoing selling pressure from early airdrop recipients. Despite experiencing a 44% decline from its peak, PENGU continues to maintain a positive trajectory. Critical indicators suggest that the token is nearing significant resistance levels, and should it surpass these barriers, further gains could be realized. Analysts are closely monitoring the psychological milestone of $0.04 as the next potential target for PENGU’s valuation.
