Key Insights
- PENGU clinches the top spots among memecoins by market cap across the world.
- PENGU price could be on its way to a new ATH.
- Exchanges jump onto the PENGU hype.
Pudgy Penguins (PENGU) evolved from an NFT project into a memecoin, generating notable buzz. Over time, it gained broader recognition within the crypto community.
A recent upswing followed news of the U.S. SEC acknowledging Canary’s proposed PENGU ETF. This development may have added legitimacy and fueled investor interest in the token.
Apart from this acknowledgment, the memecoin was driven by other factors. These factors include price structure, exchange calls, and its position among Solana memes. That said, what’s more about these PENGU metrics?
PENGU Clinches 2nd Spot Among Solana Memecoins
After the news of ETF, PENGU continued to make waves regarding gains, which extended to this week. PENGU price had gained about 20% in the last 24 hours as of press time. It is leading the charge against all other Solana-based memecoins.
With these gains, PENGU came second in market cap among all Solana meme coins. This could be an assurance of a strong community. Apart from that, the memecoin cemented its spot after being the 5th largest among all memecoins worldwide.
For a memecoin to succeed, it depends mainly on the community, which PENGU has even. In this case, it partially stems from even sales of PENGU-themed products in US stores.
PENGU’s second position among Solana memecoins puts it at a competitive level. This could thrill more participants. Alternatively, the hype could fade if, for instance, the ETF is rejected or PENGU topples out of this position.
Apart from its position among top-capped memecoins, PENGU was seeing a promising price chart.
How High Can PENGU Price Jump?
The analysis reflected a bullish sentiment overall. This outlook was supported by analysts’ observations of the recent PENGU price movement. The token’s price action was trading in a range at the top of its hourly movement.
The Altcoin Sherpa predicted that the memecoin was undergoing a leg up in his opinion. He embarked on the strength of the move given underlying market conditions, as most were chopping or in pullbacks.
Through his page on X, formerly Twitter, Altcoin Sherpa wrote,
Sherpa’s prediction suggests a bullish outlook for PENGU. The chart revealed a consistent pattern of higher lows. This momentum indicates growing strength. Key price zones highlighted were $0.0205, $0.0239, $0.0275, and $0.0310.
PEPE price action had breached the $0.0310 level but had yet to confirm a stay above the level. A break above this zone was expected as the chart outlook dictated. Meanwhile, as usual for retracements, the most likely scenario is a range before a pop.
The bulls and bears have already started a fight at the $0.03 zone but its uncertain who will emerge victorious. However, more analysis points to a bullish bias as key market participants seem to be on the move.
Exchanges Jump on PENGU Hype
As noted by top analyst, Ali Charts, top exchanges were jumping on the PENGU wave. Coinbase, the largest exchange in the U.S, like Moonpay, switched their display photos to mimic PENGU.
This is usually a hint that exchanges are trading the asset, but it could also be used to lure gullible traders. This is happening at times when big players are looking to cash out.
That said, it is advisable to execute with calculated risk as trust and belief are expensive in trading. They cost money.
Putting that aside and embracing its optimistic side, PENGU looks destined for higher prices. This is done by combining all these, assuming the inherent unpredictability of the markets does play a part.
These are forces of events, like war or the ETF not going through. They would induce a negative sentiment across the traders of the memecoin, reducing liquidity. This would potentially kill the hype.
