Pudgy Penguins Token Surges as NFT Sales and Investor Interest Rise
Pudgy Penguins (PENGU) token has seen a critically important price increase recently. It reached $0.01450 on June 28, marking its highest level as May 23. This surge represents a 52% jump from its lowest point last week and a 232% increase from its lowest point this year.
The token’s rise coincides with a sign of growing investor interest.
whales and public figures have also been buying PENGU tokens, holding 1.89 billion tokens, a 13% increase over the past month. This suggests they expect the price to continue rising. The supply of PENGU tokens has dropped to 14.7 billion, down from 15.6 billion on June 12. A decrease in exchange reserves is bullish for the asset, indicating investors are holding onto their tokens rather than selling.
Technical analysis shows the PENGU price has moved above the 25-period Exponential Moving Average. The Percentage Price Oscillator is above the zero line, indicating momentum. Bulls are targeting the next key resistance level at $0.01742. A drop below $0.100 would invalidate the bullish outlook.
Third-party data from CryptoSlam shows that Pudgy Penguins’ NFT sales have increased by 38% to $1.5 million in the past seven days. There were 68 transactions, up 36% from the previous week. The number of buyers and sellers rose by 48% and 32%, respectively.
Despite ranking tenth in popularity, Pudgy Penguins faces competition from collections like CryptoPunks and PGNFT. Monthly sales decreased by 33% to $5.6 million, but the all-time volume remains over $636 million.
Whales and public figures have been buying during the recent dip, with whales holding 1.89 billion tokens, a 13% monthly increase. This suggests they expect the price to continue rising. The token supply has also dropped to 14.7 billion, down from 15.6 billion on June 12, which is bullish for the asset.
Technical analysis indicates that the PENGU price has moved above the 25-period Exponential Moving Average.The Percentage Price Oscillator is above the zero line,signaling momentum. Bulls are targeting the next key resistance level at $0.01742. A drop below $0.100 would invalidate the bullish forecast.
