- PENGU has change into the most important meme coin on the SOL blockchain, toppling BONK.
- With a market capitalization of $2.5 billion, PENGU's 24-hour buying and selling quantity is $1.5 billion.
- The meme coin has surged over 22% over the previous week and 10% over the previous 24 hours.
Pudgy Penguins (PENGU) launched on the Solana blockchain marked a milestone by climbing to the highest, changing BONK because the community's largest memecoin. With a large buying and selling quantity of $1.5 billion, PENGU is up 9.5% within the final 24 hours and 22% within the final seven days.
Based on knowledge from CoinGecko, PENGU is ranked because the 59th largest digital forex on the web site and is buying and selling at $0.03909 at press time after hitting a each day excessive of $0.0431. Nevertheless, the meme coin remains to be down 31.8% from its all-time excessive of $0.05738, recorded simply 9 days in the past.
Whereas PENGU has posted increased highs, BONK has did not comply with an identical trajectory, rising round 6% previously week and buying and selling at $0.00003291. With a market dimension of $2.4 billion, BONK is only one value away from regaining its place as the highest coin on Solana, as PENGU has a market cap of $2.5 billion.
Just lately, PENGU carried out an airdrop that distributed the meme coin to 7 million eligible addresses. Following this, customers have solely 88 days to assert the 23.5% of the 88 billion tokens or 20.6 billion cash reserved for the airdrop.
Importantly, BONK was a part of this yr's meme coin rally, following the launch of Pump.enjoyable on the Solana blockchain, pushing dogwifhat (WIF) and different SOL-associated tokens increased.
Will PENGU fly additional?
Because the PENGU token is comparatively new, the way forward for the altcoin is sort of unsure. The meteoric rise in asset valuation may very well be adopted by a correctional section. Curiously, the Relative Energy Index (RSI) on the 4-hour chart beneath is studying 59.91, indicating that patrons are nonetheless in management, though the gradient means that decrease costs are doable .
The MACD indicator stays bullish because the MACD line (blue) continues to maneuver above the sign line (pink). Moreover, the MACD histogram can also be bullish. If the broader market maintains its bullish momentum, traders can count on PENGU to retest $0.05 sooner or later.
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