PENGU continued its rally for the second day, after securing a listing on South Korean crypto exchange Upbit.
According to data from crypto.news, Pudgy Penguins (PENGU) over 23% to hit an intraday high of $0.015 on May 9, marking a 300% gain from its monthly low. Meanwhile, its 24-hour trading volume surged nearly 100% to $500 million.
The token’s market cap is now sitting at $972 million, inching just $28 million shy of the $1 billion milestone.
The key catalyst behind today’s move was Upbit, a tier-1 South Korea-based crypto exchange, which listed PENGU on its spot trading platform.
Activity in PENGU’s derivatives market spiked after the Bithumb announcement broke. Data from CoinGlass shows that open interest in PENGU futures spiked 30% over the past 24 hours, reaching nearly $136 million.
Further, data shows that Pudgy Penguins’ NFT sales are also soaring. According to data from Crypto Slam, NFT sales spiked 360% in the past 24 hours, raking in $617,081 while making Pudgy Penguins the 8th most popular NFT collection globally at the time of writing. Transaction activity also climbed, with sales counts jumping 200% to 24 and buyers up 320% to 21.
PENGU’s rally has also been supported by growing hype around Solana meme coins. The entire Solana meme coin sector surged 28.7% in market capitalization over the past day, to over $12.1 billion.
This broader surge in meme coins has been largely driven by Bitcoin’s breakout above $100,000, marking its first time crossing that milestone since February, which has reignited bullish sentiment across the crypto market.
PENGU price analysis
Looking at the charts, PENGU has broken out of a descending parallel channel pattern on the 4-hour/USDT chart, a move that’s typically seen as a bullish reversal signal in technical analysis.
Momentum indicators back up the breakout. The Aroon Up sits high at 92.86% while the Aroon Down is down at 28.57%, signaling that buyers are clearly in control right now.
Adding to the bullish setup, the Supertrend indicator has flipped green, reinforcing the positive momentum.
With these signals aligning, PENGU could be setting its sights on the next big hurdle: the psychological resistance level at $0.021, a price it’s struggled to break since February.
If bulls can push it past that level, the next stop could be around $0.022, a key support-turned-resistance from earlier in January.
At press time, PENGU had pared some of its earlier gains and was trading at $0.014 per coin. Such volatility is expected as the hype around major developments fades, with the market often pricing them in ahead of their actual occurrence.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
