The PENGU token, the official currency of the Pudgy Penguins NFT collection, has seen a huge increase in value. In just one month, it surged by 602%, reaching $0.03531, with a 13% rise in just the last 24 hours. This big jump follows the highly awaited airdrop of the Pudgy Penguins token, which has drawn lots of attention from traders and investors.
Bithumb Listing Fuels PENGU’s Growth
A key reason behind PENGU’s rise is its recent listing on Bithumb, one of South Korea’s top crypto exchanges. This has given the token even more exposure, helping its market cap grow to $2.2 billion. Perhaps the token’s 24-hour trading volume reached $1.54 billion, which is a 161% increase from the previous day.
Although the token saw some early selling pressure, it quickly rebounded, hitting an all-time high of $0.06989 before settling around $0.03745. This surge is a clear reflection of growing investor confidence.
Airdrop and Whale Activity Continues
On December 24, 2024, PENGU saw another boost, rising 24% after Pudgy Penguins NFT sales jumped by 40%, reaching $1.38 million. Large whales have also been accumulating more PENGU tokens, helping to push the price higher.
Recently, crypto analytics firm Lookonchain reported that one whale made a massive $8.4 million in profits in just 20 minutes by trading PENGU.
Meanwhile, to keep the momentum going, Bithumb is planning an airdrop for PENGU traders, offering 88,888,888 tokens to those who traded the tokens before December 25, 2024. The airdrop will be distributed on January 9, 2024.
PENGU Price Analysis
Despite its bullish movement, PENGU is facing some resistance, particularly with the continued selling pressure from early airdrop recipients. The token has dropped almost 44% from its all-time high but is still maintaining a positive trend.
Key indicators show that PENGU is approaching critical resistance levels, and if it breaks through, it could see further gains, with analysts eyeing the psychological $0.04 level as the next milestone.
