The solana-based meme coin PENGU (from Pudgy Penguins) went beyond its previous high and traded at a new all-time high (ATH) of $0.0455. The rally was fueled by the highest trading volume on the South Korean Upbit exchange, where PENGU volume was even higher than Dogecoin for a short time.
Source: X Handle
The PENGU token has surged by over 20% in the last 24 hours, with a significant buying volume from the whales and a sharp increase in the open interest – from $426 million to $657 million in only two days. The surge also reflects growing speculative interest in a spot PENGU ETF, which was recently submitted to the U.S. Securities and Exchange Commission.
Along with the Pudgy Penguins NFT ecosystem, the floor price of NFTs has risen from about 9 ETH to over 16 ETH on the fourth anniversary of the project, which has driven the community’s optimism. The advancement of PENGU has overturned BONK in an effort to regain the position of the leading meme token of Solana.
Technical Indicators Signal Bullish Bias
In the 4-hour chart, PENGU escaping a descending trendline and trading above its 21-period EMA are typically signs of buying energy. The Chaikin Money Flow indicator is at +0.10, which means a steady inflow of funds. Still, there is resistance at the previous rejection of $0.0436. If it does not have strong support, the price may go down a little.
Analysts suggest that $0.052 is a realistic goal provided that there is continuous buying and that the mood remains positive. A bearish scenario may arise if PENGU breaks the $0.040 support level, which would then allow a deeper correction toward $0.029.
The rally follows a series of signs of a memecoin rebound, which prompted PENGU to catch fresh interest. PENGU is benefiting from the combination of increasing volumes, ETF rumors, and community enthusiasm, so it looks like it will be the next memecoin to take off.
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