Pudgy Penguins (PENGU) has become an unusual exception in the crypto space that has gone sideways and is indecisive. The meme token has registered an impressive 50% appreciation over the last week, with a further 8% appreciation over the last 24 hours.
That strong pricing has even caught the attention of traders and NFT enthusiasts. As of now, PENGU is being exchanged for $0.01470 against a market capitalization of $924.67 million.
Its 24-hour volume has registered a decline of 14% to $554.9 million. Despite this decline in volume, optimism for the token remains strong, mainly due to fresh interest in the token NFT community.
PENGU Token Gains Momentum With NFT Growth
One of PENGU’s key momentum drivers has been an uptick of fresh interest in its parent Pudgy Penguins NFT protocol. CryptoSlam data revealed a 38% increase in NFT volumes that collectively earned a total of $1.5 million in volumes last week.
The spike has caused a crucial shift in market attention to the protocol. Additionally, volumes of transactions expanded 36%, buyers expanded 48%, and sellers expanded 32%.
Strong participation in the base demonstrates that trust in the brand of the token expanded considerably to make it the 10th most traded NFT series during this period. It fell behind bluechip projects like CryptoPunks and Gods Unchained but outpaced a few others in their industry.
Bullish Momentum Points Toward $0.025 Resistance
Cryptanalyst Honey explained that PENGU has been one of the most stable and profitable tokens to hold in recent months, especially when pitted against other alts that have not been able to maintain their prices.
Honey explained that even with most of the altcoin space being in a downtrend, the token has consistently registered gains, a sign of strength and relative leadership in the market.
The analyst also commented that it’s a favored strategy to maintain winning trades like tokens in these market circumstances and hoped that the token would bounce back toward the $0.025 resistance point in the coming days if bullish momentum continues.
That argument accompanies growing support among technical traders and community members in hopes of seeing additional potential for an upward move.
While lower trading volume can suggest a short-term correction, the token’s fundamental strengths of brand value, meme factor, and high sentiment of the community are intact.
Source: https://www.tronweekly.com/
