PENGU Token Price Defies Crypto Market Slump to Rise 400%

Summary:
• PENGU token price has grown over four-fold in a week after an initial slump, and its fundamentals signal room for more growth.

NFT-inspired token, PENGU, has gone against the grain in recent days, staying on the ascending lane when the broader crypto market is on a slump. PENGU price has risen by 435% in the last week after a hit debut listing on Binance. In contrast, the wider crypto market has lost about $500 billion in the same time frame.

PENGU looks likely to continue with its upside in the near-term, as it was up by 4.6% at the time of writing to trade at $0.0270. This is significant, as PENGU’s rise comes at a time when meme coins have struggled to find traction amid Bitcoin and altcoin dominance.

What is PENGU and why is it trending?

PENGU is the native token of Pudgy Penguins, an NFT project launched on the Ethereum blockchain in 2021. The token itself was launched on the Solana blockchain six days ago, with a fully diluted valuation of $4.4 billion. Binance initially made a costly error that placed the token’s market cap at $350 million but acted fast and compensated the affected customers via an airdrop.

Pudgy Penguins are a collection of 8,888 unique penguin-themed NTFs. The $PENGU token powers the ecosystem by facilitating transactions within and across the Solana and Ethereum blockchains. Ultimately, the projects intends to enhance PENGU’s utility to include DeFi funding, gaming, e-commerce and metaverse.

At the height of the NFT mania, the collection was worth 36.3 ETH. However, the slump in the NFT market performance drove the price to 0.36 ETH at some point. Nonetheless, the PENGU token has provided a pathway to resuscitation, modeled around Bored Ape Yacht Club (BAYC) and its Apecoin token.

According to the project’s founders, Igloo the decision to launch on Solana was informed by Solana’s explosive growth and the need to reach a new ecosystem of users outside the Ethereum chain.

PENGU token price prediction

PENGU token price pivots at $0.0270 and the momentum calls for further upside above that level. With the buyers in control, PENGU price will likely move higher and encounter initial resistance at $0.0275. However, an extended control by the buyers could break above that level and test $0.0280.

On the downside, immediate support is likely to be at $0.0266. The upside narrative will be invalid if the price breaks below that level. In addition, the resulting momentum could send the price lower and test $0.0262.