The Pudgy Penguins token made a big comeback this week, hitting its highest level since February. This rally comes as the NFT market for the brand sees renewed activity.
Price Rally Boosted by High Trading Volume
PENGU, the token tied to the Pudgy Penguins ecosystem, surged to $0.010, marking a 167% gain from its recent monthly low. Fueling this move was a 500% jump in 24-hour trading volume, which hit $372 million. Its market capitalization has also climbed to $576 million.
This rally aligns with the broader momentum in Solana-based meme coins, whose collective market cap recently exceeded $10 billion.
NFT Sales Spike Across the Board
NFT sales for Pudgy Penguins are also picking up steam. In just 24 hours, sales jumped 400% to $436,000, placing the collection fourth overall—just behind DMarket, Panini America, and Guild of Guardians Heroes.
Transaction volume surged as well. Total transactions rose 380% to 24, while the number of active buyers increased by 400% to 15.
However, the longer-term view remains mixed. Over the past month, total sales dropped 11%, landing at $6.76 million. Despite this, Pudgy Penguins has maintained a solid foundation with $620 million in cumulative NFT sales since launch.
Technical Outlook: Overbought but Bullish
Looking at the charts, PENGU has been riding a strong bullish trend. It recently touched $0.010, a level that matches the 78.6% Fibonacci retracement. The token also remains above the important resistance of $0.0075, which was the March 20 high and aligns with the 50% retracement level.
Additionally, it’s holding strong above the 50-period moving average, reinforcing the bullish case.
However, traders should stay cautious. The Relative Strength Index (RSI) is over 80, and the Percentage Price Oscillator (PPO) has surged—both signs that the token is currently overbought.
What’s Next for PENGU?
A short-term pullback is possible. If so, support could be tested at $0.0075. If the price bounces from there and breaks above $0.010 again, it may target the year-to-date high of $0.0115.
Whether this rally can continue depends on sustained momentum in both the NFT space and meme coin market.
