PENGU, the token linked to Pudgy Penguins, extended its rally for a second straight day following its listing on South Korea’s top exchange, Upbit. This major listing has significantly boosted momentum, pushing both the token and its associated NFT sales to new highs.
Upbit Listing Sparks Massive Price Rally
On May 9, PENGU jumped over 23%, hitting an intraday high of $0.015, according to crypto.news. That marks a stunning 300% rise from its monthly low. Meanwhile, 24-hour trading volume nearly doubled, reaching $500 million.
Its market cap now sits at $972 million, just shy of the $1 billion mark. This surge was largely driven by Upbit’s spot market listing, which introduced the token to a broader audience.
Derivatives and NFT Activity Skyrocket
Interest in PENGU futures has also spiked. Data from CoinGlass shows that open interest surged 30%, totaling nearly $136 million in just 24 hours. This signals growing trader confidence in the token’s short-term outlook.
Simultaneously, NFT activity tied to Pudgy Penguins has soared. According to Crypto Slam, sales rose 360% in 24 hours, totaling $617,081. Pudgy Penguins now ranks as the 8th most popular NFT collection worldwide. Transaction volume also climbed, with sales counts up 200% and buyers increasing 320%.
Meme Coin Mania Boosts PENGU
The rally isn’t happening in isolation. Solana meme coins, including PENGU, are enjoying renewed attention. The sector’s market cap rose 28.7% in one day, reaching $12.1 billion.
This wider meme coin surge follows Bitcoin’s breakout above $100,000, reigniting bullish sentiment across the crypto landscape.
PENGU Technical Analysis: Bullish Signals Strengthen
On the technical front, PENGU recently broke out of a descending channel on the 4-hour chart—typically a bullish sign. Indicators support this momentum:
- Aroon Up is high at 92.86%, while Aroon Down is low at 28.57%, showing buyers dominate.
- The Supertrend indicator has also flipped green, signaling a strong uptrend.
The next key resistance lies at $0.021, a level that has been tough to break since February. A move beyond that could push the price to $0.022, a notable level from January.
Volatility Returns, but Momentum Remains
At the time of writing, PENGU was trading at $0.014, slightly below its daily high. Such pullbacks are normal, especially as the market digests big news like a major exchange listing.
Despite the dip, momentum remains strong, and PENGU’s broader trend looks bullish, backed by rising demand and strong technical support.
