The recently released Solana-based meme coin PENGU token, which is associated with the well-known NFT project Pudgy Penguins, has rapidly gained popularity in the market.
In the meanwhile, despite a recent drop, the coin continues to attract significant investment attention. Traders and analysts are keeping an eye on PENGU's potential; some predict that its market capitalization may eventually reach $10 billion.
Strong Participation in the Airdrop Increases Investor Interest
Because of the tremendous level of participation surrounding the airdrop, PENGU has attracted notice. Significant demand was shown by the fact that more than 70% of the Pudgy Penguin airdrop tokens were claimed in less than a day.
Blockchain analyst Leshka.eth emphasized this high level of engagement, pointing out that the token managed to withstand significant selling pressure.
She remarked that "PENGU survived $600,000,000 in sell pressure within 24 hours," alluding to the token's capacity to bounce back even after dropping 50% from its peak.
With a market capitalization of over $1.65 billion as of this writing, many investors are optimistic about PENGU's long-term prospects.
The price of the PENGU token dropped sharply by 11.89% in the recent day, yet it was still up a lot over the previous week. At the time of writing, PENGU was trading at $0.0265, with a 24-hour trading volume of more than $1.3 billion.
Source: CoinMarketCap
Over the past seven days, the token's price has ranged from $0.01141 to $0.05432, with the most recent day seeing price swings between $0.02696 and $0.03412.
The token's recent listing on Binance, a significant cryptocurrency exchange, increased its momentum.
The platform improved liquidity and accessibility for traders by announcing trading pairs for PENGU, such as USDT, BNB, FDUSD, and TRY. Given the token's excellent market standing, it is anticipated that the listing would further increase adoption.
Market Cap Speculation of $10 Billion
Many investors think PENGU might hit the $10 billion market cap barrier, which is uncommon for meme coins.
Its impressive early performance, substantial trading volume, and connection to the prosperous Pudgy Penguin NFT project are the main factors driving this enthusiasm.
Despite the market's continued volatility, supporters contend that PENGU's resilience in the face of large sell-offs indicates strong demand.
Leshka.eth highlighted this idea by saying, "The question is WHEN $PENGU will reach $10 billion, not IF it can."
Gains for Early Investors Showcase PENGU's Potential
Early investors have also made large returns since the token's introduction. One cryptocurrency trader reportedly made $87,000 on an initial $6 investment, according to Arkham Intelligence.
This happened because the trader took advantage of the token's sharp price increase by purchasing PENGU at a discount prior to the introduction of liquidity pools on the Solana network.
As it gains traction in a cutthroat industry, PENGU continues to draw attention in the cryptocurrency space thanks to its 63 billion token supply and steady demand.