On Sunday, I observed a significant surge in the value of the Pudgy Penguins token. This upward trend was primarily fueled by an approximately 70% increase in sales of their non-fungible tokens.
The price of Pudgy Penguins (PENGU) surged by nearly 17%, placing it among the top-performing digital currencies.
On January 5th, as per CryptoSlam’s data, Pudgy Penguin saw a significant increase in sales, rising by approximately 68%. This made them the second-highest performing NFTs for the day, trailing only behind Guild of Guardians Heroes. Moreover, the number of transactions also witnessed a substantial boost, jumping up by around 85% to reach 13.
Consequently, the earnings from the NFT project soared past a staggering $545 million, positioning it among the top-performing collections in the market. The number of sales transactions surpassed 62,500, and the total number of owners increased to a significant 5,004.
In the past month, sales for the Pudgy Penguins surged more than tripled, reaching an impressive $104 million, a significant increase that may be attributed to the recent PENGU airdrop event on December 17th.
Despite this, it remains uncertain if the positive trend will persist for Pudgy Penguins, as recent data indicates a decline of more than 10% in sales over the past week.
Over time, it’s not uncommon for many NFTs to experience a decrease in popularity. To illustrate, well-known NFT collections such as Bored Ape Yacht Club and Mutant Ape Yacht Club have recently witnessed a drop in their floor prices.
In the past month, BAYC’s sales have significantly decreased by approximately 41%, and ApeCoin (APE), a token developed by Yuga Labs, has experienced a steep drop of more than 95% from its peak value.
PENGU price has formed a double-top
Over the past two hours, it’s clear that the Pengu token has been climbing steadily following its bottom at $0.02286 in December. This is indicated by a pattern of successive higher highs and higher lows, as well as an ascending trendline drawn through the lowest points since late last year.
The price of Penguin has now surpassed the significant resistance point at $0.04080, a peak it reached on January 2nd, thereby dismantling the potential double-top formation in the process.
Currently, the price of the Pudgy Penguins token has reached a significant barrier at approximately $0.0433, where it has formed another potential double-top configuration. This pattern, known as a double-top, is considered one of the more risky formations in the market.
If Pengu’s price doesn’t manage to break through the resistance at $0.043, there could be a significant downward shift in its value. Conversely, if it surpasses that level, it increases the likelihood of the token reaching its all-time high of $0.04600.
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2025-01-05 18:48