Key Takeaways
- PENGU rallies 400% in one month, outperforming the likes of BONK, as its price exhibits more bullish price action.
- Crypto experts predict the price of PENGU memecoin could hit a potential high of $1, competing with DOGE.
- A short-term price prediction for PENGU suggests the price could reach $0.07, which is a more realistic target.
Pudgy Penguins (PENGU) in the last 30 days have been flying, hitting a price rally of over 400%. PENGU has demonstrated strong technical momentum following a recent price rally, breaking above its key resistance level of $0.046 after recovering from a key demand zone of $0.0052.
The hype surrounding the PENGU memecoin in the last couple of days is a result of the current strong market rally, community sentiment, cultural relevance, and the growth of its ecosystem. Let us discuss the potential of PENGU and how experts are currently comparing PENGU with DOGE in the market.
Why the PENGU Hype
PENGU Whale Activities – Source X
Pudgy Penguins (PENGU) has garnered a strong community following and cultural appeal over the past thirty days, resulting in a market breakout from its low of $0.005, with over 100 billion views across its social media channels.
Branded as a strong Solana memecoin and community-driven, it has garnered the attention of traders and investors who resonate with its social relevance, not just as a Solana memecoin but also as a social currency for NFT events, governance, and community incentives.
Additionally, PENGU’s strategic partnerships have opened up the possibility of the memecoin token gaining approval for listing as a PENGU ETF by Canary Capital, which will facilitate its adoption by institutions.
According to on-chain data from X, whales have recently accumulated a strong market position in PENGU, leading to a bullish market sentiment and a strong technical comparison of a possible flip of other memecoins in the crypto space, such as DOGE, BONK, and PEPE, in the current bull market.
Following PENGU’s bullish rally, where could its price be headed over the next couple of weeks to months, as it trades as the fourth-largest memecoin by market capitalization?
PENGU’s Technical Analysis
PENGU’s Price Chart – Source TradingView
Memecoins are known for their high volatility in the crypto market despite their potential for high profit returns. Let us discuss some key technical points that have caught the attention of whales, crypto experts, and price speculation.
Short-term Bullish Case – Crypto experts are optimistic on the price potential of PENGU following its strong rally in the last few days. Experts predict a potential price rally for the Solana memecoin, with a high of $0.07 to $0.1 expected in the coming weeks.
A breakout above $0.05 for the PENGU price could signal a continuous price rally toward $0.07 and a potential new all-time high, as the price would encounter little to no resistance, allowing it to surge to a new high.
Long-term Bullish Case – Some predict the price of PENGU has the potential to hit a high of $1, which would be equivalent to the DOGE market capitalization.
PENGU vs DOGE – Source MarketCapOf
Although this speculative prediction of PENGU reaching a high of $1 seems extreme, we cannot dismiss the potential of memecoins like PENGU in the current bull market, as prices continue to create new all-time highs.
Conclusion
The hype around PENGU is bullish following a 400% price increase over the last month, as the price could see an extended rally towards a new high of $0.07 to $0.08. A long-term price prediction for PENGU remains $1 for many experts and traders.
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