PENGU, the token behind the Pudgy Penguins ecosystem, extended its rally for a second consecutive day following a key listing on South Korea’s Upbit exchange and a surge in NFT sales.
Major Exchange Listing Fuels Momentum
The latest catalyst in PENGU’s explosive price movement came from its spot market listing on Upbit, a Tier-1 South Korean crypto exchange. The announcement sparked a fresh wave of investor interest, pushing PENGU’s price up over 23% to a daily high of $0.015, a 300% increase from its monthly low.
According to crypto.news, the token’s 24-hour trading volume doubled to $500 million, while its market cap reached $972 million, placing it just $28 million shy of the coveted $1 billion milestone.
Derivatives and NFT Market See Parallel Growth
The listing also triggered significant activity in the derivatives market. Data from CoinGlass indicates that open interest in PENGU futures surged by 30% over the past 24 hours, now totaling $136 million, suggesting bullish sentiment is spilling over into leveraged markets.
Meanwhile, Pudgy Penguins NFTs are experiencing a major boom. According to Crypto Slam, sales spiked 360% in the last 24 hours, generating $617,081 in revenue. The collection climbed to 8th place globally in terms of popularity. NFT transaction activity also surged, with sales counts up 200% and buyers increasing by 320%.
Meme Coin Sector Rebounds with Market Sentiment
PENGU’s rally aligns with a broader resurgence in the Solana meme coin sector, which rose 28.7% in total market capitalization over the past day to $12.1 billion. The renewed enthusiasm is largely credited to Bitcoin’s breakout past $100,000, its first time breaching that threshold since February. The bullish breakout has reignited interest across crypto sectors, including high-risk, high-reward meme assets.
Technical Analysis: Bulls in Control
Chart analysis confirms the bullish momentum. On the 4-hour PENGU/USDT chart, the token broke out of a descending parallel channel, a classic bullish reversal pattern.
Momentum indicators support the trend:
- Aroon Up is strong at 92.86%
- Aroon Down has fallen to 28.57%
- The Supertrend indicator has flipped green, reinforcing a buy signal
Traders are now eyeing the next key resistance levels:
- $0.021, a psychological ceiling that has held firm since February
- $0.022, a former support from January that could act as the next upside target
At press time, PENGU had slightly retreated to $0.014, a normal correction as early hype settles and the market digests the recent developments.
