PENGU Price Rallies Amid Heavy Pudgy Penguins Whale Accumulation

PENGU price has registered huge bullish action, recording significant gains today and shooting all the way to $0.43 amid heavy whale accumulation for Pudgy Penguins. With this, the token has extended its weekly gains to 27% and monthly gains to more than 700%, with the Solana meme coin gaining the top spot, overtaking BONK and Dogwifhat (WIF).

PENGU Token Price Rallies 18% Amid Whale Accumulation

The PENGU price has continued its rally, as evidenced by a surge of over 700% in its monthly price. As a result, its market cap surged past $2.5 billion, thereby gearing up to join the top Solana meme coin list, overtaking the likes of BONK and Dogwifhat (WIF), per the data from CoinGeckco.

PENGU token price surge comes amid heavy whale accumulation, as reported by blockchain analytics platform Lookonchain. A whale investor who previously earned $9.5 million from trading the token ai16z has recently exchanged 500,000 $ai16z, worth $412,00, for PENGU again.

Initially, the whale invested $1.15 million to acquire 14.08 million ai16z tokens and later sold 7.87 million tokens for $5.57 million, leaving them with 6.21 million $ai16z tokens worth $5.08 million. Over the last eight days, the PENGU whale has spent $2.47 million to purchase 79.9 million PENGU tokens, with an unrealized profit currently standing at $835,000.

The PENGU token price is now eyeing a breakout above its previous all-time high of $0.4285. As of press time, PENGU is trading at $0.04046 with a market cap of $2.52 billion. However, there’s a 30% drop in the daily trading volume, which could be a sign of caution for investors.

What’s Behind Pudgy Penguins Demand?

One of the key reasons behind the PENGU price surge over the last week is the listing of the Solana meme coin by South Korean crypto exchange Bithumb. This led to an immediate surge in demand and trading volumes amid the growing demand for meme coins among South Korean investors.

Furthermore, Bithumb is gearing up for an exciting airdrop for PENGU token traders. Bithumb users who have traded PENGU at least once between the start of trading and December 25, 23:59, will be eligible for a share of the 88,888,888 tokens set to be airdropped on January 9, 2024.

Furthermore, the PENGU derivatives data shows a major demand for the Solana meme coin. As per the Coinglass data, the PENGU open interest has surged 35% to $222 million, and the 24-hour liquidations have soared to $4 million amid the current rally. It will be interesting to see whether PENGU can extend its lead over other Solana meme coins.

From a technical analysis perspective, crypto analyst Bitsgap has provided insights into what to expect from the PENGU price going forward. The analyst stated that the key levels are $0.040 and $0.030, which are resistance and support levels, respectively.