Pudgy Penguins (PENGU) Analysis: Could This Memecoin Hit a $10B Market Cap?

PENGU token, a newly launched Solana-based memecoin tied to the popular NFT project Pudgy Penguins, has quickly become a market sensation. 

Meanwhile, the token is maintaining strong investor interest despite a recent decline. Analysts and traders are monitoring PENGU’s potential, with some projecting its market cap could hit $10 billion in the future.

Strong Airdrop Participation Fuels Investor Interest

PENGU has garnered attention due to the high engagement surrounding its airdrop. Over 70% of the tokens from the Pudgy Penguin airdrop were claimed within 24 hours, demonstrating significant demand.

This strong participation was highlighted by blockchain analyst Leshka.eth, who noted that the token successfully weathered substantial selling pressure.

https://twitter.com/leshka_eth/status/1869431593213042792

“PENGU survived $600,000,000 in sell pressure within 24 hours,” she said, referring to the token’s ability to recover despite a 50% drop from its all-time high.

As of press time, PENGU maintains a market cap near $1.78 billion, with many investors confident in its long-term growth.

Recent Price Trends and Exchange Listing

The PENGU token experienced a sharp price drop of –11.6 % over the last 24 hours, but it remained up significantly over the past week. PENGU was trading at $0.02799 at the time of writing, with a 24-hour trading volume exceeding $1.3 billion. 

The token’s price has fluctuated between $0.02696 and $0.03412 on the last day, while its seven-day range spans from $0.01141 to $0.05432.

Adding to its momentum, the token was recently listed on Binance, a major cryptocurrency exchange.

The platform announced trading pairs for PENGU, including USDT, BNB, FDUSD, and TRY, enhancing liquidity and accessibility for traders. The listing is expected to further boost adoption, given the token’s strong market positioning.

$10 Billion Market Cap Speculation

Several investors believe PENGU could reach a $10 billion market cap, a milestone rarely seen by memecoins.

This sentiment is largely driven by its strong initial performance, high trading volumes, and association with the successful Pudgy Penguin NFT project.

While the market remains volatile, proponents argue that PENGU’s ability to recover from significant sell-offs signals robust demand.

Leshka.eth emphasized this sentiment by stating,

“It’s not about IF $PENGU can cross $10B, it’s about WHEN it gets there.”

Early Investor Gains Highlight PENGU’s Potential

The token’s launch has also created significant profits for early investors. According to Arkham Intelligence, one crypto trader turned an initial investment of just $6 into a profit of $87,000.

This occurred as the trader acquired PENGU at a low price before liquidity pools launched on the Solana network, capitalizing on the token’s rapid price surge.

https://twitter.com/arkham/status/1869098862306082983

With a circulating supply of 63 billion tokens and ongoing demand, PENGU continues to capture attention in the crypto space as it builds momentum in a competitive market.

FAQs

What is the PENGU token’s current market cap?

PENGU has a market cap of approximately $1.78 billion at the time of writing.

How much did early investors profit from PENGU?

One investor turned $6 into $87,000 by buying PENGU at its lowest price.

Why is PENGU associated with Pudgy Penguins?

PENGU is tied to the popular Pudgy Penguins NFT project, driving interest and demand.

Will PENGU market cap hit $10 billion

Several analysts have predicted that PENGU will reach the coveted $10 billion market cap soon, a milestone not very common among memecoins.