PENGU Token Price Jumps 18% After Heavy Pudgy Penguins Whale Accumulation

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As a seasoned researcher with a knack for deciphering market trends, I find myself intrigued by the meteoric rise of the PENGU token. With my fingers perpetually dancing over the keys of my trusty laptop, I’ve been tracking this Solana meme coin’s journey from a relative unknown to a heavyweight contender in the crypto world.

The price of the PENGU token has experienced a significant surge today, increasing by 18%, reaching $0.43. This bullish action is attributed to heavy buying from large investors, or “whales,” who are accumulating Pudgy Penguins. As a result, the token’s weekly gains have risen to 27% and its monthly gains exceed 700%. Notably, the Solana meme coin has climbed to the top spot, surpassing BONK and dogwifhat (WIF).

PENGU Token Price Rallies 18% Amid Whale Accumulation

In my analysis, I’ve observed a significant upward trend in the PENGU price, with a staggering increase of more than 700% this month alone. This surge has propelled its market capitalization beyond $2.5 billion, positioning it to move up the rankings among Solana’s meme coins, outpacing notable contenders such as BONK and dogwifhat, according to data from CoinGecko.

As a crypto investor, I’ve noticed an exciting development in the PENGU token market. The price surge of PENGU tokens is happening concurrently with significant whale accumulation, as reported by the blockchain analytics platform, Lookonchain. Interestingly, a whale investor who previously made $9.5 million from trading the token (ai16z) has recently swapped 500,000 ai16z, worth approximately $412,000, back into PENGU tokens. This move suggests confidence in the potential growth of PENGU and could signal a bullish trend for the token.

To start with, the whale spent approximately $1.15 million to get hold of around 14.08 million ai16z tokens. Subsequently, they sold off 7.87 million of these tokens, earning a revenue of about $5.57 million. This leaves them still in possession of roughly 6.21 million $ai16z tokens, valued at around $5.08 million. Over the past eight days, the PENGU whale has spent close to $2.47 million to amass 79.9 million PENGU tokens. At this moment, their potential profit from these tokens remains at approximately $835,000.

I’m keeping a close eye on the PENGU token as its price is currently poised to surge past its previous record high of $0.4285. At the moment, each token is going for $0.04046 with a total market capitalization of around $2.52 billion. Yet, there’s been a 30% decline in daily trading volume, which might serve as a warning signal for potential investors.

What’s Behind Pudgy Penguins Demand?

A major factor fueling the recent increase in the PENGU token’s price has been its addition to the offerings of the South Korean cryptocurrency exchange, Bithumb. This listing sparked an instant spike in interest and trading activity due to the escalating popularity of meme coins among investors in South Korea.

Additionally, Bithumb is preparing an intriguing event called an airdrop for PENGU token holders. If you’ve traded PENGU at least once from the start of trading up until December 25th, 23:59, you will be entitled to receive a portion of the 88,888,888 tokens that are scheduled to be distributed on January 9th, 2024.

Additionally, it appears that there is significant interest in the PENGU derivatives, particularly within the Solana meme coin market. According to information from Coinglass, the open interest for PENGU has increased by 35%, reaching $222 million, and over the past day, liquidations have skyrocketed to a staggering $4 million. It will be intriguing to observe whether PENGU can maintain its momentum against other Solana meme coins.

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2024-12-26 13:52