PENGU crypto soars 41% to $0.0371

PENGU (CRYPTO:PENGU) crypto experienced a 41.28% surge in the past 24 hours, with its price rising to $0.0371, pushing its market cap to $2.32 billion.

The memecoin, associated with the Pudgy Penguins brand, overtakes WIF’s (CRYPTO:WIF) market cap of $2.07 billion.

This spike in value was fueled by increased interest and likely speculation, placing PENGU as the fifth-largest memecoin on the Solana blockchain.

PENGU’s price action broke out of a descending triangle pattern, a technical setup indicating potential for further gains.

Initially priced at $0.036235, PENGU retraced to $0.028392, marking a key support zone.

If the trend continues, analysts have set targets of $0.044073 and $0.054105 for the upcoming resistance levels.

As of the latest data, PENGU's holder base has reached 511,180, significantly surpassing WIF’s 213,654.

This large holder base suggests a more stable foundation for the token’s price, further supporting its market position.

The token's AirDrop activity has been significant, with 91% of the distribution claimed.

While 74% of claimants sold or transferred their airdropped tokens, about 16% retained their holdings, and 3.5% purchased additional PENGU tokens.

At press time, PENGU’s circulating supply stood at 70%, with no immediate new releases anticipated.

This scarcity factor could contribute to future price pressure, potentially leading to further price increases.

PENGU’s progress in merging EVM and Solana (CRYPTO:SOL) ecosystems is also contributing to its appeal in the Web3 space.

As of now, the token has posted a 400% gain since the start of the year, underscoring its market momentum.

At the time of reporting, the Pudgy Penguins price was $0.04273.