Pudgy Penguins Token Price Soars as NFT Sales and Whale Activity Increase

Pudgy Penguins' token has recently experienced a significant rebound, spurred by a rise in NFT sales and the activity of large investors, often referred to as "whales."

Key Takeaways

Pudgy Penguins token (PENGU) price climbed to $0.01450, up 52% from last week.
NFT sales for Pudgy Penguins increased by 38%, totaling $1.5 million over the past week.
Whale activity has surged, with notable purchases during the recent price dip.
The token's supply reduced from 15.6 billion to 14.7 billion, indicating a positive trend.
A bullish outlook remains, with the next resistance level targeted at $0.01742.

PENGU price jumps as Pudgy Penguins NFT sales, whale buying soar

The price of the Pudgy Penguins token, known as PENGU, surged to $0.01450 on June 28, marking its highest value since May 23. This increase follows a notable recovery, rising 52% from last week's low and 232% from its lowest point this year. The token's upward momentum is attributed to heightened NFT sales and whale purchases, indicating a positive sentiment among investors.

Main Content

Recently, the PENGU token rose to a peak of $0.01450 on Saturday, June 28, which is its highest level since May 23. This increase represents a 52% rise from its lowest value last week and a remarkable 232% boost from its lowest point earlier this year.

The surge in PENGU's price was linked to data indicating a resurgence in non-fungible token (NFT) sales from the Pudgy Penguins collection. According to CryptoSlam, these sales saw a 38% increase, reaching $1.5 million in sales over the past week. During this period, there were 68 transactions, a 36% increase compared to the previous week. Additionally, the number of buyers rose by 48%, while the number of sellers increased by 32%.

Despite this recent uptick, Pudgy Penguins ranked as the tenth most popular NFT collection overall. Other collections, including CryptoPunks and PGNFT, surpassed it during the same period. Furthermore, monthly sales for Pudgy Penguins saw a decline of 33%, totaling $5.6 million, although the all-time volume remarkably exceeded $636 million.

The rise in PENGU's price is also attributed to larger investors, or "whales," and public figures who seized the opportunity to buy during the recent market downturn. These investors currently hold 301.7 million tokens, representing a 5.6% increase in the last month, while whales possess 1.89 billion tokens—a significant 13% monthly uptick—signaling their optimistic outlook on the asset's future value.

In addition, PENGU’s available supply dropped to 14.7 billion tokens, down from 15.6 billion on June 12. A shrinking supply coupled with increasing exchange outflows generally suggests a bullish sentiment since it indicates that investors prefer holding their tokens rather than selling them.

Analyzing the daily chart shows that the PENGU price has been recovering over the past few days following a trend of higher highs and lower lows observed since May 14. The price has surged above both the upper boundary of this descending channel and the 25-period Exponential Moving Average. Moreover, the Percentage Price Oscillator has moved above the zero line, suggesting that the token is gaining momentum.

Given these signs, it is likely that the PENGU token will continue to rise, with traders eyeing the next key resistance level at $0.01742, the peak value recorded on May 12. However, should the price fall below the support level of $0.100, this bullish perspective will no longer hold.