PENGU crypto explodes 41% in 24 hours, flips WIF in market cap – What’s next?

Pudgy Penguins [PENGU] showed robust performance recently, positioning itself as the fifth largest memecoin on the Solana blockchain.

In the last 24 hours, PENGU’s market cap surged to $2.32 billion, reflecting a sharp 41.28% increase in price, rising to $0.0371.

This spike in value allowed PENGU to surpass WIF’s market cap, which stood at $2.07 billion.

Source: X

This flipping indicated PENGU’s growing popularity in the memecoin community.

Such popularity is typically influenced by speculative trading or an influx of new investments into PENGU, reflecting optimism about its future utility and adoption.

As a result, these tokens get subject to speculative rallies, hinting at potential for further price increases if the trend continues.

PENGU crypto price action and prediction

For its price action, PENGU showed a bullish trend, following a breakout from a descending triangle pattern.

Trading at $0.036235 initially, it then retraced towards $0.028392, marking a strategic zone for long positions.

This pattern typically suggested a potential uptrend post-consolidation, aiming for new highs.

Source: TradingView

Predictive targets set at $0.044073 and $0.054105, respectively, marked possible future resistance levels. The setups often encourage buying momentum as traders anticipate gains toward these upper targets.

If this pattern holds, PENGU could see price appreciation in the near term, potentially driving the price toward these projected levels.

Holders and address distribution by action 

More metrics analysis showed clearly that PENGU’s substantial holder base compared to other cryptocurrencies.

PENGU ranked among the top seven, boasting 511,180 holders, significantly outpacing WIF, which held 213,654.

This robust holder statistics suggested a foundational stability, enhancing investor confidence and potentially driving the token’s value higher.

Source: X

This uptrend in holder numbers underlined the potential for PENGU to maintain or increase its market position, mirroring its successful community engagement strategies.

Further analysis of the PENGU AirDrop activity revealed extensive engagement, with 91% of the distribution claimed, amounting to over 1.1 million addresses.

The vast majority, about 74%, opted to sell or transfer their airdrop, primarily to centralized exchanges.

Despite this sell-off, a resilient 16% retained their airdrop tokens, and about 3.5% of holders showed further confidence by purchasing more.

Source: Flipside

The circulating supply was at 70% at press time. With no new releases expected soon, there could be potential scarcity ahead.

This AirDrop not only merged EVM and Solana ecosystems but also positioned PENGU as a significant cultural asset in Web3, appealing to both native and traditional webspaces.

The market dynamics suggested bullish sentiment, despite the majority of airdrop recipients liquidating their positions early.