PENGU’s popularity is taking off big time, as you can see. Much of the hype stems from its recent listing on the South Korean exchange Upbit and a broader frenzy around Solana-based meme coins. The cryptocurrency is exchanging hands around $0.014 at the moment. After all, its market capitalization is rapidly approaching the $1 billion milestone, currently at $972 million. Based on the notable technical indicators, bullish momentum appears to be here to stay, with buyers clearly in the driver’s seat.
Upbit, a leading cryptocurrency exchange with over $9 billion in daily trading volume and headquartered in South Korea, has just listed PENGU on its spot trading platform. This listing and the volume PENGU has been able to generate since then has fueled a surge in overall trading volume and price appreciation. Moreover, the token’s 24-hour trading volume has skyrocketed close to 100% to $500 million, indicating a booming short-term market activity.
The rally is being propped up by more general excitement for Solana-based meme coins. The Solana meme coin sector surged by 28.7% in market capitalization over the last 24 hours. Today, its mutual fund valuation is well over $12.1 billion! Developments This growing swell of interest in Solana-based meme coins has boosted PENGU and played a key role in its extraordinary increases.
Looking at technical indicators PENGU has a Bullish trend. Aroon Up indicator spikes at 92.86% Topping as well as bottoming signals. At the same time, the Aroon Down indicator is trailing at 28.57%, confirming that buyers are in control of the market. The next possible price target for PENGU is just above $0.022, an important support-turned-resistance line from earlier in January. PENGU encounters a psychological resistance level at $0.021 ahead of hitting $0.022.
As of this writing, PENGU is $28 million short of hitting the $1 billion market cap milestone. Should the upward movement persist, the next resistance zone for PENGU may be roughly $0.022.
