Dogecoin News Today: PENGU Trading Volume Tops Dogecoin on Upbit as Airdrop Fuels 150% Rally Forecast

Pudgy Penguins’ native token, PENGU, has surged into the spotlight after overtaking Dogecoin (DOGE) in trading volume on Upbit, a major South Korean exchange. This shift reflects a significant shift in regional trader sentiment, driven by increased participation from large crypto accounts and retail investors in Korea. The token’s resurgence follows a massive $1.5 billion airdrop to its community, which catalyzed renewed interest despite an earlier 90% price drawdown. Current data shows PENGU retesting its all-time high, with analysts forecasting a potential 150%-200% rally in the next two months [1].

The volume spike on Upbit underscores PENGU’s growing traction. According to on-chain activity, the token has attracted substantial inflows from institutional and high-net-worth investors, amplifying speculation about its next move. Prominent crypto analyst Cas Abbé highlighted the technical implications of PENGU’s price action, noting a textbook Elliott Wave pattern. The token is now in the projected fifth wave of its rally, with key support at 0.0073706 USDT and resistance near 0.116976 USDT. A break above this level could propel PENGU toward 0.125000 USDT in the short term [1]. Abbé emphasized the symmetry of the pattern, from the initial rally to the recent pullback, suggesting strong alignment between technical indicators and market momentum [1].

While PENGU’s 24-hour price dipped 0.87% to $0.04223 on CoinGecko, the weekly gain of 10.72% indicates broader bullish sentiment. Market watchers attribute this resilience to sustained accumulation by “strong hands” at critical price levels. The recent airdrop and community-driven hype have solidified confidence, with some observers drawing parallels between PENGU’s trajectory and Dogecoin’s historical performance. Trading Benjamins, a popular crypto commentator, noted that PENGU’s breakout could mirror DOGE’s influence, potentially spurring a chain reaction in the meme coin sector [1].

Speculation around potential ETFs for meme coins has further fueled optimism. Though no formal announcements have been made, social media chatter and analyst commentary suggest rising expectations for regulatory developments. If an ETF gains traction, PENGU and other top meme coins could attract institutional liquidity, accelerating price movements. However, traders remain cautious about short-term volatility, particularly if PENGU fails to hold above key support levels. The token’s ability to sustain its current trajectory will hinge on continued inflows and confirmation of its technical pattern.

The surge in PENGU’s volume and price action highlights the evolving dynamics of the meme coin market. With South Korean traders playing a pivotal role, the token’s performance may signal broader trends in regional crypto adoption. While forecasts from analysts like Abbé provide a framework for potential gains, actual outcomes will depend on real-time market responses and external catalysts such as regulatory developments or further community-driven initiatives.

Source: [1] [title: PENGU Price Eyes Breakout as Trading Volume Tops Dogecoin on Upbit] [url: https://blockonomi.com/pengu-price-eyes-breakout-as-trading-volume-tops-dogecoin-on-upbit/]