Pudgy Penguins NFT Sales Surge 642% as PENGU Token Rises 11%

Pudgy Penguins, a popular NFT collection, has seen a significant surge in sales volumes over the past few weeks. This increase coincides with the backing of billionaire Justin Sun, the founder of Tron, who posted a Pudgy Penguins meme on X, a social media platform. The PENGU token, associated with Pudgy Penguins, has experienced a notable price increase, rising by 11% in the past 24 hours to $0.02792. This surge is part of a broader trend, with PENGU up by 83% in the past week and 190% in the last 30 days. However, it remains 59% down from its all-time high of $0.06845 set in December.

Sun's support for Pudgy Penguins, accompanied by the declaration "Everyone has become a penguin," has sparked renewed interest in the token. The official Pudgy Penguins X account welcomed Sun with a "Welcome to the Huddle," and Sun reposted the Pudgy Penguins repost of his original tweet. This social media activity has had an immediate impact on the PENGU price, which reacted almost instantly, rising from $0.027798 to $0.03188 within hours. However, the token's indicators suggest that it may be due for some corrections, with its RSI touching 80 and its MACD at its highest level on record.

Despite the potential for corrections, the volume of PENGU has exploded in the past couple of weeks, increasing from $83 million a month ago to $2.1 billion today. This surge in volume signals a significant increase in interest in the token and points towards growth in Pudgy Penguins NFT sales. DappRadar data reveals a 124% increase in such sales in the last 30 days and a 642% increase in the past week. This is particularly noteworthy given that the broader NFT market is still down compared to its peak in November and December. The bullish sentiment surrounding Pudgy Penguins and the PENGU price could see the token hit $0.030 again by the end of the week and $0.040 by the end of August.

PENGU is not the only meme coin benefiting from the current bull market. TOKEN6900, an ERC-20 coin based around dot-com bubble memes, has also gained traction. Launched a couple of weeks ago, TOKEN6900 has raised just over $450,000 through a novel marketing strategy that emphasizes the lack of utility or fundamentals, relying instead on memes, FOMO, and hype. The token has a max supply of 930,993,091 T6900, with holders able to stake the token for passive income. This strategy aims to replicate the success of similar tokens like SPX6900. Investors can join the presale by visiting the token’s website and connecting a compatible wallet.