Pudgy Penguins Token Soars as NFT Sales Hit $545 Million

The price of the Pudgy Penguins token surged on Sunday, driven by a remarkable 70% increase in the sales of its non-fungible tokens (NFTs).

The Pudgy Penguins token price jumped by nearly 17%, making it one of the top-performing cryptocurrencies of the day. According to CryptoSlam, Pudgy Penguins sales grew by 68% on January 5, becoming the second-best performing NFT collection, just behind Guild of Guardians Heroes. The number of transactions soared by 85%, reaching a total of 13,000.

As a result, the NFT project’s total sales exceeded $545 million, cementing its position as one of the most successful collections in the NFT industry. The number of transactions has surpassed 62,500, while the number of owners has increased to over 5,000.

The sales surge for Pudgy Penguins can also be attributed to a significant increase in sales over the past 30 days, which have risen by 261%, totaling $104 million. This growth may be tied to the PENGU airdrop that took place on December 17.

However, the momentum of Pudgy Penguins is uncertain. Despite the sharp rise in sales, data reveals that its sales have fallen by double digits in the past seven days. Historically, many NFT collections tend to lose momentum over time. For instance, collections like Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) have seen floor prices plummet in recent months. BAYC’s sales fell by 41% in the past 30 days, and ApeCoin, the token associated with Yuga Labs, has dropped by over 95% from its all-time high.

PENGU Token Technical Analysis

The two-hour chart for the PENGU token shows a steady uptrend after it bottomed out at $0.02286 in December. The token has been forming higher highs and higher lows, with an ascending trendline connecting the lowest swings since December 20. It has recently breached the key resistance level at $0.04080, invalidating the previously formed double-top pattern.

Currently, PENGU is encountering another significant resistance at $0.0433, where a new double-top pattern has formed, with the neckline at $0.030. Double-top patterns are considered risky, as they often signal a potential reversal in price movement.

If the token fails to break above the $0.0433 resistance, there is a risk of a significant price reversal. On the other hand, if it manages to break above this level, it could have a strong chance of hitting its all-time high of $0.04600.

In conclusion, while the Pudgy Penguins ecosystem continues to show impressive NFT sales, the future price trajectory of the PENGU token will depend on whether it can maintain its upward momentum or face a correction.