Pudgy Penguins Coin (PENGU) has increased by over 15% in the last 24 hours after dropping 54.5% from its highest price of $0.05738 on December 17, 2024.
It is changing hands for $0.02598 and shows positive signs as the community gets ready for the launch of Abstract Chain Mainnet, also known as Abstract. This is a Layer 2 blockchain created by Igloo Inc., the parent company of the Pudgy Penguins NFT project.
Pudgy Penguins ($PENGU) launched on December 17, 2024, and was listed on Binance, the largest cryptocurrency exchange. In just one month, the PENGU token reached a market cap of $1.62 billion, making it the 66th largest coin by market cap at present.
PENGU Token Gains Traction as Abstract Mainnet Set to Launch
The Pudgy Penguins price hit an all-time low of $0.0218 on January 25. However, the upcoming launch of the AbstractChain Mainnet on January 27 has sparked recent interest in the PENGU coin, which has risen by 19.73% since the low.
Abstract is a ZK roll-up built on the Ethereum network. It aims to offer low transaction fees and high scalability for decentralized applications. Its initial focus is creating consumer applications that appeal to mainstream users, especially in gaming, social networks, and entertainment.
Meanwhile, the Abstract Blockchain recently launched a new product called “Abstract Live.” This platform is open to content creators and streamers who can create content about abstract apps and earn abstract XP.
In just 24 hours, over 17,000 creators signed up for the Abstract Live platform, showing its growing popularity among users.
After these, the network will expand into specific areas like DePIN, NFT Ticketing, and DAOs. This gradual approach will help ensure strong consumer adoption before tackling more complex and finance-heavy applications.
Pudgy Penguins Coin Price Prediction
The price of the Pudgy Penguins coin is expected to increase after the launch of the Abstract mainnet, which will happen in a few hours.
Experts believe this launch could increase the Pudgy Penguins crypto price by 20% to 30% from its current levels. Pentoshi, a largely followed crypto analyst, has shared that the PENGU token appears to be forming a base near its current level, with a key resistance at $0.028.
If the price can break through this resistance and turn it into support, it may lead to more gains. A chart in the post visually backs this idea, showing the price currently consolidating and hinting at a reversal pattern.
Another positive event for the Pudgy Penguins crypto is the potential burning of 17.7 billion $PENGU tokens, which is 20% of the total supply, because of unclaimed Pudgy Penguins airdrop allocations.
So far, over half of the $PENGU airdrop has been claimed. There are 53 days left before the remaining tokens are permanently locked in the contract and burned. This may lower the token’s circulating supply, create scarcity, and likely spark interest and increase demand for the PENGU token.
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