The PENGU token temporarily moved past the $600 million market cap. According to an X post from Crypto Briefing, this is the highest price increase in 67 days. After trading as low as $0.003715 just over two weeks ago, the token started moving upward. At the time of writing, it is priced at $0.009217, with a 37% gain in the past 24 hours. This bullish momentum has increased investor interest in the token. Moreover, the rise in market valuation positions it as one of the most valuable meme coins within the Solana ecosystem.
PENGU and Breakout
The increase was accompanied by over $371 million in 24-hour trading volume. According to CoinMarketCap, this represented a 501% increase, pushing the volume-to-market cap ratio to nearly 65%. This level of trading activity indicates an influx of liquidity and speculation, while concurrently attracting more traders seeking exposure to this meme coin. The token’s all-time high of $0.05738, set in December 2024, is still above current price levels. However, the recent price increase suggests that bullish traders may be aiming to reclaim that ground in the coming weeks.
PENGU’s circulating supply is 62.86 billion tokens of a total 88.88 billion, and the sharp rise in price and volume has boosted the project’s fully diluted valuation to $819 million.
Comeback Fueled by Community and Meme Momentum
Despite the gains, Pudgy Penguins’ fundamentals remain meme-driven. However, its recent price performance shows that investor appetite for high-risk, high-reward tokens is coming up again. Market watchers are pointing to a combination of retail FOMO, improved market sentiment, and renewed attention on Solana-based tokens as key reasons for PENGU’s rise.
The token’s recovery is particularly notable considering it was trading near its all-time low of $0.003715 as recently as April 9. Since that time, PENGU has experienced a 143.65% rebound. For market watchers, PENGU has moved from a forgotten meme coin into a breakout performer. Some speculate that whales and community-led pump groups may be playing a role. Additionally, trading data indicates that organic traction is contributing to the surge.
With its current price still 84% below its all-time high, PENGU is positioned as a speculative bet. Investors anticipating future price increases may profit, though volatility remains high. Despite Bitcoin reaching $95k on April 25th, traders should closely monitor for potential profit-taking or sudden reversals. Whether this recent surge is the start of a larger breakout or a temporary one remains to be seen. Nevertheless, for now, PENGU is flying high again.
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