Date: Tue, Dec 24, 2024, 05:43 AM GMT
In the cryptocurrency market today, Pudgy Penguins, an Ethereum-based NFT project, is coming into the spotlight with its recently launched native token, $PENGU. The token has surged by over 10% in the last hour and more than 19% in the past 24 hours, fueled by a combination of a major exchange listing and significant whale accumulation.
Bithumb Listing Announcement
The recent spike in PENGU’s price follows the announcement by Bithumb, South Korea’s second-largest cryptocurrency exchange, that it will list the PENGU/KRW trading pair. Trading is scheduled to begin today, December 24, 2024, at 5:00 PM KST.
This marks a significant milestone for Pudgy Penguins, as the listing is expected to enhance liquidity and attract more traders to the token.
Whale Accumulation
Adding to the bullish sentiment, large-scale accumulation of PENGU has been observed. Earlier today, @OnchainLens reported that a newly created wallet acquired 519.99 million PENGU tokens, valued at approximately $14.72 million, from Binance. The average purchase price was $0.028.
This level of whale activity often signals confidence in a token’s potential and can significantly influence market dynamics.
Are More Gains Ahead?
Following the surge, $PENGU has achieved a significant breakout, crossing its previous upper resistance at $0.03026 and is now trading at $0.03156. The token currently sits in a resistance zone between $0.03026 and $0.03233.
If $PENGU manages to break through this zone, it could target the next upside resistance levels at $0.0372 and $0.040, representing a potential 25% gain from its current price.
However, if the token faces rejection at these levels, short-term consolidation could follow before another upward attempt.
Conclusion
With strong fundamentals, a high-profile exchange listing, and increasing whale interest, PENGU could see continued bullish momentum. However, investors should remain cautious and closely monitor market movements around the resistance levels.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.