PENGU Token Becomes The Top Solana Meme Coin: What Next

PENGU Token In High Demand Due To Bithumb Listing

PENGU: Now The Top Solana Meme Coin, Jumps 18%

Pudgy Penguins’ PENGU token price jumped 18%, as a Pudgy Penguin whale accumulated 79.9 million tokens worth $2.79M.

The PENGU token not just gained another 18%, but also shot all the way to $0.43 amid heavy whale accumulation. Its weekly gains are now up by 27% and monthly gains are over 700%. It has outperformed BONK as well as dogwifhat (WIF) to become the top Solana meme coin spot.

Continuing the rally, the crypto token has done what was being predicted. Its market cap is now past $2.5B. A whale investor who earned $9.5M from the ai16z token trading recently exchanged 500,000 $ai16z for Pengu, again.

Whale Activity

The whale first invested $1.15 million to acquire 14.08 million ai16z tokens and then sold the 7.8M tokens for $5.57M. Over the past week, the PENGU whale spent $2.47M to buy 79.9M tokens of PENGU and incurred a profit of $835,000. Note that this is unrealized profit with its currently standing value.

The PENGU can now experience a breakout  above the previous ATH. However, investors need to be cautious as there has also been a 30% drop in the trading volume.

Why Is Pudgy Penguins In Demand?

One of the factors responsible is the listing of the mem coin by South Korea’s crypto exchange Bithumb, causing an immediate surge amid meme coin demand among South Korean investors. As discussed in an earlier article, Bithumb is also planning a consecutive airdrop for the past traders of PENGU on Bithumb.

Moreover, there is a major demand for the Solana meme coin as per the PENGU derivatives data. Everyone’s eyes are now on $PENGU token to see if it can further extend its lead over the other Solana meme coins.