The Pudgy Penguins project has had a massive rally over the past week, stealing the spotlight in both the non-fungible token (NFT) and memecoin sectors. Amid its recent performance, some analysts suggest that the token is preparing for a 140% run to new highs.<\/p>\n
On Monday, Pudgy Penguins (PENGU) became one of the leading memecoins after surging nearly 20% in the past 24 hours. The Solana-based token saw its price climb from the $0.031 mark to a six-month high of $0.040 before retracing to the $0.036 area.<\/p>\n
Pudgy Penguins is one of the largest\u00a0NFT collections, with a market capitalization of 143,897 ETH. It consists of 8,888 unique cartoons of cute penguins and sits behind CryptoPunks as the second-largest NFT collection.<\/p>\n
In December, the Pudgy Penguins project launched<\/a> its official token, PENGU, on the Solana Blockchain, gathering massive attention during the Q4 2024 rally.<\/p>\n The memecoin flipped tokens like dogwifhat (WIF) and BONK, momentarily becoming the largest Solana memecoin by market cap and the fourth-largest memecoin by this metric, just behind Dogecoin, Shiba Inu, and PEPE.<\/p>\n During the recent crypto market performance, PENGU has significantly recovered from its April all-time low (ATL) of $0.003, which represented a 95% decline from its December all-time high (ATH) of $0.068.<\/p>\n Over the past week, the token has reclaimed crucial levels after breaking out of its multi-month downtrend and rallied around 30%, surpassing the daily and weekly performances of SHIB and PEPE.<\/p>\n Pudgy Penguins NFT collection also soared<\/a> in the past 24 hours, with a 290% increase in trading volume, driven by the recent interest in the sector. The collection\u2019s 16% daily surge saw its floor price rise to 16.19 ETH, or $60,242, by Monday afternoon.<\/p>\n Notably, the NFT market cap reached its highest level since January after jumping 17% on Sunday from $5.1 billion to $6 billion, according to CoinGecko data. A recent report noted<\/a> that NFT sales increased by 78% in Q2, while the number of traders increased 20% from Q1, suggesting renewed interest in the sector.<\/p>\n Crypto analyst Sjuul from AltCryptoGems noted that the Solana memecoin has been showing positive signs of strength since late June, when it broke out of a textbook multi-month Cup and Handle pattern<\/a>.<\/p>\n Since then, the token has smashed past the pattern\u2019s neckline, around the $0.018 mark, and reclaimed the $0.020 resistance as support, which propelled its 30% surge in the weekly timeframe to its $0.035-$0.040 levels.<\/p>\n Ahead of the Monday surge, Ali Martinez highlighted<\/a> that PENGU was \u201cready for another leg up\u201d as it had been accumulating within a symmetrical triangle formation over the past week.<\/p>\n Based on this pattern, the cryptocurrency could see a 140% surge toward the $0.075 barrier if it continues to hold above the $0.031-$0.033 breakout area and confirms these levels as support in the coming days.<\/p>\n Meanwhile, two market watchers have shared optimistic targets for the cryptocurrency this cycle. Byzantine General affirmed<\/a> that PENGU could go to a market capitalization of $10 billion.<\/p>\nPENGU Eyes 140% Surge<\/h2>\n