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What Is PENGU Coin and Why Is It Rallying So Much?
The Pudgy Penguins Ethereum NFT project has recently launched its token, PENGU, on Solana, amid growing interest from the public. In this article, we will delve into what PENGU is and why it’s seeing such significant price action.
PENGU: The Token
PENGU Coin is the ecosystem token of Pudgy Penguins, designed to enhance community engagement within its platform. The token has a total supply of 88.88 billion tokens, with 25.9% allocated for the Pudgy Penguins community through an airdrop process. This move aims to strengthen ties between the brand and its supporters.
Why Is It Rallying?
Despite its high-profile debut, PENGU’s price declined significantly after the airdrop, falling by a whopping 57%. However, this downturn was followed by another 33% drop, which took it down to $0.030. Market indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) suggest ongoing selling pressure.
So, what could be driving PENGU’s surge? Firstly, the token is not just a simple utility-based token. Its main objective is to engage with Web3 communities, including holders of Azuki, Bored Ape Yacht Club, and Doodles. Additionally, buyers of Pudgy Penguins toys who have interacted with the Pudgy World platform were also eligible for the airdrop.
As a result, PENGU’s distribution strategy is designed to broaden its reach and stimulate participation within its ecosystem by connecting with these larger Web3 groups. By doing so, it can potentially draw in new members and foster a more robust and vibrant community.
Furthermore, the token has been made available for trading on major centralized exchanges such as Binance, OKX, and Bybit, along with decentralized exchanges based on Solana.
In conclusion, PENGU’s recent price surge is not just a fluke. The token’s strategic distribution, coupled with its focus on community engagement and inclusivity, has piqued the interest of investors and traders alike. As it becomes increasingly available for trading, we can expect to see its performance closely monitored by market participants.
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Source: coinchapter.com
