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PENGU Breaks $2B Market Cap amid Massive Partnership Announcement
Pudgy Penguins’ token PENGU has surged over 12% in the last 24 hours, crossing the highly coveted $2 billion market capitalization threshold. This impressive gain comes as a result of an exclusive licensing agreement with Chinese collectibles leader Suplay Inc.
In the latest development, Pudgy Penguins has secured a global license with China’s esteemed collectibles giant Suplay Inc. to produce Pudgy Penguins-themed trading cards and blind box collectibles for Asia’s lucrative $30 billion merchandise market. This monumental partnership has sparked an unprecedented frenzy in the cryptocurrency markets, leading to a 12% increase in the token’s price.
PENGU has reached a daily high of $0.03456, marking a significant milestone as it becomes one of the most valuable cryptocurrencies on the market. The Pudgy Penguins team aims to leverage Suplay Inc.’s vast retail network and cultural influence to expand its presence in Asia.
The community is abuzz with anticipation regarding the upcoming launch of “Pudgy Party,” a multiplayer mobile royale game developed in collaboration with Mythical Games. Additionally, a $5,000 giveaway in PENGU tokens for US users has been announced, further fueling excitement and stoking investor sentiment.
As the token’s price continues to soar, traders are keeping a close eye on technical indicators. Notably, the RSI is sitting above the overbought threshold, indicating potential short-term correction, but also validating intense buying momentum and trend strength. Aiming for $0.042-$0.045 in the near term appears reasonable.
On the other hand, the MACD line remains well above the signal line, accompanied by widening divergence and growing histogram, confirming strong bullish momentum with heavy capital inflow observed through the Chaikin Money Flow indicator.
PENGU has pierced the upper Bollinger Band, a classic sign of overextension and potential short-term price drop. In this scenario, traders should set their sights on $0.025 as new support and a possible re-entry point for investors.
The market remains optimistic about Pudgy Penguins’ prospects, considering the massive partnership announcement and upcoming gaming and charity initiatives.
Source: www.coinspeaker.com
