Christmas seems to have come early for Bitcoin and Ethereum bears, as both leading crypto assets have dipped over the last several days. BTC has fallen by almost -13% since December 17, while ETH has dropped by a similar amount at approximately -15%.

Most altcoins have suffered more challenging fates, with many tokens dropping by -30% or more in recent days.

However, as the saying goes, it’s time to buy when there’s blood in the streets – and this is also a key time to find strongly-performing cryptos that continue thriving, even while the market panics. PENGU (the official token of the Pudgy Penguins NFT project) and SPX6900 (a meme coin that satirises the S&P 500) are two such examples.

Both meme coins have seen strong rises on the daily charts, while another new token called Wall Street Pepe is turning heads having just hit the $35 million mark in its ongoing presale.

More Success Incoming for PENGU?

Building on the incredible global success of the Pudgy Penguins NFT collection (a crypto-native project that’s turned into a mainstream entertainment brand), the PENGU token has been subject to some controversy. As soon as the token launched on December 17, the floor price of the Pudgy Penguins NFT collection plummeted by over 50%, wiping out the huge price gains the collection had made since the early days of this month:

As the value of NFT collections is partly dependent on exclusive access to a brand, and the introduction of the PENGU token now means that anyone can invest in Pudgy Penguins at a more accessible price level, this precipitous dip is understandable.

However, the PENGU token is making significant moves in the right direction, breaking out of a descending triangle chart pattern. PENGU is up over 30% in the past 24 hours alone.

As we’ll see in the price chart below, the key resistance level for PENGU ($0.07) is approximately double the token’s current price:

This looks like the start of a potential rally for PENGU, which is already a fantastic achievement under current market conditions. Time will tell exactly where the price action goes from here, but at least PENGU holders haven’t been left out in the cold.

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