- PENGU crypto saw 41%+ gains in the last 24 hours as it flipped WIF by market cap.
- The memecoin, at $0.036235, showed a bullish setup after breaking out of a descending triangle.
Pudgy Penguins [PENGU] showed robust performance recently, positioning itself as the fifth largest memecoin on the Solana blockchain.
In the last 24 hours, PENGU’s market cap surged to $2.32 billion, reflecting a sharp 41.28% increase in price, rising to $0.0371.
This spike in value allowed PENGU to surpass WIF’s market cap, which stood at $2.07 billion.
Source: X
This flipping indicated PENGU’s growing popularity in the memecoin community.
Such popularity is typically influenced by speculative trading or an influx of new investments into PENGU, reflecting optimism about its future utility and adoption.
As a result, these tokens get subject to speculative rallies, hinting at potential for further price increases if the trend continues.
PENGU crypto price action and prediction
For its price action, PENGU showed a bullish trend, following a breakout from a descending triangle pattern.
Trading at $0.036235 initially, it then retraced towards $0.028392, marking a strategic zone for long positions.
This pattern typically suggested a potential uptrend post-consolidation, aiming for new highs.
