🌎 PENGU Surges 23% After Upbit Listing Boosts Trading Volume

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PENGU continued its rally for the second consecutive day after securing a listing on a major South Korean cryptocurrency exchange. The token’s performance has captured the attention of investors, with significant price and trading volume increases.

PENGU’s Price Surge and Market Milestones

According to market data, Pudgy Penguins (PENGU) rose over 23% on May 9, reaching an intraday high of $0.015. This marks an impressive 300% gain from its monthly low. The token’s market capitalization now stands at $972 million, just $28 million shy of the coveted $1 billion milestone. Meanwhile, its 24-hour trading volume surged nearly 100% to $500 million, indicating heightened investor activity.

Key Catalyst: Upbit Listing

The primary driver behind PENGU’s rally was its recent listing on Upbit, a tier-1 crypto exchange based in South Korea. This development has significantly boosted the token’s visibility and accessibility to a broader audience, fueling the price surge.

Derivatives Market Activity Spikes

Following the listing announcement, activity in PENGU’s derivatives market also increased. Data reveals that open interest in PENGU futures soared 30% in the past 24 hours, reaching nearly $136 million. This uptick suggests growing interest from traders and investors in PENGU’s short-term and long-term potential.

Pudgy Penguins NFT Sales Surge

Pudgy Penguins’ NFT collection has also seen a dramatic increase in sales. Reports show that NFT sales spiked 360% in the past 24 hours, generating $617,081 in revenue. This performance has propelled Pudgy Penguins to become the 8th most popular NFT collection globally. Additionally, transaction activity has climbed, with sales counts increasing by 200% and the number of buyers rising 320%.

Broader Market Trends and Meme Coin Hype

PENGU’s rally is part of a broader surge in the Solana meme coin sector, which has seen a 28.7% increase in market capitalization over the past day, reaching $12.1 billion. The overall bullish sentiment in the crypto market has been further supported by Bitcoin’s breakout above $100,000, marking a significant milestone and reigniting investor optimism.

Technical Analysis: PENGU Price Outlook

From a technical perspective, PENGU has broken out of a descending parallel channel pattern on the 4-hour/USDT chart. This breakout is often viewed as a bullish reversal signal. Momentum indicators support this trend:

The Aroon Up indicator is at 92.86%, while the Aroon Down is at 28.57%, signaling strong buyer control.
The Supertrend indicator has flipped green, reinforcing the bullish momentum.

With these indicators aligning, PENGU is eyeing the psychological resistance level at $0.021, a price it has struggled to surpass since February. If the token breaks this level, the next target could be $0.022, a previous support-turned-resistance from January.

Current Market Status

At the time of writing, PENGU has retraced slightly and is trading at $0.014 per coin. Such volatility is typical as the market digests major developments, with price movements often reflecting expectations ahead of actual events.