🌎 Pudgy Penguins Token Surges 17% Amid NFT Sales

Pudgy Penguins Token Price Surges Amid Strong NFT Sales

The Pudgy Penguins token experienced a significant price surge on Sunday, jumping by almost 17% and making it one of the top-performing cryptocurrencies of the day. This upward momentum was largely driven by a substantial increase in non-fungible token (NFT) sales, which rose by nearly 70%.

According to recent data, Pudgy Penguin’s NFT sales saw a 68% increase on January 5, ranking them as the second-best performing NFTs after Guild of Guardians Heroes. The number of transactions also rose by 85% to 13. As a result, the total sales of the NFT project reached over $545 million, solidifying its position as one of the most successful collections in the industry.

Key Statistics and Trends

Some notable statistics and trends surrounding Pudgy Penguins include:

Total sales exceeding $545 million
Over 62,500 sales transactions
More than 5,004 unique owners

Furthermore, Pudgy Penguins’ sales have risen by over 261% in the last 30 days to $104 million, which may be attributed to the PENGU airdrop that took place on December 17.

Market Outlook and Risks

Despite the recent surge, it remains uncertain whether the upward momentum will continue for Pudgy Penguins. Data shows that their sales dropped by double digits in the last seven days, and historically, many NFTs tend to lose momentum after a while.

For instance, once-popular NFT collections like Bored Ape Yacht Club and Mutant Ape Yacht Club have seen their floor prices decline in the past few months. Their sales have also dwindled, with BAYC’s sales falling by 41% in the last 30 days.

Technical Analysis

A closer look at the two-hour chart reveals that the Pengu token has been in a steady uptrend after bottoming at $0.02286 in December. It has formed a series of higher highs and higher lows, and an ascending trendline that connects the lowest swings since December 20.

Pengu has also moved slightly above the key resistance level at $0.04080, its highest swing on January 2, and invalidating that double-top pattern. However, the token has now hit a key resistance at $0.0433, where it has formed another double-top pattern whose neckline is at $0.030.

A double-top is considered one of the riskiest patterns in the market. Therefore, there is a risk that the Pengu price will suffer a significant reversal unless it moves above the resistance at $0.043. On the positive side, a move above that level will raise the chances of the token hitting its all-time high of $0.04600.