Pudgy Penguins (PENGU) is currently one of the best-performing cryptocurrencies in the market, rallying more than 600% over the last three months. The Solana-based memecoin has rallied 19.6% in the daily charts, 28% in the weekly charts, and 200.7% in the 14-day charts, 409.9% in the monthly charts. Even more impressive, PENGU rallied 601.6% over the previous three months, as CoinGecko reveals.
What’s Behind Pudgy Penguin’s 600% Rally?
Pudgy Penguins skyrocketed into the spotlight thanks to the project’s NFT collection. The NFTs are one of the most significant in the market right now. The collection has a market cap of about 143,897 ETH, with 8888 unique collectible cartoons. It currently sits behind CryptoPunks as the second-largest NFT collection.
Pudgy Penguins launched its official PENGU memecoin on the Solana blockchain in December of last year. The coin has garnered considerable fame since its debut.
PENGU’s rally was further amplified by the recent crypto market rally, managing to beat Bitcoin and BNB. Bullish developments around pro-crypto legislations in the US and large inflows into crypto-based ETFs have triggered a market-wide resurgence. PENGU seems to be riding the bull run wave right now.
There is a possibility that PENGU will face a correction over the coming weeks. The NFT sector has lost significant steam since late 2022. Interest in NFTs has seen a considerable decline over the last few years. Art pieces that were worth millions have lost 99% of their value.
Also Read: Snoop Dogg Sells $12 Million Worth of NFTs In 30 Minutes
Pudgy Penguins (PENGU) could follow a similar trajectory. The coin is currently down by 36.3% from its all-time high of $0.06845, which it attained in December of last year. Investors could begin to book profits, driving prices down. The Federal Reserve also decided to keep interest rates unchanged. High interest rates could make investors cautious about risky assets. NFTs and memecoins are among the riskiest of crypto-based investments. However, a few memecoins are worth monitoring for potential opportunities in 2025.
