Looking for the latest news about the crypto market? Then you’ll want to hear about PENGU’s massive rally. The token just had a wild run, jumping more than 23% in one day and hitting an intraday high of $0.015 on May 9. That’s a huge 300% gain from its monthly low — not something you see every day in the news crypto market.
In the last 24 hours alone, PENGU’s trading volume almost doubled, climbing to $500 million. Meanwhile, the token’s market cap is now sitting at a whopping $972 million, inching closer to that big $1 billion milestone.
What’s Behind the Surge?
The main driver of this spike is the listing on Upbit, a top-tier crypto exchange based in South Korea. PENGU’s listing on their spot trading platform sparked massive interest.
Immediately after the announcement, trading in the derivatives market exploded. CoinGlass data shows that open interest in PENGU futures surged 30% in 24 hours, hitting $136 million.
Adding fuel to the fire, Pudgy Penguins NFT sales skyrocketed. According to Crypto Slam, sales rose 360% in a single day, totaling over $617,000. Pudgy Penguins even climbed to the 8th most popular NFT collection globally. Buyer count jumped 320% and sales transactions grew 200%.
Why Everyone’s Watching PENGU
This isn't just about the Upbit listing. PENGU is also riding a wave of momentum from the broader Solana meme coin sector, which surged almost 29% in market cap, reaching $12.1 billion.
On top of that, Bitcoin recently broke above $100,000, sparking optimism across the crypto world. With the bulls back, traders are hunting for the next crypto to buy, and PENGU is clearly on their radar.
Crypto Market Analysis: What’s Next?
From a technical analysis perspective, PENGU looks bullish. It has broken out of a descending parallel channel on the 4-hour USDT chart — a classic reversal pattern.
The Aroon Up sits at 92.86%, while the Aroon Down is low at 28.57%, signaling strong buyer control. Plus, the Supertrend indicator turned green, confirming the positive momentum.
Key resistance lies at $0.021. If PENGU can break through that, the next target is $0.022, a former support-turned-resistance zone from January.
Right now, PENGU has dipped slightly and is trading around $0.014. Such pullbacks are common as the market digests major news. It's all part of the game.
Final Thoughts
If you're following today crypto news or searching for a new crypto to buy, keep your eyes on PENGU. With strong momentum, surging NFT activity, and a major exchange listing behind it, PENGU is making big moves in the crypto market.
Stay tuned for more news about the crypto market and up-to-date crypto market analysis, because in crypto, the next breakout is always just around the corner.
