Pengu price rockets as Pudgy Penguins NFTs sales hit $545m

The Pudgy Penguins token rose sharply on Sunday as gross sales of non-fungible tokens jumped almost 70%.

The worth of Pudgy Penguins (PENGU) rose by nearly 17%, making it among the best performing cryptocurrencies.

Based on CryptoSlamPudgy Penguin gross sales rose 68% on January 5, making them the second finest performing NFTs after Guild of Guardians Heroes. The variety of transactions elevated by 85% to 13.

Consequently, the NFT venture’s complete income rose to over $545 million, making it some of the profitable collections within the trade. All gross sales transactions elevated to greater than 62,500, whereas the variety of house owners rose to five,004.

Pudgy Penguins’ income has elevated by greater than 261% to $104 million over the previous 30 days, probably because of the PENGU airdrop on December 17.

Nonetheless, it isn’t clear whether or not the upward momentum for Pudgy Penguins will proceed. Information reveals gross sales are down double digits over the previous seven days.

Traditionally, many NFTs are inclined to lose momentum after some time. For instance, once-popular NFT collections like Bored Ape Yacht Membership and Mutant Ape Yacht Membership have seen their rock-bottom costs plummet in current months.

Their turnover has decreased, identical to that of BAYC turnover decreases by 41% within the final 30 days. ApeCoin (APE), the token created by Yuga Labs, has additionally crashed greater than 95% from its all-time excessive.

PENGU worth has fashioned a double high

The 2-hour chart reveals that the Pengu token is in a gentle uptrend, after bottoming at $0.02286 in December. It has fashioned a sequence of upper highs and better lows, and an ascending trendline connecting the bottom swings since December 20.

Pengu has additionally moved barely above the important thing resistance stage at $0.04080, its swing excessive on January 2, invalidating that double high sample.

The Pudgy Penguins token has now reached a key resistance at $0.0433, the place it has fashioned a brand new double-top sample with a neckline at $0.030. A double high is without doubt one of the riskiest patterns available on the market.

Subsequently, there’s a threat that Pengu worth will endure a serious reversal until it strikes above the USD 0.043 resistance. On the upside, a transfer above that stage will improve the probabilities of the token reaching its all-time excessive of $0.04600.