Non-fungible token-tied cryptocurrency Pudgy Penguins (PENGU) rose sharply Sunday, capping a volatile week on a high.
What happened: The Solana (CRYPTO: SOL)-based coin climbed over 5%, becoming one of the market's biggest gainers in the last 24 hours. PENGU outgained bigger coins like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
The latest uptick pared some of its losses from the previous week, although over the month, the coin's value has more than doubled. Moreover,
Widely followed cryptocurrency analyst Ali Martinez spotted a buy signal for PENGU, suggesting a potential rebound to $0.044 if it sustains above $0.036. This would mean an upside of nearly 24%.
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Why It Matters: The coin has been on a roll, driven by excitement over the Canary PENGU ETF, a first-of-its-kind investment vehicle that proposes holding PENGU tokens, having 80-95% exposure, and Pudgy Penguins NFTs with 5-15% allocation.
The floor price of its associated NFT collection also rose by 3.6% in the last 24 hours, according to Coingecko, with the average sale price jumping 26%.
Price Action: At the time of writing, PENGU was trading at $0.03550, down 5.12% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: CryptoFX on Shutterstock.com
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