The PENGU price has gained by 11% in the past 24 hours, with the token rising to $0.02792 after Tron founder Justin Sun posted a Pudgy Penguins meme on X.
PENGU is now up by a massive 83% in the past week and by 190% in the last 30 days, although it remains 59% down from the ATH of $0.06845 it set in December.
Along with the apparent commencement of a new bull market, Sun’s post in support of Pudgy Penguins could open a new period of growth for the token.
Indeed, the past day, week and month has also witnessed an increase in sales volumes for Pudgy Penguins NFTs, bucking the overall trend for NFTs as a whole.
Pengu Price Prediction: Billionaire Justin Sun Backs Pudgy Penguins – Are NFTs Making a Comeback?
Justin Sun accompanied his tweet with the declaration, “Everyone has become a penguin.”
The official Pudgy Penguins X account replied to this with a “Welcome to the Huddle,” while Sun reposted a Pudgy Penguins repost of his original tweet.
Sun published his first post at roughly 4pm UTC, and we can see that the PENGU price reacted almost instantly, rising from $0.027798 to $0.03188 in a matter of hours.
It has since calmed down, and if we look at its chart today we see that it may be due some further corrections.
Its indicators are all in overbought positions, which would imply that now is not the best time to buy the token.
For instance, its RSI (yellow) touched 80 a few hours ago and is now on its way down.
We also see that the coin’s MACD (orange, blue) is at its highest level on record, so again logic would dictate a correction.
Source: TradingViewOn the other hand, PENGU’s volume has exploded in the past couple of weeks, from only $83 million a month ago to $2.1 billion today.
This signals a big increase in interest in the token, while it also points towards growth in Pudgy Penguins NFT sales.
In fact, DappRadar data reveals that there has been a 124% increase in such sales in the last 30 days, and a 642% increase in the past week.
What’s interesting about this is that the NFT market as a whole is still very much down on where it was in November and December.
This is very bullish for Pudgy Penguins and for the PENGU price, which could hit $0.030 again by the end of the week, and $0.040 by the end of August.
TOKEN6900 Promises No Fundamentals and Raises $450,000 in Presale: Next Big Meme Coin?
PENGU isn’t the only meme coin that’s likely to benefit from the current bull market, with several newer tokens also looking to rise up the charts in the coming weeks.
One of these is TOKEN6900 (T6900), an ERC-20 coin based around the same dot-com bubble memes that have propelled SPX6900 to notoriety in recent weeks.
It launched its presale a couple of weeks ago, having since gone on to raise just over $450,000.
This figure has been achieved on the back of a novel marketing strategy, in that TOKEN6900 has made a point of promising that it won’t have any utility or fundamentals.
Instead, it has proudly declared that its price rests on memes, on FOMO and on hype, with TOKEN6900’s team working hard to develop a community of supporters and evangelists.
As a token, it will have a max supply of 930,993,091 T6900, with holders able to stake the token for a passive income.
This is the only ‘utility’ that the coin possesses, with the TOKEN6900 aiming to ape the successes of the similar SPX6900.
Investors can join its presale by going to the token’s website and connecting a compatible wallet, such as Best Wallet.
T6900 is currently selling at $0.006575, although this will rise again in two days, so traders should act sooner rather than later.
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