PENGU Dethrones FLOKI and BRETT to Become the 6th Largest Meme Token in Just 2 Days

KEY POINTS

The native token of the Pudgy Penguins non-fungible token (NFT) collection, PENGU, dropped earlier this week to a much-hyped cryptocurrency community. In just two days, the memecoin has already surpassed some of the meme token realm’s all-time greats.

According to CoinGecko's top memecoins by market value rankings, PENGU is now the 6th largest meme token, surpassing BRETT and FLOKI, which are both considered long-time rankers in the memecoin kingdom's highest ranks.

PENGU has reached a staggering $2.1 billion market cap since going live Tuesday. In comparison, FLOKI has a market value of $1.8 billion, and BRETT is at $1.4 billion as of early Thursday.

FLOKI is a three-year-old memecoin, while BRETT went live late in February.

$PENGU's Flight to Glory

Ahead of the PENGU token launch, Pudgy Penguins was already making headlines since last week following the NFT collection's floor price surge, even surpassing the price of 1 Bitcoin.

The NFTs' price spike has been linked to the hype around the PENGU memecoin's release, especially after all the internal issues that the team experienced in recent years.

After being acquired by Netz Capital in 2022, the NFT collection expanded to physical toys and also got involved in blockchain-infused video games, gaining more positive attention in the crypto world.

The PENGU token was unveiled earlier this month, touted as the "one coin to rule them all." The memecoin's price immediately skyrocketed upon launch and continues to be a hot topic across crypto.

Introducing $PENGU, the official coin of Pudgy Penguins.

Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6

In addition to its eligible holder airdrop on Tuesday, Pudgy Penguins also got the PENGU token listed on some of the biggest exchanges worldwide, including Bybit and OKX.

What Crypto is Saying About $PENGU

Many cryptocurrency users have praised the new memecoin, including TRON blockchain Founder Justin Sun, who gave a nod to the "incredibly creative" token.

This penguin is absolutely adorable and incredibly creative!

TO THE SUN 🌞 pic.twitter.com/gZEwyFp2NQ

One user suggested that Pudgy Penguins should be inducted into the "NFT hall of fame." The team has done stellar work in getting attention back to NFTs amid the apparent decline in interest for the blockchain segment.

"You've shown that with conviction and genuine passion, it's possible to create something truly remarkable and achieve success against all odds. This is what defines a true builder, not selling fomo (fear of missing out) but working hard."

Prominent industry analyst Adam Cochran, who usually doesn't "promote" NFTs and meme tokens unless they have value, said Pudgy Penguins may be "the biggest opportunity in the next few years in crypto."

Pudgy Penguins, $PENGU, and Abstract: A $50B Future

Everything you need to know about both PENGU & more importantly how Abstract will win out.

(+1 person who likes & subscribes to the YT version will win a @LilPudgys from me!

Check the link in the second tweet for that…) pic.twitter.com/Hxt1js4klV

PENGU has a couple of millions more to go before it can challenge the Top 3 memecoins: PEPE, Shiba Inu (SHIB), and Dogecoin (DOGE). On the other hand, at least based on its current performance, it can be safe to say PENGU is one step closer to becoming a serious challenger to Elon Musk-favored DOGE.