PENGU Token Soars 16% Amid Heavy Whale Accumulation Linked to Pudgy Penguins

The price of PENGU token soared 16%, extending its bullish streak amid heavy whale accumulation linked to Pudgy Penguins. This surge pushed the token's value to an intraday peak of $0.43, marking weekly gains of 29% and an astounding monthly growth of over 700%.

The price of PENGU token soared 16% on Friday, extending its bullish streak amid heavy whale accumulation linked to Pudgy Penguins.

This surge pushed the token’s value to an intraday peak of $0.43, marking weekly gains of 29% and an astounding monthly growth of over 700%.

Its performance has solidified its position as the leading Solana meme coin, surpassing notable competitors BONK and dogwifhhat (WIF).

PENGU’s market cap has skyrocketed, surpassing $2.6 billion, a figure that places it firmly on the list of top Solana meme coins.

Data from CoinGecko highlights this meteoric rise, emphasizing its dominance in the market.

The rally comes as significant players in the crypto space have focused their attention on the token, catalyzing its growth.

Whale Drives PENGU Token Surge

Blockchain analytics firm Lookonchain revealed pivotal whale activity driving the PENGU token’s surge.

A whale investor, who previously earned $9.5 million from trading the token ai16z, made waves by exchanging 500,000 $ai16z tokens valued at $412,000 for PENGU.

This strategic move reflects growing confidence in the token’s potential.

The investor initially acquired 14.08 million ai16z tokens for $1.15 million, later selling 7.87 million tokens for $5.57 million while retaining 6.21 million tokens worth $5.08 million.

Over the past eight days, the same whale invested $2.47 million to amass 79.9 million tokens, resulting in an unrealized profit of $835,000.

Derivatives Data and Key Milestones

The PENGU token is nearing its previous peak of $0.4285, signaling the potential for a new all-time high.

At the time of writing, the token is trading at $0.03902 with a market cap of $2.43 billion.

Data from Coinglss underscores the growing demand for the token, with PENGU open interest surging 35% to $222 million and 24-hour liquidations hitting $4 million.

The rally has also been fueled by its recent listing on South Korea’s Bithumb exchange.

This move spurred trading activity, driven by South Korean investors’ increasing appetite for meme coins.

The listing significantly boosted demand and volumes, cementing the token’s position as a rising star in the cryptocurrency market.

As the token’s rally continues, its trajectory remains closely watched by analysts and investors, eager to see if it can maintain its upward momentum and break new records.