Pudgy Penguins [PENGU] crypto price prediction: Market dynamics suggest bullish sentiment despite the majority of airdrop recipients liquidating their positions early

Pudgy Penguins [PENGU] showed robust performance recently, positioning itself as the fifth largest memecoin on the Solana blockchain.

Pudgy Penguins (PENGU) has seen a remarkable surge in the past 24 hours,跻身Solana第五大memecoin。

According to CoinGecko, PENGU’s market cap soared to reach $2.32 billion on Friday, with a 41.28% spike in price, trading at $0.0371. This increase surpassed WIF’s market cap, which stood at $2.07 billion at press time.

This development highlighted PENGU’s growing popularity within the memecoin community, which is often influenced by speculative trading or an influx of new investments.

Such popularity typically indicates optimism about a token’s future utility and adoption, leading to speculative rallies and potential for further price increases if the trend continues.

PENGU crypto price action and prediction

In terms of price action, PENGU appeared to be undergoing a bullish trend, following a breakout from a descending triangle pattern.

Trading at $0.036235 initially, PENGU's price faced a retracement towards $0.028392, which served as a strategic zone for considering long positions.

This technical pattern usually suggested a potential uptrend after consolidation, aiming for new highs.

A bullish trend could see price targets set at $0.044073 and $0.054105, respectively, indicating possible future resistance levels.

These setups often encouraged buying momentum as traders anticipated gains towards these upper targets.

If this pattern holds, PENGU could see price appreciation in the near term, potentially driving the price towards these projected levels.

Holders and address distribution by action

Further analysis of on-chain metrics revealed that PENGU boasted a substantial holder base compared to other cryptocurrencies.

With 511,180 holders, PENGU ranked among the top seven, significantly outpacing WIF, which had 213,654 holders.

This robust statistic suggested a foundational stability, enhancing investor confidence and potentially driving the token's value higher.

This uptrend in holder numbers showcased the potential for PENGU to maintain or increase its market position, reflecting its successful community engagement strategies.

Moreover, analysis of the PENGU AirDrop activity showed high engagement levels, with 91% of the distribution being claimed by over 1.1 million addresses.

Of these recipients, a vast majority (74%) chose to sell or transfer their airdrop, primarily to centralized exchanges.

While most sold their airdrop, about 16% retained their tokens, and around 3.5% of holders showed further confidence by purchasing more.

At press time, the circulating supply was at 70%, with no new releases expected soon, indicating potential scarcity ahead.

This airdrop not only bridged the gap between the EVM and Solana ecosystems but also positioned PENGU as a significant cultural asset in Web3, appealing to both native and traditional web surfers.

The market dynamics indicated bullish sentiment, despite the majority of airdrop recipients opting to sell their positions early on.