Pudgy Penguins [PENGU] Flips Dogwifhat [WIF] in Terms of Market Capitalization

The altcoin's price performance over the past week revealed that the memecoin is now here to stay.

Pudgy Penguins (PENGU) token price action last week revealed that the memecoin has flipped dogcoin (WIF) in terms of market capitalization. The NFT collection floor prices also rose, indicating potential demand for PENGU in the crypto ecosystem.

At the time of writing, PENGU was trading at $0.343, down 6.36% over the past 24 hours. However, the token had gained 12.2% over the past week.

pudgy penguins token price flipped dogcoin token price 26 december

A closer look at the PENGU price chart revealed that the token was attempting to break out of a range on the 4-hour chart. The range extended from $0.394 to $0.289.

Due to the short price action history, the relevant data did not extend too far back. However, it was still possible to make price predictions from the limited data.

On the 4-hour chart, PENGU was bullish. The token price was also well above the mid-range support at $0.312. The Chaikin Money Flow (CMF) was above +0.05, indicating hefty capital flows into the market.

The trading volume has trended south over the past two days. The breakout attempt on 25 December occurred on the back of average trading volume, which signaled some lack of faith from market participants.

This would likely lead to another retest of the overhead resistance. The Directional Movement Index (DMI) showed that a strong bullish trend was in progress on the 4-hour chart, with both the +DI (green) and ADX (yellow) above 20.

pudgy penguins token price attempt breakout 4 hour chart 26 december

Zooming in on the 1-hour chart, we can see that the breakout attempt has been fully retraced. The structure on the 1-hour chart was bearish.

The hourly order block at the $0.35 zone was vital for buyers to defend. The recent lower high to beat in this timeframe would be the $0.39-level.

pudgy penguins token price 1 hour chart breakout attempt retraced 26 december

Pudgy Penguins NFT Floor Prices Rise

The Pudgy Penguins NFT collection floor prices have risen over the past week. On 26 December, the floor price was 20.99 ETH, up from 17.99 ETH on 20 December.

The rising floor prices indicate that there is strong demand for the Pudgy Penguins NFTs. This demand is likely being driven by the recent bull run in the NFT market, which has seen prices for many NFTs rise significantly.

The Pudgy Penguins collection is one of the most popular NFT collections on the market. The NFTs are highly sought-after by collectors and investors due to their unique artwork and rarity.

pudgy penguins nft floor prices

Pudgy Penguins (PENGU) Token Price Analysis

The PENGU token price has been on a tear lately, rising over 1,000% from its all-time low in June. The token’s rally was sparked by the Pudgy Penguins NFT collection, which has become one of the most popular NFT collections in the world.

The PENGU token is used to pay for transactions on the Pudgy Penguins NFT marketplace and to participate in the Pudgy Penguins DAO. The token’s price is closely tied to the performance of the Pudgy Penguins NFT collection.

If the NFT collection continues to perform well, the PENGU token price is likely to continue rising. However, if the NFT collection stalls, the PENGU token price could also fall.