Pudgy Penguins (PENGU) Suffers Sharp Downturn as New Memecoin Project PEPETO Presale Crosses $4 Million

Pudgy Penguins (PENGU) has suffered a sharp downturn, with its value declining by over 10% in the past 24 hours alone. The past week has been even more brutal, with the token experiencing a staggering 35.18% drop.

Pudgy Penguins (PENGU) price has sharply declined over the past 24 hours and throughout the last week. The NFT token’s value dropped by over 10% in the past day, while the token’s 7-day performance showcases a 35.18% decline.

As PENGU continues to drop below key historical support levels, investors are pivoting towards more promising markets, such as the new memecoin, PEPETO.

PENGU’s continuous decline and potential short-term rebound

PENGU’s latest price action shows a continuous decline, with the token dropping to $0.016 at the time of writing. This marks a 47% decrease in the past 30 days, solidifying the NFT token’s bearish descent.

The project, which was valued at $1.5 billion in December 2023, might now be facing the brunt of an anticipated sell-off, as retail investors cash out from a massive handout.

This predictable downturn has led some traders to identify PENGU as a prime candidate for a short position, especially as the market approaches the end of the current bull run.

However, technical indicators suggest a potential short-term bounce in the NFT token’s value. If PENGU’s current trading channel remains intact, investors could see a rebound following the Federal Open Market Committee (FOMC) announcement on January 29.

A support level at $0.0135 might provide a temporary floor, with an upside target of $0.021—a potential 38% relief rally. The Relative Strength Index (RSI) has also dipped to 25, indicating that PENGU may be significantly undervalued at its current price.

PEPETO presale crosses $4 million

As PENGU struggles, another cryptocurrency has managed to capture the attention of investors. #Pepeto, currently in its presale phase, has successfully raised over $4 million, signaling strong market confidence in the project.

Priced at just $0.000000107 per token, PEPETO is emerging as a potential disruptor in the memecoin space.

A New Year’s Message from the God of Frogs As the New Year begins, the God of Frogs, Pepeto Himself, shares a message of triumph and faith for the loyal Pepeto Army:

The Plan Unfolds: The roadmap progresses flawlessly, as foretold. Every milestone has been achieved, and the… pic.twitter.com/zCmy1bTRQY

PEPETO’s ecosystem is built on six core principles: Power, Energy, Precision, Efficiency, Technology, and Optimization. These foundational elements form the blueprint of PEPETO’s vision and play a crucial role in driving the token’s success.

The memecoin project distinguishes itself from other projects with a combination of unique features designed to enhance user experience and attract long-term investors. These include a zero-fee exchange, a cross-chain bridge for seamless transactions across different blockchains, and substantial staking rewards of 367%. This staking incentive has particularly drawn interest from investors seeking higher returns in the volatile crypto market.

While the memecoin sector remains highly competitive, #Pepeto offers an innovative and robust investor backing, and analysts believe it could carve out a strong position within the space.