Pudgy Penguins’ $PENGU Token Regains Momentum After Airdrop, But Can It Reach $10B by Year-End?

Despite a correction, the token is now regaining momentum and has pumped 14.7% in the past 24 hours, hitting a market cap of $1.9 billion after a widely anticipated airdrop this week. Is this a good time to buy, or will another new meme coin – Crypto All-Stars – offer a better entry?

Pudgy Penguins, a leading NFT project, has made a pivot into the booming meme coin market with the airdrop of its $PENGU token. This airdrop, one of the largest of 2024, has seen $PENGU tokens being distributed to Pudgy Penguin holders, members of the crypto community, defunkt FTT holders, the team, and various “public good” initiatives.

The airdrop was designed to create a buzz and draw attention to $PENGU - and it appears to have worked. While the token is still down around 36% from its highs shortly after launching, it has held up very well, boasting a $1.9 billion market cap.

Moreover, its price has surged 14.7% in the past 24 hours, indicating that the initial airdrop selling pressure has subsided and buyers are now outpacing sellers.

The project's interest is also reflected in its trading volume, which currently sits at a massive $2.25 billion.

Binance, the world’s largest centralized exchange, also listed $PENGU almost immediately, providing even more exposure, which could allow its price to continue performing well.

However, given its $1.9 billion market cap, how much further could it really go from here?

Traders Spot $PENGU Bottom

On Pudgy Penguin’s chart, a bottom and a potential upcoming rally are being highlighted by traders.

Analyst Byzantine General highlighted that it is forming a bottom, to which prominent meme coin analyst Ansem replied that he is “long,” which means he expects the price to go up.

we are long the $PENGU https://t.co/nxEIMVtxXH

Multiple analysts are targeting the $10 billion market cap milestone, which would put the token at a price of around $0.15.

One of those targeting $10 billion is Wizard Of SoHo, who suggests that $PENGU will hit this price before the year ends.

Regardless of what market does $Pengu is going to 10bn by year end most likely pic.twitter.com/htTrk5AZZB

There is no utility for the $PENGU token; its website simply states that “by holding $PENGU, you become a beacon of memetic culture.”

With this move, Pudgy Penguins is going head-to-head with the biggest meme coins on the market. For reference, this cycle's most viral meme coin, Pepe, currently trades at under a $10 billion market cap.

Pudgy Penguins has an advantage over most meme coins because it already has a large community, and the nearly $2 billion airdrop helps bolster its awareness.

However, targeting a $10 billion market cap before the year-end might be overly ambitious. That could be a more realistic target for the bull market peak in 2025.

As mentioned, Pudgy Penguins’ lack of utility puts it in direct competition with heavyweight meme coins like Pepe and Dogecoin.

On the other hand, the newly launched Crypto All-Stars separates itself with an innovative application.

Could Crypto All-Stars be Next to Explode?

Crypto All-Stars is a meme coin staking application that lets you earn rewards by staking Dogecoin, Shiba Inu, Pepe, Bonk, Brett, Mog Coin, and more.

It’s a concept we’ve never seen before: a unified staking layer that connects all the top meme coin communities.

Something else that separates it is the centerpiece utility of $STARS. The more users hold, the more they can earn. This means all the top meme coin communities will be competing to accumulate as much of the token as possible.

The All-Stars ride to their launch in style 😉 Want to ride along?Get your $STARS before it's too late: https://t.co/8IZTKBdAp2 pic.twitter.com/9iOZEbkRIx

The project is undergoing a presale, which has just one day until it ends. So far, the presale has raised $22 million, showcasing considerable demand.

However, compared to the $1.9 billion market cap of Pudgy Penguin, there remains tremendous room for growth.

Holders can also stake their $STARS tokens for more rewards. Currently, $STARS staking offers a 147% APY, but this will decrease over time.

Analyst Austin Hilton urges investors to “not miss” the presale, highlighting the vast potential of Crypto All-Stars’ use case.

The presale is taking place at a fixed rate of $0.0016782.

However, those who miss the presale could end up paying a significantly higher price once $STARS lists on the open market.

Visit Crypto All-Stars Presale

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