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The Peng price has jumped 95% in the last 24 hours and rocketed 510% in three days to trade at $1.85 as of 4.30 a.m. EST on trading volume that skyrocketed by 125% to $127 million.
The token hit an all-time high only hours ago when it climbed to $2.125 before paring gains. It was launched on March 12 and has had a meteoric rise.
Its price surge seems to be driven by some post-launch hype and a broadly buoyant meme coin market. On top of that, the project noted recently that its next step is to conduct an airdrop.
Pudgy Penguin holders!
We're thrilled to announce the next step on the $PENG airdrop for you guys.
PUDGY HOLDERS – Verify your Pudgy ownership via the COLLABLAND link to gain access to our Telegram group for exclusive details on the upcoming airdrop happening this Sunday!… pic.twitter.com/Az71QCvz6O
— PENG on Solana! (@pengonsolana) March 14, 2024
Peng Price Prognosis
The price of PENG has seen a rapid surge only to hit a strong resistance at $2, which has caused a rejection of its price. However, while the token did see a drop since hitting this barrier, it is giving off signs that it might soon retest it in another surge.
Right now, the price is approaching the support at $1.50, and this is the level that might allow PENG to bounce back up. Some of the technical indicators suggest that this might happen, such as the token’s Bollinger bands, which have seen a sharp narrowing as the price started to drop, only to start getting wider once again.
In addition to that, Peng’s Relative Strength Index (RSI) value has also crashed in the last several hours from the overbought zone toward the oversold area. This suggests that traders have moved in to take profit, and that their next step will likely be to buy the dip, now that the price has dropped again.
When this happens, the price typically bounces back up, pushed by the demand to obtain the token while its value is low.
With PENG being only several days old, there is not much historical data that can be used for speculation. However, some things that can be noted even now is that the token is currently highly volatile, which is why traders are advised to exercise caution.
Promising Alternative to Peng
While PENG has seen explosive growth, the crypto community is also excited about another rapidly emerging meme coin star.
This alternative to Peng is known as Smog (SMOG), and it is a dragon-inspired meme coin that has surged 350% in the past month.
Apart from the fact that many have rushed to buy Smog due to 2024 being the Year of the Dragon — the project is also planning a massive airdrop, even going as far as to call it the greatest airdrop in history.
In preparation for it, SMOG has offered users a 10% discount on its tokens, which is another reason why so many have rushed to buy and stake it.
🐉 Soar
🔥 Burn
👑 Rule— SMOG (@SMOGToken) March 5, 2024
You can join in as well by purchasing SMOG in exchange for ETH or USDT, or simply buy it directly with your credit or debit card.
Visit SMOG presale here.
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