- PENGU climbs 546 percent, overtaking top NFT tokens rapidly.
- Market cap hits $2.71B as NFT demand intensifies.
- RSI shows overbought zone while bulls dominate PENGU’s trend.
PENGU has stunned the cryptocurrency market with a 546 percent rally in less than four weeks. The surge has pushed the token past significant NFT-related assets and into the spotlight as the highest-ranking NFT token on CoinMarketCap.
TradingView data shows the token bounced from a low of $0.00774 in the last week of June to reach $0.04663 this week. Currently, the price of PENGU stands at $0.04032 with a minor decline of 4.52 percent.
It has recorded an enormous increase in cap, reaching the $2.71 billion mark after a correction of $529 million. This has placed PENGU in the 43rd position among world cryptocurrencies, passing renowned projects such as VeChain or Arbitrum.
The price increase is indicative of the fact that PENGU prices are becoming increasingly associated with the popularity of the Pudgy Penguins NFT collection. At DappRadar, the last 30 days registered a 498% surge in Pudgy Penguins transaction volume, which reached $46.78 million.
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Overheated Indicators Signal Strong Momentum
The TradingView technical chart indicates an important overbought indication. PENGU’s Relative Strength Index (RSI) is 79.23, which is still higher than the 70 level that usually indicates overbought territory.
Bollinger Bands indicate the token is trading above the upper band, which usually means persistent bullish pressure. Meanwhile, the price continues trading well above its 20-day simple moving average at $0.0263.
The most recent candle shows a temporary correction of the $0.0466 top, but the bullish mood has not changed. Daily trading volumes have remained solid, and traders are still interested in the token as NFTs gain popularity.
PENGU is no longer trailing other major collections such as the Bored Ape Yacht Club and Moonbird, which indicates a revolution in the NFT market. Its appreciation coincides with the period of crypto market consolidation.
PENGU’s swift rise and technical strength have cemented its role as the new leader among NFT tokens. As trading activity and investor attention remain high, the asset continues to reshape the NFT and altcoin market rankings.
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