• The PENGU price is rising because the group readies for the launch of the Summary community.
• Pengu Penguin NFT gross sales are up 80%, regardless of a broader NFT market dip.
• Technical analysis hints at correction for PENGU quickly.

Pudgy Penguins token, PENGU price is as soon as once more within the highlight after registering an 8.7% on January 23, reaching an intraday excessive of $0.0264, making it one of many standout performers among the many high 100 cryptocurrencies by market cap.

This rally has propelled PENGU’s market capitalization past $1.6 billion, with buying and selling volumes leaping by 20% to over $411 million.

The anticipation surrounding the launch ofthe  Summary community

The first catalyst for the PENGU price surge is the group’s anticipation surrounding the launch of Summary, an Ethereum layer-2 community developed by Igloo Inc., the guardian firm behind PENGU and the Pudgy Penguins NFT assortment.

There’s a palpable buzz throughout the crypto group, fueled by studies that PENGU holders could possibly be eligible for an airdrop of Summary’s native token at its token technology occasion. This might be an enormous increase for PENGU seeing that it comes a month after the $1.5 billion PENGU airdrop on Solana.

Whereas the airdrop studies stay unconfirmed, the announcement of a January mainnet launch for Summary has sparked important investor curiosity, resulting in PENGU holders positioning themselves early to capitalize on the potential advantages.

Pengu Penguin NFT gross sales surge

The surge in PENGU’s worth can also be supported by a notable improve in Pudgy Penguin NFT gross sales, which has risen by virtually 80%, making it one of many best-performing collections in accordance with CryptoSlam information.

Notably, the surge in gross sales comes regardless of the broader NFT market experiencing a 3.8% decline over the previous day.

This improve in transaction quantity and curiosity within the NFTs themselves has additional underscored investor confidence within the venture’s future, significantly with the upcoming integration into the Summary ecosystem.

Potential correction on the horizon

Whereas right this moment’s PENGU price surge has brought on pleasure amongst merchants/buyers, not all indicators level to continued development.

Technical indicators counsel a possible correction looming for PENGU. The token’s price was noticed close to the decrease Bollinger Band, signalling bearish management, and the Relative Energy Index (RSI) at 41 hints at a bearish momentum.

Moreover, the Supertrend indicator and a destructive Chaikin Cash Move counsel that purchasing stress could be waning, probably resulting in a price pullback to assist ranges at $0.022 and even $0.020.

An exterior issue that would alter this bearish state of affairs entails speculative coverage adjustments underneath President Donald Trump, notably the potential finish to capital features tax on crypto earnings for US-based cryptocurrencies. Such a coverage shift may considerably profit tasks like Igloo Inc., offering an upside for PENGU.

Whereas the long run holds each promise and warning, the rapid influence has undeniably been a surge in curiosity and worth for PENGU.