Analyst Explains Why PENGU Token Could Hit $10B Market Cap
PENGU token, a Solana memecoin, is the market’s new trendsetter, achieving an 800% rally after launch. More importantly, it is still maintaining a major surge despite the market fluctuations that failed to influence its market positioning and demand. Few investors believe that the PENGU market cap can hit $10B, and here is why.
Why PENGU Token’s Market Cap Can Hit $10B?
PENGU’s price surged greatly right after launch but dropped in the last 24 hours amid the crypto market crash, but Leshka.eth claims that the PENGU market cap can hit $10B in just a matter of time. She pointed out the success of the Pudgy Penguin airdrop, as 70-72% of the airdrop got claimed within 24 hours, showing high interest from the investors. Although the meme coin has dropped on the charts amidst the selling pressure, it has maintained its stand, keeping it closer to the $2B market cap.
$PENGU is at $2b mcap now
Over 70% of airdrop tokens claimed already
This token survived $600,000,000 of sell pressure within 24 hours only -50% drawdown from the top
It’s not about IF $PENGU can ever cross $10b mcap, it’s about WHEN it gets there pic.twitter.com/XbL9n1P06T
— Leshka.eth (@leshka_eth) December 18, 2024
Overall, investors have a high interest in the PENGU token, either due to its connection with the popular NFT project Pudgy Penguin or its Solana launch. Notably, the analyst believes that it is only a matter of time before the PENGU market cap hits $10B.
Her analysis unveils the Pudgy Penguin token demand and successful airdrop. However, there is much more behind the PENGU price growth.
Analyzing PENGU Token’s Growth & Future Potential
Pudgy Penguin (PENGU) entered the crypto market with a Binance listing, which fueled its demand. However, the investors were already hyped for this even before its launch, as it is the native token of a popular NFT platform. This outcome of the hype was the PENGU’s 800% price surge to $0.04989 and a market capitalization rising to $3.16B moments after the launch per CoinmarketCap.
With that, a crypto trader made 14,500x returns on his initial investment, turning $6 into $87K. However, the sellers rose soon after that, introducing a downtrend in the PENGU token’s performance. Fast forward to now, the PENGU price is $0.02995 after a 40% drop from the ATH of $0.04989. Interestingly, it has maintained a 500% surge since the launch, which is impressive, especially with the crypto market crash.
As the volatility settles around the token, prominent analysts’ PENGU price prediction hints at a further rally. Additionally, the possible altcoin season hitting the market in early January could influence the token higher. However, there is still uncertainty, as many similar NFT project tokens struggled in the broader market. For now, analysts like Leshka.eth believe in the Pudgy Penguin token’s potential, and that it will achieve a market cap of $10B.
What’s In There For You?
It has been only two days since the launch of the Pudgy Penguin token, but it has already taken the market by storm, rising 800% within 24 hours and hitting ATH. However, the PENGU price has dropped significantly since then, concerning the holders over its long-run trajectory after witnessing the failure of many similar projects. However, Leshka.eth analysis has presented a different picture, built on the high airdrop claims and user demand, which could push the PENGU market cap to $10B someday.
The post Analyst Explains Why PENGU Token Could Hit $10B Market Cap appeared first on CoinGape.
Filed under: News - @ December 19, 2024 4:25 pm