PENGU’s latest rally has caught the interest of many crypto analysts. A 546% price surge in less than four weeks has placed PENGU among the highest gainers in the emerging altcoin season, and is a direct reflection of the Pudgy Penguins’ rise in the NFT space.
According to data from TradingView, the crypto token linked to the Pudgy Penguins NFT collection bounced off support at $0.00774 in the last week of June to reach an impressive $0.04663 high this week.
As a result of PENGU’s latest achievement, the cryptocurrency has climbed up the global crypto ranking ladder. PENGU has surpassed VeChain, Arbitrum, Algorand, and POL to move to the 43rd position on CoinMarketCap.
The cryptocurrency’s current status reflects a massive surge in capital inflow, which saw its market capitalization increase from $529 million in June to $2.71 billion at the time of writing.
In the meantime, PENGU’s growth within the broader cryptocurrency ecosystem becomes more pronounced when narrowed down to its relevance in the NFT sector. Data from the decentralized application aggregation platform, DappRadar, reveals that Pudgy Penguins was the highest performer in transaction volume over the past 30 days.
A $46.78 million transaction volume implies that this digital asset’s unique metric surged 498% over this period.
According to CoinMarketCap data, PENGU’s 43rd position ranking among global cryptocurrencies makes it the highest-ranked NFT. The Penguin-themed digital asset sits comfortably above other renowned NFTs, including Lil Pudgys, Moonbird, and Bored Ape Yacht Club (BAYC). PENGU’s powerful surge has triggered a new wave of conversation in the crypto community about a potential resurgence for the entire NFT sector.
TradingView’s data shows that PENGU traded for $0.04289 at the time of writing, having retraced slightly from a $0.04663 all-time high, which it achieved earlier today. PENGU remains one of the few cryptocurrencies recording new daily highs amid a consolidating crypto market, attracting significant interest from traders.
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