• PENGU has change into the biggest meme coin on the SOL blockchain, overturning BONK.
• PENGU has a market capitalization of $2.5 billion and a 24-hour buying and selling quantity of $1.5 billion.
• Memecoin has surged greater than 22% up to now week and greater than 10% up to now 24 hours

Launched on the Solana blockchain, Pudgy Penguins (PENGU) has marked a big milestone by rocketing to the highest, changing BONK as the biggest meme coin on the community. PENGU, which has a large buying and selling quantity of $1.5 billion, has soared 9.5% up to now 24 hours and 22% up to now seven days.

In accordance with CoinGecko information, PENGU ranks because the 59th largest digital forex on the web site and was buying and selling at $0.03909 on the time of publication after reaching a day by day excessive of $0.0431. Nonetheless, Memecoin continues to be down 31.8% from its all-time excessive of $0.05738, set simply 9 days in the past.

Whereas PENGU has climbed even larger, BONK has did not comply with an identical path and is buying and selling at $0.00003291, up nearly 6% over the previous week. PENGU's market cap is $2.5 billion, so the market dimension is $2.4 billion, and BONK is only one value away from reclaiming its place as the highest meme coin in Solana.

Lately, PENGU performed an airdrop and distributed meme cash to 7 million eligible addresses. Following this, customers have simply 88 days to say 23.5% of the 88 billion tokens reserved for the airdrop, or 20.6 billion cash.

You will need to be aware that following the launch of Pump.enjoyable on the Solana blockchain, BONK's participation on this yr's meme coin rally has pushed up the worth of dogwifhat (WIF) and different SOL-related tokens .

Will PENGU make additional leaps ahead?

Because the PENGU token is comparatively new, the way forward for the altcoin may be very unsure. A correction section may comply with a meteoric rise in asset valuations. Apparently, the Relative Power Index (RSI) on the 4-hour chart beneath is 59.91, indicating that patrons are nonetheless in management, though the slope suggests a attainable decline in value .

The MACD indicator stays bullish and the MACD line (blue) continues to maneuver above the sign line (pink). Furthermore, the MACD histogram can also be bullish. If the general market maintains its bullish momentum, traders can anticipate PENGU to retest $0.05 sooner or later.