PENGU Flips BONK, Turns into Solana’s Largest Meme Coin

• PENGU has turn into the biggest meme coin on the SOL blockchain, flipping BONK.
• With a market cap of $2.5 billion, PENGU’s 24-hour buying and selling quantity is $1.5 billion.
• The meme coin surged over 22% up to now week and 10% up to now 24 hours

The Pudgy Penguins (PENGU) launched on the Solana blockchain marked a big milestone because it skyrocketed to the highest, changing BONK as the biggest memecoin on the community. With a large buying and selling quantity of $1.5 billion, PENGU soared 9.5% up to now 24 hours and 22% within the final seven days. 

Based on the CoinGecko information, PENGU is ranked because the 59th-largest digital foreign money on the web site and is buying and selling at $0.03909 on the time of publication after reaching a every day excessive of $0.0431. Nevertheless, the meme coin remains to be down 31.8% from its all-time excessive of $0.05738, recorded simply 9 days in the past. 

Whereas PENGU has printed larger highs, BONK did not observe an analogous path, surging simply round 6% up to now week and buying and selling at $0.00003291. With a market of $2.4 billion, BONK is only one value away from reclaiming its place as the highest meme coin on Solana, as PENGU has a market cap of $2.5 billion.

Just lately, PENGU performed an airdrop that distributed the meme coin to 7 million eligible addresses. Following this, the customers have solely 88 days to say the 23.5% of 88 billion tokens or 20.6 billion cash which have been reserved for the airdrop. 

You will need to be aware that BONK was part of this 12 months’s meme coin rally, following the launch of Pump.enjoyable on the Solana blockchain, thus pushing dogwifhat (WIF) and different SOL-associated tokens larger. 

PENGU to Soar Additional?

Because the PENGU token is comparatively new, the way forward for the altcoin is kind of unsure. The meteoric surge within the asset’s valuation may very well be adopted by a correctional section. Apparently, the Relative Power Index (RSI) on the 4-hour chart beneath reads 59.91, indicating that patrons are nonetheless in management, although the gradient means that decrease costs are potential.

The MACD indicator stays bullish with the MACD line (blue) persevering with to maneuver above the sign line (pink). Additional, the MACD histogram can be bullish. If the broader market retains teh bull momentum, buyers can count on PENGU to retest $0.05 sooner or later.