PENGU, a token tied to the popular Pudgy Penguins NFT collection, has become the largest meme coin on the Solana blockchain. Its market capitalization momentarily reached $2.47 billion, surpassing competitor BONK ($2.36 billion). At the time of writing, PENGU is trading at $0.035, having gained 44.07% over the past week and maintaining a 24-hour trading volume of $1.2 billion.
This achievement follows nine days after PENGU hit its all-time high of $0.06845. Over the last week, the token has traded in a range of $0.02318–$0.04174, showing steady investor interest.
BONK Falls Behind But Holds Its Ground
Once the leading meme coin on Solana, BONK is now in second place. It has a market cap of $2.36 billion with a token price of $0.00003326. Over the past 24 hours, BONK has risen by 5.7%, yet it’s down 20.94% for the month.
Despite the decline, BONK remains strong thanks to its historical performance; since December 2022, its price has surged by more than 30,000%.
The Secret to PENGU’s Success
Unlike many meme coins, PENGU benefits from more than just trading activity, say analysts. Its association with the Pudgy Penguins NFT collection generates additional demand and helps the token remain resilient in a volatile market.
In the last 24 hours, Pudgy Penguins recorded $6.2 million in sales, ranking first among NFT collections by trading volume—overtaking prominent projects like CryptoPunks and Azuki. The Lil Pudgys collection, also linked to Pudgy Penguins, ranks third by this metric.
Largest Pudgy Penguins Deals in the Past 24 Hours:
According to nftpricefloor, over the past month, the collection’s volume of sales has grown by 902%, the number of transactions by 360%, and the number of buyers by 96%.
If you haven’t claimed your PENGU airdrop yet, check out how to get the most out of it.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
