The cryptocurrency token known as Pudgy Penguins (PENGU) has enjoyed a significant uptrend of over 20% within the last 24 hours when viewed on an hourly basis.
In this period, the memecoin saw a rise from $0.021945 to a peak of approximately $0.026309, as investors eagerly anticipate the launch of the Abstract chain mainnet.
This uptrend was bolstered by a notable increase in buying activity, evident from the surge in MACD volume bars during this time frame.
Currently sitting at 23.55, the ADX indicator indicates a moderate strength in the PENGU trend, signaling a sustainable upward movement rather than a fleeting, volatile spike.
An earlier bullish crossover observed in the MACD coincided with the onset of the price surge, confirming the momentum behind the uptrend.
Nevertheless, a hint of bearish momentum can be seen in the MACD, with the signal line positioned above the MACD line and a negative histogram reading at -0.000321.
These indicators suggest that while the overall trend has been positive, there is a possibility of a corrective pullback in the near future.
Looking ahead, the recent price hike indicates a prevailing bullish sentiment, although a retracement is a plausible scenario. It’s common for prices to retrace after a strong upward movement, as traders look to secure profits.
By monitoring the MACD and ADX, one can potentially identify signs of waning momentum or shifts in the direction of the trend.
The Impact of Social Media on PENGU Token’s DEX Trading Volume
The NFT project, Pudgy Penguins, has expanded its presence by launching a memecoin on the Solana blockchain, garnering substantial attention in the realm of consumer crypto largely due to its strong social media following.
Across popular platforms like Instagram, Giphy, and X, PENGU enjoys wide visibility, contributing to its significant social reach.
PENGU’s offerings have made their way into leading retail stores in the United States and have attracted national media coverage, including a feature on NYSE TV.
As a pivotal component of the Igloo ecosystem, PENGU is poised to play a crucial role in the imminent Abstract chain mainnet launch, potentially serving as a vital link to enhance visibility and integration within the expansive on-chain community.
Anticipation surrounding the Abstract chain rollout has triggered a surge in transfer volumes and values, indicating heightened token movement, potentially involving PENGU, leading up to the event.
The decentralized exchange (DEX) trading volume hit a peak with 113,345 transactions valued at $177.2 million, signaling a resurgence in trading activity following a nine-day downturn.
PENGU’s transfers reached a peak in early January, exceeding 350,000, while the total transfer value peaked at $700 million.
Looking forward, the level of activity is expected to rise as the mainnet launch approaches, although the risk of volatility remains a concern.
Traders are advised to exercise caution, as a post-launch decrease in activity, if expectations are not met, could potentially drive token prices downward.