PENGU price remains under pressure as whales and smart money continue dumping the token despite the booming Pudgy Penguins NFT sales. It was trading at $0.40 on Monday, down by over 15% from its highest point this year. Still, it is one of the best-performing tokens this year after soaring by nearly 1000% from the YTD low.
Whales and Smart Money Investors are Dumping PENGU
The PENGU token should be doing well today, helped by its strong catalysts. For example, data shows that Pudgy Penguins NFT sales have jumped lately. They rose by 30% in the last seven days to $5.8 million.
More data shows that the sales jumped by 372% in the last 30 days to over $29.7 million. This surge made it the third most popular NFT collection after CryptoPunks and Courtyard, which sold $79 million and $54 million, respectively.
Pudgy Penguins is also working on its game, which will be launched in the next few months. This game, known as Pudgy World, aims to enhance the token’s utility, transforming it from a meme coin into a utility token.
Still, despite this progress, there are signs that whales believe that its best days are behind it. Data shows that whale holdings of PENGU tokens have dropped by 24% in the last 30 days to 2.57 billion. Whales are watched closely because of their vast holdings.
Smart money investors have also dumped their tokens. They now hold 91.22 million tokens, down by 23% in the last 30 days. Consequently, the volume of PENGU tokens on exchanges has jumped by 3% to 15.31 billion, meaning that selling pressure is rising.
Therefore, it is likely that the PENGU token price will pull back in the near term as the potential catalysts have been priced in by market participants.
Next Gen Bitcoin Penguins is Gaining Traction
The other reason why the PENGU price is struggling is that these whales and smart money investors may be moving to Bitcoin Penguins, a new crypto project whose assets are surging. BPENGU has already raised over $2.5 million in the past two weeks.
Bitcoin Penguins is a top disruptor in the meme coin industry as it seeks to be the next-generation meme coin. It will achieve this by combining the viral nature of meme coins with the legitimacy of Bitcoin, the most important safe-haven in the crypto space.
One BPEP is going for just $0.00134 today, a price that will keep rising by 5% every two days. This means that earlier buyers can expect a solid return once it launches in exchanges in the next 16 days.
Better still, as BanklessTimes previously mentioned, the developers have predicted that the token could jump to $2 by November. Such a move would imply a nearly 150,000% surge from the current level. Find out how to buy BPENGU here.
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