Pudgy Penguins price has done well this year and is one of the top contributors to the ongoing altcoin season. PENGU token has jumped by almost 800% from its lowest level this year, making it one of the top cryptocurrencies in the market. This article explores why Pudgy Pandas, a top PENGU rival, has just raised $2.6 million in a week.
Why Investors are Buying the Pudgy Penguins Rival
Pudgy Pandas, a cryptocurrency project that started its token sale last week, has raised $2.4 million from investors and is already going viral, especially in the Asian market.
A closer look shows that Pudgy Pandas is now one of the most trending coins in some top social media platforms like WeChat, QQ, and Weibo, with many users comparing it with Pudgy Penguins.
Users are comparing penguins, which has a population of millions, with pandas, which has a population of less than 2000.
READ MORE: Best Crypto to Buy Today as Altcoin Season Index Hits 82
Further, Pudgy Pandas is named after pandas, one of the most beloved animals in Asia. As such, users believe that it has the potential of being a major animal-themed coin like Dogecoin, Bonk, and Floki.
Most importantly, its tokenomics are mostly dedicated to the community and panda conservation. The team is allocated only 2% of all the tokens in circulation, while the community is allocated 68%.
The panda birth rate initiative and the panda conservation fund are allocated 10% each. As such, investors are buying Pudgy Pandas both as an investment and for its social impact.
Most importantly, the PANDA token promises an exciting return, especially for early investors. The token sale started with the token selling for $0.021, much lower than the eventual listing one of $0.06055, a 188% return.
PANDA Token to Benefit From the Altcoin Season
Meanwhile, the PANDA token has more catalysts that may boost its performance after the airdrop in October. The most important one is that we are in the midst of an altcoin season.
Data shows that the Altcoin Season Index has jumped to over 70 today, a trend that may continue. If this happens, there is a possibility that PANDA and other popular altcoins will do well as investors embrace the Fear of Missing Out (FOMO). This is already happening as top cryptocurrencies like Avantis, Orderly, and Linea jump.
On top of this, market participants are reacting to the recent Federal Reserve interest rate cut. In a statement last week, Jerome Powell and his team voted to cut rates for the first time this year. Historically, crypto prices thrive when interest rates are low as this normally fuels animal spirits among investors. Learn more about PANDA token here.
