PENGU token, the official cryptocurrency of Pudgy Penguins, tumbled 18% overnight, dropping from $0.0233 to $0.01806 despite broader market optimism and anticipation surrounding Igloo Inc.’s Abstract Layer 2 blockchain launch on January 27, 2025.
While some investors expected a pre-launch rally, uncertainty around Abstract’s implementation and the broader market downturn appear to have driven the sell-off. Bitcoin’s decline to $97,900, triggered by macroeconomic concerns and China’s DeepSeek AI breakthrough, further pressured altcoins.
NFT Market Reacts as Pudgy Penguins Trading Volume Soars
Despite PENGU token’s slump, Pudgy Penguins NFT trading volume surged 48%, hitting $4.1 million in the last 24 hours. This suggests that while sentiment around the token is weak, demand for Pudgy Penguins NFTs remains strong—potentially driven by expectations surrounding the Abstract blockchain’s launch.
Market sentiment remains mixed. While some view the dip as a buying opportunity, others are wary of further downside in the short term.
PENGU Price Prediction
PENGU token ($PENGU) remains under strong selling pressure. The price is struggling below the 50 EMA ($0.0226), indicating bearish dominance.
Immediate support sits at $0.0177, a key level to watch. A break below could push the token toward $0.0144 and $0.0113. On the upside, $0.0226 and $0.0274 are the next resistance levels, with a bullish breakout needed to reverse sentiment.
What’s Next for PENGU Token – Buy The Dip?
The token’s future hinges on Abstract Layer 2’s adoption within the Ethereum NFT space. Igloo Inc. aims to make Abstract a leading Layer 2 solution, utilizing ZK-rollups for scalability, lower fees, and seamless NFT integration.
If Abstract gains traction, PENGU token could stage a recovery, but investors remain cautious as uncertainty lingers.
Pudgy Penguins Alternatives
While PENGU token struggles, another project is gaining momentum pre launch—Meme Index ($MEMEX), a structured investment platform offering exposure to the $55 billion meme coin market.
Meme Index simplifies meme coin investing by offering four different investment baskets, catering to both low-risk and high-risk strategies. This allows investors to diversify and reduce volatility in their meme coin holdings.
https://twitter.com/memecoin_index/status/1883938098930934265
Currently, 132.8 million MEMEX tokens are staked, showing strong investor trust. Staking rewards are distributed at a rate of 380.5 MEMEX per ETH block for three years.
With the presale surpassing $3.04 million, and tokens priced at $0.0155933, now is the last chance to buy before the next price increase..