PENGU (Pudgy Penguins) rose 10.77% in 24 hours

Gate News Bot news, on September 12, according to CoinMarketCap data, PENGU (Pudgy Penguins) is currently priced at $0.04, having risen by 10.77% in the last 24 hours, with a high of $0.04 and a low of $0.03. The current market capitalization is approximately $2.374 billion, an increase of $231 million compared to yesterday.

Pudgy Penguins is a global IP focused on penguins, meme culture, and good vibes. The brand produces content, merchandise, toys, and digital collectibles, dedicated to helping users unleash their inner child. Pudgy Penguins launched 22,222 Northern Penguin NFTs called "Lil Pudgys" that are adorable yet powerful, serving as allies against negative emotions.

PENGU recent important news:

1️⃣ Large-scale token transfers attract market attention The PENGU project team has transferred 171.6 million PENGU tokens, worth approximately $6 million, from the token deployment address over the past day. This is another large-scale transfer following a similar operation a month ago. Since July 12, the project team has cumulatively transferred 2.6 billion PENGU (approximately $72.86 million) from the token deployment address. This ongoing large-scale transfer behavior may significantly impact market liquidity and prices, raising investor concerns about potential selling pressure.

2️⃣ Strategic partnership with Sharps Technology The blue-chip NFT project Pudgy Penguins has announced a strategic partnership with Sharps Technology, a Nasdaq-listed SOL treasury company. The collaboration aims to enhance exposure and connectivity for Solana digital asset management, while accelerating institutional adoption of the Pudgy Penguins NFT series. Sharps Technology currently ranks first in the holdings of SOL treasury listed companies, holding approximately 2.14 million SOL. This move is expected to increase the recognition of Pudgy Penguins among institutional investors.

3️⃣ Short-term price fluctuations are significant PENGU has experienced significant price fluctuations in the past few days. On September 8, PENGU reported a 6.16% rise in 24 hours, with a market capitalization increase of $111 million to $1.914 billion. In the latest data, PENGU's rise further expanded to 10.77%, with a market capitalization increase of $231 million. This volatility may be related to large token transfer events and new strategic partnerships, reflecting the market's positive response to the project's development.

From a technical perspective, PENGU has maintained a strong rising trend recently, with a 24-hour rise of 10.77%, indicating that market sentiment continues to improve. On the fundamental side, although large-scale token transfer events may bring short-term uncertainty, the strategic cooperation with Sharps Technology is expected to bring long-term benefits to PENGU, enhancing its position among institutional investors. Investors need to closely monitor the subsequent developments from the project party and their potential impact on market liquidity.

This message is not intended as investment advice; investors should be aware of market volatility risks.