PENGU (Pudgy Penguins) is up 26.27% in the past 24 hours, with a current market cap of $764 million.

According to Gate News Bot, on December 3, CoinMarketCap data shows that as of this writing, PENGU (Pudgy Penguins) is trading at $0.01, up 26.27% in the past 24 hours, reaching a high of $0.012. The current market cap is approximately $764 million, an increase of $159 million from yesterday.

Pudgy Penguins is an Ethereum-based NFT project consisting of 8,888 uniquely generated penguin NFTs. The project has evolved into one of the most influential communities in the crypto space, from major companies using penguin imagery, to appearances in ETF commercials, to having millions of social media fans and over 100 billion views. Pengu has become a cultural symbol. The PENGU token allows the ever-growing Pudgy Penguin fanbase, as well as hundreds of millions of people who see and share Pudgy Penguins in their daily lives, to join The Huddle community. PENGU symbolizes community, memes, and positive vibes.

Recent key PENGU news:

1️⃣ Ongoing Token Releases by the Project Team Since mid-July, the PENGU project’s token deployment address has been transferring about $3 million worth of PENGU tokens to multiple centralized exchanges every few days. As of now, a total of 3.8811 billion PENGU tokens have been transferred, with a total value of about $108 million. This ongoing token release process coincides with PENGU’s drop from its $0.04 high to the current $0.01.

2️⃣ Market Leading Performance In the past 24 hours, PENGU has surged 26.31%, making it one of the top-performing tokens in the cryptocurrency market. The current price has reached $0.12, with a 24-hour trading range between $0.95 and $0.12, and the market cap has climbed to $766 million. This strong performance may reflect renewed market interest in the NFT sector.

3️⃣ Improved NFT Market Sentiment As a well-known NFT project, Pudgy Penguins’ token price surge may reflect an overall improvement in NFT market sentiment. With millions of fans on social media and over 100 billion views, the project serves as a key indicator for NFT market trends.

From a technical perspective, after retreating from its $0.04 high to $0.01, the PENGU price has seen a significant rebound. However, given the ongoing token release pressure from the project team, investors should closely monitor future price movements and potential selling pressure risks.

This news does not constitute investment advice. Please be aware of market volatility risks when investing.