As a seasoned crypto investor with a knack for spotting trends and navigating market fluctuations, I must admit, the rise of Pengu (PENGU) to the throne of the largest meme coin in the Solana ecosystem has caught my attention. Having weathered numerous bull and bear markets, I’ve learned that meme coins can often be a rollercoaster ride, but they can also offer significant returns if played right.
The recently introduced digital currency called Pudgy Penguins (PENGU) has surpassed Bonk (BONK), becoming the biggest meme coin within the Solana network. This new dominance is backed by a market value of approximately $2.65 billion.
The shift represents the peak of a surge that started on Christmas Eve, during which the token increased by more than 30% within a 24-hour period.
PENGU Rises
According to information from the cryptocurrency data platform CoinGecko, it’s clear that the overall market for Solana meme coins has seen remarkable expansion recently. As a result, the total worth of these coins has soared to an impressive $18.2 billion, marking a 10.3% surge compared to the previous day.
Leading the show was PENGU, experiencing a significant surge with a 11.2% increase over the past day and a striking 22.3% growth during the previous week.
The meme coin distributed to members of the thriving Pudgy Penguins NFT community on December 17 has been met with some debate. Shortly after its debut, the floor prices for the entire NFT collection dropped by over 50%, erasing any profits accumulated since early November.
Analysts believe that the decrease in value was primarily due to the fact that a portion of the collection’s value was tied to exclusive access to the brand. However, when PENGU made investing in NFTs more inclusive, it made the value less exclusive and potentially decreased its overall worth.
Initially soaring to an all-time peak of $0.0684 upon release, the coin plummeted to an all-time low of $0.0114 soon after. For several days following, it fluctuated erratically between $0.038 on December 18 and $0.0231 on December 20. However, since December 23, it has been consistently climbing, reaching a high of $0.0417 on Boxing Day, which boosted its market capitalization to $2.62 billion.
BONK Falls
Instead, it’s worth noting that the former ruler of Solana meme coins, BONK, demonstrated more modest gains in its price during the last seven days, rising by approximately 6.9%. Over a two-week span, it experienced a decline of 17% in value. Data from CoinGecko reveals an additional drop of around 23% over the past month, bringing its market cap to slightly over $2.5 billion. This dip enabled PENGU to surpass BONK in this period.
The competition doesn’t stop at that point, as other meme tokens such as DogeWhat (WIF) and FartCoin (FARTCOIN) are also trying to grab investors’ interest. On Christmas Eve, the former reached a record high of $1.02, surpassing the $1 billion total value mark.
However, despite Fartcoin being among the top gainers across seven days with a price increase of 13.1%, it has plummeted 15% since December 25. With a unit currently changing hands at about $$0.986, its $1.072 billion market cap is still some ways behind WIF’s $1.9 billion.
Read More
- SUI PREDICTION. SUI cryptocurrency
- „People who loved Dishonored and Prey are going to feel very at home.” Arkane veteran sparks appetite for new, untitled RPG
- LDO PREDICTION. LDO cryptocurrency
- Destiny 2: A Closer Look at the Proposed In-Game Mailbox System
- Clash Royale Deck Discussion: Strategies and Sentiments from the Community
- Jennifer Love Hewitt Made a Christmas Movie to Help Process Her Grief
- ICP PREDICTION. ICP cryptocurrency
- Naughty Dog’s Intergalactic Was Inspired By Akira And Cowboy Bebop
- Critics Share Concerns Over Suicide Squad’s DLC Choices: Joker, Lawless, and Mrs. Freeze
- EUR IDR PREDICTION
2024-12-26 14:30