PENGU Gains 20% in 24 Hours Ahead of Abstract Chain Launch

Pudgy Penguins—PENGU, surged more than 20% in the last 24 hours. This rapid growth caught the attention of traders. The spike comes just before the Abstract chain mainnet launch. Excitement is building, with many wondering if this momentum will continue.

Solid Momentum Backed by Technical Indicators

PENGU’s price rose from $0.021945 to $0.026309. The buying activity drove this rise, supported by MACD volume bars. At the time of writing, the ADX stood at 23.55. This suggests a moderate trend strength, indicating that the rally could continue.

The MACD showed a bullish crossover earlier in the rise, confirming the upward momentum. However, a slight dip could be on the horizon. The signal line is above the MACD line, with a negative histogram of -0.000321. 

Social Media Boosts DEX Volume

Pudgy Penguins has gained a significant following on social media platforms like Instagram, X, and Giphy. This attention has helped drive interest in the upcoming Abstract chain launch. 

PENGU’s products are now in top American stores, and even appeared on NYSE TV. This increased visibility has fueled trading activity. DEX volume surged to 113,345 trades, valued at $177.2 million. After a nine-day decline, trading activity rebounded. 

Earlier in January, PENGU saw over 350,000 transfers, with total transfer value reaching $700 million. The upcoming launch could continue to push volume higher. However, volatility remains a risk. If the Abstract chain launch does not meet expectations, token prices may fall.