Pudgy Penguins' PENGU token rallies 23% following its Upbit listing, while Pudgy Penguins NFTs see a significant surge in transactions - IcoHolder.

Pudgy Penguins’ PENGU token has continued its impressive rally for the second consecutive day, fueled by its recent listing on South Korean crypto exchange Upbit. On May 9, the token saw a significant 23% increase, peaking at an intraday high of $0.015, marking a remarkable 300% surge from its monthly low. As of now, PENGU's market capitalization stands at $972 million, nearing the $1 billion mark.

The catalyst behind this upward momentum was Upbit, a leading South Korean exchange, which began listing PENGU on its spot trading platform. The news quickly impacted PENGU’s derivatives market, with open interest in its futures soaring by 30%, reaching almost $136 million in just 24 hours, according to data from CoinGlass.

Additionally, Pudgy Penguins' NFTs have also seen a massive boost in sales. Data from Crypto Slam reveals a 360% spike in NFT transactions, which generated $617,081 and positioned the collection as the 8th most popular globally. The surge in activity was accompanied by a significant rise in both transaction volumes and the number of buyers.

The PENGU rally aligns with the broader growth of meme coins within the Solana ecosystem, which recently saw a 28.7% market cap increase to over $12.1 billion. This sector’s rise is largely attributed to Bitcoin’s breakout above the $100,000 mark, reigniting bullish sentiment in the wider cryptocurrency market.

Technical indicators also support the token’s bullish outlook. PENGU has broken free from a descending channel, signaling a potential reversal. Momentum indicators, including the Aroon Up and Supertrend, suggest that buyers are in control. Should this positive trend continue, the token could soon face the psychological resistance level at $0.021, a hurdle it has struggled to overcome since February.

At press time, PENGU was trading at $0.014 per coin, though volatility is expected as the initial excitement surrounding the Upbit listing and broader market movements fades. Despite this, the outlook remains positive, with PENGU continuing to attract attention in both the token and NFT markets.