Pengu Price Prediction: Pengu Pumps Another 14%, Buy Now or Wait for Better Entry?

Despite a correction, the token is now regaining momentum and has pumped 14.7% in the past 24 hours, hitting a market cap of $1.9 billion after a widely anticipated airdrop this week.

Is this a good time to buy, or will another new meme coin – Crypto All-Stars – offer a better entry?

Pudgy Penguins was one of the leading NFT projects in 2021, but now they’ve turned to the vastly growing meme coin market.

Via one of the biggest token airdrops of 2024, Pudgy Penguin issued its $PENGU token to users across the Solana and Ethereum networks. The airdrop allocated distributed to Pudgy Penguin holders, crypto community members, defunkt FTT holders, the team, and for “public good” initiatives.

It was an attempt to create a buzz and drive attention to $PENGU. And it worked.

While $PENGU remains down 36% from its highs created shortly after launching, it has held up seriously well, currently with a $1.9 billion market cap.

Moreover, its price has surged 14.7% in the past 24 hours, illustrating that the initial airdrop selling is over and buyers are now outpacing sellers.

The project’s interest is also reflected in its trading volume, which currently sits at a significant $2.25 billion.

$PENGU also received a near-instant listing on the world’s largest centralized exchange, Binance. This provides even more exposure, which could allow its price to continue performing well.

However, with a $1.9 billion market cap, how far can it realistically go from here?

Pudgy Penguin’s chart pattern indicates a bottom and a potential impending rally.

Analyst Byzantine General highlighted that it is forming a bottom, to which prominent meme coin analyst Ansem replied that he is “long,” which means he expects the price to go up.

we are long the $PENGU https://t.co/nxEIMVtxXH

Multiple analysts are targeting the $10 billion market cap milestone, which would translate to a price of approximately $0.15.

Wizard Of SoHo is one of those targeting $10 billion, suggesting that $PENGU will hit this price before the end of the year.

Regardless of what market does $Pengu is going to 10bn by year end most likely pic.twitter.com/htTrk5AZZB

The $PENGU token has no utility; its website simply says that “by holding $PENGU, you become a beacon of memetic culture.”

With that, Pudgy Penguins is head-to-head with the biggest meme coins on the market. For reference, this cycle’s most viral meme coin, Pepe, currently trades at under a $10 billion market cap.

Pudgy Penguins has an advantage over most meme coins because it already has a significant community, and the near-$2 billion airdrop helps bolster its awareness.

However, the $10 billion market cap target before the year-end may be overzealous. That could be a more reasonable target for the bull market peak in 2025.

As mentioned, Pudgy Penguins’ lack of utility puts it in direct competition with heavyweight meme coins like Pepe and Dogecoin.

On the other hand, the newly launched Crypto All-Stars separates itself with an innovative application.

Crypto All-Stars is a meme coin staking application that lets you earn rewards by staking Dogecoin, Shiba Inu, Pepe, Bonk, Brett, Mog Coin, and more.

It’s a concept we’ve never seen before: a unified staking layer that connects all the top meme coin communities.

Something else that separates it is the centerpiece utility of $STARS. The more users hold, the more they can earn. This means all the top meme coin communities will be competing to accumulate as much of the token as possible.

The All-Stars ride to their launch in style Want to ride along?

Get your $STARS before it's too late: https://t.co/8IZTKBdAp2 pic.twitter.com/9iOZEbkRIx

The project is undergoing a presale, which has just one day until it ends. So far, the presale has raised $22 million, showcasing considerable demand.

However, compared to the $1.9 billion market cap of Pudgy Penguin, there remains tremendous room for growth.

Holders can also stake their $STARS tokens for more rewards. Currently, $STARS staking offers a 147% APY, but this will decrease over time.

Analyst Austin Hilton urges investors to “not miss” the presale, underlining the vast potential of Crypto All-Stars’ use case.

The presale is taking place at a fixed rate of $0.0016782.

However, those who miss the presale could end up paying a significantly higher price once $STARS lists on the open market.

Visit Crypto All-Stars Presale

This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.