PENG exploded 510% in 3 days to ATH, but experts say this Solana Meme coin is considering competing with its massive airdrop plan.

adminMarch 15, 2024

join us telegram A channel to stay up to date on breaking news coverage

Peng’s price has surged 95% in the past 24 hours and 510% in three days to trade at $1.85 as of 4:30 a.m. ET, with trading volume surging 125% to $127 million.

The token rose to a new all-time high after rising as high as $2.125 just a few hours ago. It was released on March 12th and has seen huge gains.

The price surge appears to have been driven by post-launch hype and a broadly active meme coin market. Additionally, the project recently announced that its next step is to conduct an airdrop.

Dear pudgy penguin owners!
We are excited to announce our next steps. $PENG This is an airdrop for you.
PUDGY HOLDERS – COLLABLAND Check your Pudgy ownership through the link and access our Telegram group for exclusive details about the airdrop scheduled for this Sunday!… pic.twitter.com/Az71QCvz6O
— Solana’s PENG! (@Pengonsolana) March 14, 2024

peng price prediction

The price of PENG rose sharply as it encountered strong resistance at $2, which resulted in a price rejection. However, while the token has been on a downtrend since hitting this barrier, there are signs that it could soon be tested again with another surge.

The price is currently approaching the $1.50 support level, which is a level where PENG could bounce back. Some technical indicators suggest that something like the token’s Bollinger Bands could occur, which narrows sharply as the price begins to fall, and then begins to widen once again.

Additionally, Peng’s Relative Strength Index (RSI) value has also fallen from overbought to oversold territory in the past few hours. This means that traders have moved to take profits and now that the price has fallen again, the next step is likely to be buying the dip.

peng price

When this happens, the price usually bounces back due to demand to acquire tokens when their value is low.

PENG is only a few days old, so there isn’t much historical data available for speculation. However, what can still be noted is that the token is currently very volatile. Therefore, traders are advised to exercise caution.

A promising alternative to Peng

While PENG has seen explosive growth, the cryptocurrency community is also excited about another fast-rising meme coin star.

This alternative to Peng is known as SMOG, a dragon-inspired meme coin that has surged 350% in the past month.

Besides the fact that many people are rushing to buy Smog because 2024 is the Year of the Dragon, the project is also planning a massive airdrop, going so far as to call it the largest airdrop in history.

To prepare for this, SMOG offered users a 10% discount on the token, which is another reason why many people are rushing to buy and stake.