$PENGU, the Pudgy Penguins token has taken the crypto memecoin market by storm. First, with its Binance listing, which 5xed its token price. Now its current owner, Luca Netz, plans to overtake Dogecoin’s market cap. If I take a look at its trading volume compared to $DOGE, $PENGU is picking up the pace.
But will it take over $DOGE, or is it just another hyped memecoin? Let me share my honest opinion in this video. Let me know in the comments section what do you feel about my opinion about $PENGU.
What Are the Pudgy Penguins?
On the 22nd of July 2021, the Pudgy Penguins NFT collection of 8.888 launched. It sold out in 20 minutes. This was the brainchild of four college students. However, they sold their collection in April 2022 for 750 $ETH or $2.5 million to Luca Netz. He’s the current owner of everything related to the Pudgy Penguins.
The current floor price (minimum purchase price) of the NFTs is 24 $ETH, or $81,200. There’s also another collection, the Lil Pudgy collection, with a 2.625 $ETH floor. That’s still almost $9k per NFT.
Netz is an entrepreneur and self-made millionaire. He saw in the Penguins a billion-dollar IP brand. Now he’s working hard to achieve this. In his vision, he sees a Pudgy Penguins movie, a TV show, and a massive game.
Looking at how cute the penguins are, I can see this happen as well. Check out some Pudgy Penguins videos I’ve been showing you. They deffo have something.
Although they’re not as popular on YouTube, they’re killing it on Insta. There are plenty of short videos with views between 100k and 500k. Some even have well over 1 million views.
And that’s where Netz also shines. He turned the penguins into a social media powerhouse. On Insta, TikTok, and other social media, the number of followers is huge. The short videos really touch a nerve and get millions of likes. So, is this enough to overtake Dogecoin?
Pudgy Penguins ($PENGU) vs Dogecoin ($DOGE)
Lucas Netz took it upon himself to challenge Dogecoin ($DOGE) for the first spot for all memecoins. Having only launched 10 days ago, $PENGU is not doing that bad at all. It’s currently placed in fifth position.
The current $PENGU price is 3 and a half cents with a $2.2 billion market cap. 70% of all $PENGU tokens circulate. Were you among the lucky ones who got a $PENGU airdrop? Let me know in the comments.
Members of our Alpha group DID get the $PENGU airdrop. Our Alpha group called this early on, and received $10k worth of $PENGU tokens.
So, if you want inside information and early calls on airdrops, follow our Alpha group. They have been covering airdrops since early on, before it became such a hot topic.
Dogecoin ($DOGE)
So, back to Dogecoin ($DOGE) though. The current $DOGE price is 33 cents and has a $45.8 billion market cap. However, it has an infinite supply. That market cap is almost 21x bigger than the current $PENGU market cap. Toppling this is not going to be an easy task.
Elon Musk is also a big influence on Dogecoin and its price. Whenever he posts on X about, you know the price is going to jump up.
With his new “unofficial” position in the Trump administration, he’s going to be in the spotlight. Even more than he already is. And you can almost bet the house on it that he’s going to talk a lot about DOGE. That’s the Department of Government Efficiency. Right, what’s in a name?
Musk’s involvement in DOGE will most likely be a catalyst for the $DOGE token. Once he takes office, I expect $DOGE to make gains. Unless, he and Vivek Ramaswamy, who also runs this department, somehow manage to mess things up. In that case, The $DOGE price can seriously tank.
How did DOGE go from “let’s cut wasteful government spending” to “here’s why we need to import more immigrants” almost overnight?
So, this seems to be an uphill battle for Netz and $PENGU. So, let’s take a closer look at the $PENGU token.
The $PENGU Token
After the $PENGU airdrop, many people sold and took profits. Our Alpha team did take profits as well. $PENGU saw an ATH of almost 7 cents, but ever since its price dropped between 3 and 4 cents and has only seen sideways movement.
From its current price, I can see $PENGU do a possible 2x or 3x. However, I don’t expect $PENGU to go much higher. It won’t surprise me if it will actually drop below the 3 cent threshold after its initial gains.
However, the Pudgy Penguins have a few things going for them as well.
Whales are buying $PENGU. That seems to include one of the biggest market movers, GCR. He was a very early Penguins supporter.
Whales are accumulating $pengu
And you sold yours for peanuts
A whale who made $9.5M on $ai16z exchanged 500K $ai16z($412K) for $PENGU again 5 hours ago..
The NFT collection survived the bear market. From a $30 mint price, it went to a $100k price. During a bear market!
The Penguins are becoming mainstream. See the Walmart and Target integration. These are two of America’s biggest retailers.
A potential movie, TV show, and game.
Still, it remains to be seen if it can flip $DOGE. Even if all these things work out for the Penguins.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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A whale who made $9.5M on $ai16z exchanged 500K $ai16z($412K) for $PENGU again 5 hours ago..
CLONE (@wadelofty) December 26, 2024