PENGU (Pudgy Penguins) rose 22.31% in the last 24 hours

Gate News Bot news, on July 22, according to CoinMarketCap data, PENGU (Pudgy Penguins) is currently priced at $0.04, having risen 22.31% in the last 24 hours, reaching a high of $0.04 and a low of $0.03. The current market capitalization is approximately $2.378 billion, an increase of $434 million compared to yesterday. Ranked 47th.

Pudgy Penguins is a global IP brand focused on spreading penguins, meme culture, and a positive atmosphere. The brand produces content, merchandise, toys, and digital collectibles, dedicated to helping users unleash their inner child through the power of play and imagination. Pudgy Penguins welcomes users to join this creative, free, and community-driven Web3 brand world.

PENGU Recent Important News:

1️⃣ Market capitalization exceeds 2.3 billion USD, becoming the second largest Meme coin on the Solana chain PENGU market capitalization surpassed 2.32 billion USD, exceeding TRUMP to become the second largest Meme coin on the Solana chain. Currently, the largest Meme coin by market capitalization on the Solana chain is BONK, with a market capitalization of approximately 2.67 billion USD. The rapid rise of PENGU reflects investors' recognition of its potential while also highlighting its significant position in the Meme coin market.

2️⃣ Large investors suffer huge paper losses, indicating market strength A large investor address opened a PENGU 3x short position worth $18.42 million, with an opening price of $0.01609. As the PENGU price rose from $0.01609 to $0.03879, the short position has incurred an unrealized loss of $10.74 million. This substantial unrealized loss reflects the recent strong upward momentum of PENGU, while also potentially raising market concerns about the risk of forced liquidation.

3️⃣ Pudgy Penguins seeks a new round of financing to expand its ecosystem Pudgy Penguins CEO Luca Netz stated that the company is seeking a new round of financing for Abstract and hopes to involve the community in some way. Abstract's goal is to bring fun back to EVM while heavily developing the iOS platform and creating applications on Portal (Abstract Portal), aiming to lower the entry barriers to Web3. This initiative indicates that Pudgy Penguins is actively expanding its ecosystem, which is expected to bring more use cases and value support for the PENGU token.

From a technical perspective, PENGU is currently in a strong pump trend, but may face short-term correction risks. On the fundamental side, Pudgy Penguins' toy sales revenue through physical retail channels, as well as its business model of sharing IP copyright revenue with NFT holders, provide substantial support for PENGU's value.

This message does not constitute investment advice; investors should be aware of market volatility risks.