PENGU Flips BONK, Becomes Solana’s Largest Meme Coin

• PENGU has become the largest meme coin on the SOL blockchain, flipping BONK.
• With a market cap of $2.5 billion, PENGU’s 24-hour trading volume is $1.5 billion.
• The meme coin surged over 22% in the past week and 10% in the past 24 hours

The Pudgy Penguins (PENGU) launched on the Solana blockchain marked a significant milestone as it skyrocketed to the top, replacing BONK as the largest memecoin on the network. With a massive trading volume of $1.5 billion, PENGU soared 9.5% in the past 24 hours and 22% in the last seven days. 

According to the CoinGecko data, PENGU is ranked as the 59th-largest digital currency on the website and is trading at $0.03909 at the time of publication after reaching a daily high of $0.0431. However, the meme coin is still down 31.8% from its all-time high of $0.05738, recorded just nine days ago. 

While PENGU has printed higher highs, BONK failed to follow a similar path, surging just around 6% in the past week and trading at $0.00003291. With a market of $2.4 billion, BONK is just one price away from reclaiming its position as the top meme coin on Solana, as PENGU has a market cap of $2.5 billion.

Recently, PENGU conducted an airdrop that distributed the meme coin to 7 million eligible addresses. Following this, the users have only 88 days to claim the 23.5% of 88 billion tokens or 20.6 billion coins that have been reserved for the airdrop. 

It is important to note that BONK was a part of this year’s meme coin rally, following the launch of Pump.fun on the Solana blockchain, thus pushing dogwifhat (WIF) and other SOL-associated tokens higher. 

PENGU to Soar Further?

Since the PENGU token is relatively new, the future of the altcoin is quite uncertain. The meteoric surge in the asset’s valuation could be followed by a correctional phase. Interestingly, the Relative Strength Index (RSI) on the 4-hour chart below reads 59.91, indicating that buyers are still in control, though the gradient suggests that lower prices are possible.

The MACD indicator remains bullish with the MACD line (blue) continuing to move above the signal line (red). Further, the MACD histogram is also bullish. If the broader market retains teh bull momentum, investors can expect PENGU to retest $0.05 in the future.

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