Overview:
The PENGU coin has witnessed a sudden drop in prices, falling over 14% within the past 24 hours. Now priced at $0.01643, the cryptocurrency is down 30.95% within the past week. Pudgy Penguins (PENGU) holders and investors are panicking over the fall in prices.
π Why is PENGU Coin Dropping? Important Factors Behind
Abstract Chain Launch Effects
The price drop appears to coincide with the launch of Abstract Chainβa new Ethereum Layer 2 blockchain, developed by Igloo Inc., the parent company of Pudgy Penguins NFT. The purpose of Abstract Chain is to make it easier for users of Web2 to access applications in Web3, but the immediate market reaction to this has been mixed. With all the anticipation, the immediate effect has been a sense of fear and uncertainty that has led to the PENGU price drop.
Wider Meme Coin Market Decline
PENGU’s decline is also part of a larger meme coin market decline. Other major meme coins, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Trump Coin (TRUMP), have declined sharply. This has created a bearish sentiment affecting the entire meme coin ecosystem, thereby impacting PENGU’s value.
π₯ How Did the Meme Coin Market React?
- Dogecoin (DOGE): Down 2.29%, trading at $0.3284
- Shiba Inu (SHIB): Down by 4.60%, currently trading at $0.00001834
- Trump Coin (TRUMP): Dropped by 7.17%, currently trading at $27.77
These losses in the meme coin market indicate that overall sentiments in the market are negative, hence affecting the price of PENGU.
π PENGU Coin Price Forecast: What’s Next
Looking ahead, PENGU’s price is expected to rebound over the long term. Analysts project that by December 2025, PENGU could trade between $0.036963 and $0.042653, showing moderate growth potential.
Looking even further, by 2029, the token could potentially reach $0.096368, reflecting significant upward movement. This suggests that while PENGU faces short-term volatility, it may offer long-term value appreciation, depending on market conditions and investor sentiment.
π Key Takeaways
- Investors should be careful to monitor market conditions and PENGU’s progress in order to anticipate recovery and subsequent growth.
- Market uncertainty surrounding Abstract Chain launch causing an immediate price drop.
- Meme coin market drop is affecting PENGU in the same manner as DOGE, SHIB, and TRUMP.
- Long-term growth potential; short-term volatility is expected for PENGU.
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