The start of the abstract network triggers a price increase at Pudgy Penguins (Pengu)

• The Pengu Prize increases while the community is preparing for the start of the abstract network.
• The Pengu Penguin NFT sales have increased by 80 % despite a wider NFT market decline.
• The technical analysis indicates an early correction for Pengu.

The price of the Pudgy Penguins token Pengu is again in the spotlight after he recorded an increase of 8.7 % on January 23 and reached an intra-raday high of $ 0.0264, which makes it one of the outstanding performers among the 100 best cryptocurrencies according to market capitalization.

This rally has increased Pengu's market capitalization to over $ 1.6 billion, whereby the trading volume rose to over $ 411 million.

The anticipation for the start of the abstract network

The main trigger for the Pengu price increase is the anticipation of the community for the introduction of abstract, an Ethereum layer-2 network, which was developed by Igloo Inc., the parent company behind Pengu and the NFT collection Pudgy Penguins.

In der Krypto-Community herrscht eine spürbare Begeisterung, angetrieben von Berichte dass PENGU-Inhaber bei der Token-Generierungsveranstaltung Anspruch auf einen Airdrop of the native abstract token. This would be an enormous thrust for Pengu, since it takes place a month after the $ 1.5 billion pengu air drop on Solana.

While the Airdrop reports remain unconfirmed, the Annoying of a Mainnet start for abstract in January has great investor interest in January aroused what caused Pengu owners positioned themselves early to benefit from the potential advantages.

Pengu Penguin NFT sales boost is increasing

The increase in the value of Pengu is also supported by a remarkable increase in pudgy penguin NFT sales, which have risen by almost 80 %, which, according to information, makes it one of the most powerful collections Cryptoslam-daten .

It is noteworthy that the increase in sales is recorded, although the wider NFT market recorded a decrease of 3.8 % last day.

This increase in transaction volume and the interest in the NFTs itself has further underlined the trust of the investors into the future of the project, especially with regard to the upcoming integration into the abstract ecosystem.

possible correction on the horizon

While today's pengu price increase at dealers/investors caused excitement, not all signs of further growth indicate further growth.

Technical indicators indicate a possible correction for Pengu. The price of the token was observed near the lower Bollinger band, which indicates declining control, and the relative stringth index (RSI) at 41 indicates a declining dynamic.

In addition, the super trend indicator and a negative chaikin money flow indicate that the purchase pressure could decrease, which could possibly lead to a price drop to support levels at $ 0.022 or even $ 0.020.

An external factor that could change this declining scenario are speculative political changes under President Donald Trump, in particular the possible end of the capital gains tax on crypto profits for cryptocurrencies based in the USA. Such a political change could benefit projects such as Igloo Inc. and offer Pengu upward potential.

While the future is both promising and careful, the immediate effect was undeniably an increase in interest and the value for Pengu.