Markets Consolidating as BTC, ETH & Others Plunge Hard While PENGU & BGB Prices Surge
The week started off very optimistically because bitcoin price A breakout of the consolidation and a surge above $107,700 formed a new ATH. This triggered a massive bullish wave across the market, with more altcoins gaining strength and forming huge bullish candles. Meanwhile, other cryptocurrencies in the top 10, such as ETH, DOGE, ADA or SOL, remain restricted within the range, slightly above their respective resistance levels. However, the day’s trading started on a bearish note, with more than $150 million wiped off market capitalization and a modest drop of more than 3% in trading volume.
Pumpy Penguin (PENGU): The Next Memecoin Sensation on the Market
Now the bulls are showing weakness and the coin has dropped significantly, but some altcoins still managed to maintain the upward trend. PENGU, a new token in the Pudgy Penguins ecosystem, made a splash after launching on Solana, breaking into the top 100. However, the excitement surrounding the coin turned into chaos, with the price plunging more than 57% from highs around $0.068, largely due to a sell-off of 20% of its supply.
Pudgy Penguins has just been launched on BitgetGlobal, and its airdrop distribution volume is huge and is considered to be the largest airdrop. Similar to other airdrops, PENGU also faced a huge sell-off shortly after spot trading was launched. Furthermore, it also entered the top 10 memecoins, but the 50% retracement caused major concerns. Therefore, one needs to be wary of this coin before making any trades.
Bitget Token (BGB): Breaking to New Highs
Bitget token price is hitting new highs every day as trading volume increases significantly. With the broader market still under a bearish influence, the token gained more than 16% and entered the top gainers list.
BGB price has broken out of the ascending parallel channel and has been trading in the discovery phase over the past week. In a period where a pullback is expected, the coin rebounds and heads towards new highs. The RSI has reached an all-time high of 93.61 and is showing no signs of bearish divergence. Therefore, the coin is believed to maintain a healthy rise and reach $5 before facing a pullback.
