PENGU Soars: Justin Sun's Endorsement Fuels Pudgy Penguins Rally
PENGU Surges on Justin Sun Endorsement
The Solana-based meme coin, Pudgy Penguins (PENGU), experienced a significant price surge following an endorsement from Tron founder Justin Sun on X (formerly Twitter). The token saw a 31% increase on CoinGecko, fueled by social media momentum.
Sun's post, featuring a cartoon penguin with his signature hairstyle and a TRON logo shirt, quickly went viral. The accompanying caption, "OK. Everyone has become a penguin," sparked enthusiastic responses from the crypto and Pudgy Penguins communities. The official Pudgy Penguins X account responded, "Everyone will Huddle," further amplifying the effect.
Factors Contributing to the PENGU Rally
- Justin Sun's endorsement: The significant social media attention generated by Sun's post dramatically increased awareness and trading volume.
- Positive analyst sentiment: On-chain analyst Ali highlighted PENGU's strong fundamentals and predicted further price increases, citing a "textbook bullish retest."
- Canary Capital's ETF filing: The SEC acknowledgment of Canary Capital's Spot PENGU ETF application further boosted investor confidence.
PENGU Price Outlook: Technical Analysis
The daily PENGU/USDT chart shows a strong recovery rally, aiming for its all-time high (ATH) of $0.07. Support levels are evident near the 50, 100, and 200 SMAs. The RSI indicator also shows increasing momentum.
Potential scenarios include a recapture of the 50% Fibonacci retracement level at $0.036, and potentially the 61.8% level at $0.044. A decisive daily close above $0.044 could signal a move towards the ATH, representing a 130% increase from current levels. Conversely, a break below the 23.6% Fibonacci retracement level could lead to consolidation around the SMAs.
TRON Fee Reductions: Justin Sun's Initiative
In other news, Justin Sun continues to advocate for reduced TRON gas fees to maintain network competitiveness. He highlighted initiatives such as Justlend's STRX staking, which has already lowered energy rental costs by 30%. Further measures are underway.
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