Pudgy Penguins (PENGU) is among the top gainers today, rising by double-digit gains on Sunday following endorsements by Tron founder Justin Sun on X (Twitter).
Elsewhere, the Tron executive highlighted new measures to cut TRON gas fees and boost network competitiveness.
PENGU Surges 31% Amid Justin Sun’s Meme Coin Boost
The Solana-based meme coin inspired by the popular NFT collection surged 31% on CoinGecko following a flurry of social media momentum sparked by TRON founder Justin Sun.
Sun posted a cartoon depiction of a penguin styled with his signature hairstyle and wearing a TRON logo shirt. Accompanying the image was the caption: “OK. Everyone has become a penguin.”
The post quickly gained traction within the crypto and Pudgy Penguins communities, which responded enthusiastically. The official Pudgy Penguins X (Twitter) account quoted Sun’s post with the phrase, “Everyone will Huddle.
“Justin looks good here. Welcome to the Huddle,” Pudgy Penguins wrote in a post.
The viral moment has amplified attention around PENGU, helping push its price higher and fueling further speculation about the token’s upside.
Meanwhile, the surge in PENGU price comes only days after on-chain analyst Ali highlighted an impending momentum for the Pudgy Penguins token. The analyst described the token as having real fundamentals.
“When you compare what PEPE accomplished to where PENGU stands today, it feels like a once-in-a-lifetime entry. The key difference? Pudgy Penguins has real fundamentals behind it,” wrote Ali.
The analyst also noted PENGU’s “textbook bullish retest” on July 10 and forecasted a short-term price target of $0.060 by August. However, this forecast is contingent on the US SEC (Securities and Exchange Commission) approving Canary’s Spot PENGU ETF.
Notably, the US SEC acknowledged the filing only days ago, a move that sent PENGU price soaring over 23% to reach a multi-month high.
PENGU Price Outlook
The PENGU/USDT chart on the 1-day timeframe shows the Pudgy Penguins token scaling a recovery rally, en route to retake its all-time high (ATH) of $0.07, recorded on December 17.
Technical indicators align with the support confluence between the 50, 100, and 200 SMA (Simple Moving Averages) at $0.012, $0.011, and $0.013, respectively. Any perceived selling pressure would be countered by significant buyer momentum from these bull congestion zones.
In the same light, the Relative Strength Index (RSI) indicator also shows rising momentum, steadily recording higher highs and higher lows.
If buying pressure increases, the PENGU price could recapture support due to the 50% Fibonacci retracement level of $0.036. Enhanced buying pressure beyond this level could see PENGU flip the most critical Fibonacci level, 61.8% at $0.044% into support.
A decisive candlestick close above this level on the daily timeframe could set the tone for PENGU to reclaim its $0.07 ATH. Such a move would constitute a 130% move above current levels.
Conversely, if investors cash in for early profits, it could interrupt the ongoing rally for PENGU. A break below the 23.6% Fibonacci retracement level could plunge PENGU back into the consolidating phase below $0.019, where bulls would have another discounted entry around the SMAs
Justin Sun Pushes TRON Fee Cuts to Keep Network Competitive
Meanwhile, Sun continues to push for reduced TRON gas fees. He urged the TRON community to adopt various measures to cut transaction costs.
As the price of TRX continues to rise, the Tron community should adopt various measures to reduce Tron’s gas fees—whether by lowering the unit price of energy, increasing the energy cap, or encouraging energy staking—to ensure the Tron network remains competitive.
— H.E. Justin Sun
The Tron executive followed up with tangible results, indicating that Justlend’s STRX staking feature has already reduced the unit price for energy rental.
Specifically, it lowered the overall energy rental cost by 30% across various scenarios. Additional measures to further reduce TRX network transaction fees are currently being implemented.
The post Pudgy Penguins (PENGU) Skyrockets as Justin Sun Joins the Huddle appeared first on BeInCrypto.
Source link
