Pudgy Penguins [PENGU] is among the trending tokens, as it has become intertwined with the NFT market. The NFT market is slightly recovering since the launch of Robinhood Chain.
Notably, StonkBrokers NFT on Robinhood flipped Pudgy Penguins NFT to become the fourth most-capped NFT collection. This development has led to an increase in speculative trading, which has spilled over to their respective memecoins.
How the NFT market is driving memecoin sentiment
StonkBrokers NFT hit a market cap of $64.50 million, slightly ahead of Pudgy Penguin’s $64.20 million. CryptoPunks, Bored Ape Yacht Club [BAYC], and Autoglyphs occupied the top three positions in the NFT market.
As a result, their respective memecoins were leading the charts for top trending tokens. For instance, the PENGU memecoin has reached a new milestone, with its total mindshare now exceeding 450 billion in collective views.
Hence, 60% of the top 5 trending tokens on CoinGecko were memecoins, especially those on the Robinhood Chain.
Consequently, StonkBroker [STONKBROKER] memecoin surged by more than 38% in 24 hours, dwarfing PENGU’s 3.30% daily gains. However, the market cap of PENGU is 13 times bigger than its counterpart.
Basically, the Fully Diluted Value (FDV) of the STONKBROKER meme is $55 million, with a circulating supply of 1.543 billion tokens. The total supply stands at 2.71 billion tokens with a daily trading volume of over $5 million.
These figures indicate the new chain’s products are extracting liquidity from established memecoins like PENGU. But as trading of NFTs and memecoins on the Robinhood Chain gains pace, will PENGU catch up on the charts?
Is a price breakout for PENGU coming?
On the charts, PENGU was trading around a slanting resistance and was attempting a breakout. The Bull/Bear Power indicator had turned green, indicating that improving social sentiment was pulling capital into not only STONKBROKER but also PENGU.
Over the past 24 hours, a maximum of 109.78 million PENGU had been bought, as read from the CVD. Since the onset of August, close to a billion tokens have been purchased from CEXs with minimal selling.
Therefore, PENGU needs to break and stay above the slanting resistance to shift the bearish outlook. To confirm the market structure shift, the memecoin should rally and trade above $0.00750.
Still, there exist minor resistance levels below $0.00750. A rejection at the slanting resistance would hint at a breakdown to the support level of $0.005765.
Final Summary
- StonkBrokers NFT on Robinhood flipped Pudgy Penguins NFT to become the fourth most-capped NFT collection.
- PENGU was attempting a breakout above a slanting trendline resistance, but Robinhood NFT and memecoins were extracting liquidity from it.
