PENGU price went up slightly even though the entire crypto market was on the decline after Pudgy Penguins was introduced to the Las Vegas Sphere. The image created fresh attention towards the brand.
What Is The Reason Behind The Increased Visibility Of PENGU?
CoinMarketCap showed that PENGU is trading at approximately $0.00906, which represents an an almost 1.8% gains over 24 hours. The move was notable since Bitcoin, Ethereum, and various large-cap tokens recorded losses during the same time.
Chart showing PENGU recoveryA similar pattern was seen recently when PENGU rallied amid a Coinbase PFP frenzy during another period of market slowdown. This momentum aligns with recent activity with PENGU being the most purchased memecoin on the Solana blockchain.
Pudgy Penguins confirmed the activation in Las Vegas via a post on X. The team said the brand went live on the Exosphere of Sphere Vegas, one of the world’s largest digital display venues. In addition, the penguin character covered the giant dome at night.
Las Vegas Sphere is a place associated with the most prominent cultural and entertainment events. It is hard to find crypto projects that have such visibility. Hence, the display of the penguin helped created renewed attention for the PENGU token.
PENGU Consolidates Brand’s Strength In A Weak Market
The price move was not accompanied by any significant protocols update and tokenomics adjustments. Hence the driving force behind the price was due to the Vegas visibility and social participation.
Pudgy Penguins had previously noted that it is focused on long term of brand building and not on short term hype. The Sphere activation positions the project among the global entertainment brands as opposed to the niche crypto campaigns.
This step was preceded by one other major milestone. The Pudgy Party game reached 750,000 downloads in few weeks of its release. This led to analysts predicting a 400% rally for the PENGU token.
The broader crypto market showed a downward trend. Bitcoin traded near $87,000, down on the day. Ethereum slipped below $3,000. Solana, XRP, and other large-cap tokens also recorded declines over 24 hours.
Source: https://coingape.com/pengu-rises-as-pudgy-penguins-light-las-vegas-sphere/
