Pudgy Penguins loses NFT crown to StonkBrokers: Will PENGU also fall to $0.005765?

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.