Crypto Market Live: Markets Consolidating as BTC, ETH & Others Plunge Hard While PENGU & BGB Prices Surge

The start of the week was extremely bullish, as the Bitcoin price broke out of consolidation and surged above $107,700, forming a new ATH. This triggered a massive bullish wave across the markets, with more altcoins gaining strength and printing huge bullish candles. Meanwhile, the other cryptos within the top 10, like ETH, DOGE, ADA, or SOL, remained restricted within the range, rising slightly above their respective resistance levels. However, the start of the day’s trade turned out to be bearish, wiping out over $150 million of the market capitalisation with a slight drop in the trading volume of over 3%. 

Pudgy Penguins (PENGU): The Next Memecoin Sensation in the Markets

Now that the bulls are displaying weakness, the tokens have dropped heavily, but some altcoins have managed to maintain an ascending trend. PENGU, the new token in the Pudgy Penguins ecosystems, launched on Solana with a splash, reaching the top 100. However, the excitement around the token turned into chaos as the price plunged over 57% from the highs of around $0.068, mainly driven by a sell-off of 20% of its supply. 

Pudgy Penguins has just gone live on BitgetGlobal with a huge airdrop distribution, considered the largest of all. Similar to the other airdrops, the PENGU also faced a huge sell-off soon after the launch of the spot trading. Besides, it has also entered the top 10 memecoins but the 50% pullback has raised major concerns. Therefore, it is required to be vigilant about this token before jumping into any trade. 

Bitget Token (BGB): Breaking New Highs

The Bitget token price has been marking new highs every new day with a massive rise in the trading volume. The token marked a rise of over 16% and entered the top gainer's list as the broader markets remain stuck under the bearish influence. 

The BGB price has broken above the rising parallel channel and has been trading within the discovery phase for the past week. In the times when a retracement was expected, the token rebounded and marched towards new highs. The RSI has reached its highest-ever level at 93.61 and is showing no signs of a bearish divergence. Hence the token is believed to maintain a healthy upswing and reach $5 before facing a retracement.