Pudgy Penguins (PENGU), the official meme coin of the popular collection of non-fungible tokens (NFTs), has rallied by 142% in the past 30 days as Solana-based tokens have been experiencing some strong positive momentum.
PENGU has joined a small club of other meme coins like Fartcoin (FARTCOIN) and Popcat (POPCAT), which have also more than doubled their value during this period.
Unbothered. pic.twitter.com/rrQfMz44Px
— Pudgy Penguins (@pudgypenguins) May 1, 2025
Data from CoinGecko shows that Solana meme coins are now worth $9.5 billion, accounting for roughly a fifth of the combined market cap of this entire category.
Fartcoin was the first of these tokens to experience a significant surge as it rose during the market’s downtrend in March and early April, back when President Donald Trump started his hostile rhetoric about implementing higher tariffs on imported goods.
The specific reason why Solana meme coins have been rallying is unclear but its entire ecosystem has benefited from the hype as top decentralized exchanges (DEXs) like Raydium and Orca have seen their trading volumes increase significantly as a result of this surge.
PENGU Faces Strong Selling at $0.01300
Following its strong breakout above the 21-day EMA, PENGU has surged from $0.005020 to $0.011000 as of today. However, the token seems to have encountered strong selling pressure after it touched the $0.01300 level.
Its volume profile shows that the range between $0.00900 and $0.01300 has seen the highest volumes combined throughout the year, which emphasizes how relevant this price range is for market participants.
A bullish breakout accompanied by above-average volume is typically considered a buy signal. For late buyers, the question would be how to best enter a profitable trade or long-term position at a point when the rally shows signs of exhaustion.
It is worth noting that the 21-day EMA has now jumped above the 50-day EMA. This means that the uptrend has accelerated recently. The key support areas to watch, and possibly the most advantageous levels to buy if the price retreats, would be the $0.00900 and $0.008000 levels.
As long as the price stays above those thresholds, the rally will carry on as it will grow a new set of legs to keep marching onward.
Both the Relative Strength Index (RSI) and the MACD’s histogram have shown signs that positive momentum has weakened as the former has dropped below the 14-day SMA while the latter has been trending lower for a week now.
As Solana meme coins keep surging, the network could once again struggle to keep up with rising transaction volumes as it happened back in January when TRUMP and MELANIA were launched.
Solaxy (SOLX), a layer-two scaling protocol for the Solana blockchain, fixes this issue by introducing a robust side chain. In just a few months, this hot crypto presale has raised more than $30 million and there’s still time to invest before the developing team wraps things up.
Solaxy (SOLX) Offers Attractive Staking Rewards on Top of Some Huge Upside Potential
Since its presale event kicked off in December, Solaxy (SOLX) has made the headlines as the developing team set forth an ambitious goal – making Solana even more efficient than it already is.
Recently, the team launched the Solaxy testnet’s block explorer so investors can see how the L2 performs in a controlled environment.
Thus far the results have been satisfactory and the team’s progress seems to have encouraged investors as Solaxy has now raised $33.4 million to keep building its solution.
Apart from the significant upside potential that its native asset $SOLX offers after the L2 gets massively adopted by wallets and exchanges, token holders are entitled to receive staking rewards of 121% for securing the network.
At its discounted price of $0.001716, this crypto presale could be the next meme coin to 10X in 2025.
To buy $SOLX, simply head to the Solaxy website and connect your wallet. You can either swap USDT or SOL for this token or use a bank card to make your investment.
