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After bottoming out earlier in the week, PENGU continued its recovery on Jan. 23 with a sharp rally, fueled by community anticipation of the Abstract mainnet launch and related speculation.

The Pudgy Penguins token rose 8.7% to an intraday high of $0.0264 on Jan. 23, making it one of the top performers among the largest 100 cryptocurrencies by market cap per CoinGecko. With a market cap that surpassed $1.6 billion, the meme coin witnessed a 20% jump in daily trading volume, hovering over $411 million.

PENGU’s recent rally came despite the broader NFT token market falling 3.8% over the past day, with popular projects such as Floki and Apecoin (APR) witnessing steep losses of 16.2% and 10.9% over the past week.

The key driver that helped PENGU buck the broader trend was growing anticipation holders regarding the launch of Abstract, an Ethereum layer-2 network developed by Igloo Inc., the parent company behind both PENGU and the Pudgy Penguins NFT collection.

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