Abstract Chain launches, boosting the value of the Pudgy Penguins (PENGU) token

• Abstract drives Pudgy Penguins token appreciation
• Layer 2 Blockchain Offers Scalability and Low Cost
• Token burning could boost PENGU price

The Pudgy Penguins (PENGU) token has seen a significant increase of over 15% in the last 24 hours, trading at around $0,02598. This positive movement comes amid community anticipation for the launch of the Abstract Chain Mainnet, a second-layer scalability solution (Layer 2) based on the Ethereum network. The blockchain was developed by Igloo Inc., the company responsible for the Pudgy Penguins NFT project, and promises to revolutionize the user experience with lower transaction costs and greater efficiency for decentralized applications.

Going live today on Abstract pic.twitter.com/rJLcThy524

— Ponzi Trader (@buyerofponzi) January 27, 2025

Since its listing on Binance in December 2024, the PENGU token has attracted significant market interest, reaching a market cap of $1,62 billion in its first month. However, the asset has since undergone a significant correction, losing 54,5% of its value since its all-time high of $0,05738. The launch of Abstract, however, has reignited investor enthusiasm, driving a 19,73% increase since its recent low of $0,0218 on January 25.

Abstract uses zero-knowledge rollups (ZK rollups) technology to ensure faster and more cost-effective transactions, prioritizing consumer-facing applications such as gaming, social networking, and digital entertainment. The network differentiates itself by offering an optimized experience for everyday users, including support for email logins and account recovery, simplifying access to Web3 functionality.

In addition to the mainnet launch, Abstract recently introduced the “Abstract Live” platform, geared toward content creators and streamers. The new product allows users to create content on apps in the Abstract ecosystem and earn XP. The platform’s rapid growth has already been notable, with over 17.000 creators signing up in just 24 hours, demonstrating the strong demand and early adoption of the network.

Analysts point out that the launch of Abstract could lead to a 20% to 30% increase in the value of the PENGU token from its current levels. Renowned cryptocurrency analyst Pentoshi has identified a technical pattern indicating that the coin may encounter resistance at the $0,028 level. If it manages to break through this barrier and turn it into support, the upward movement could strengthen.

$PENGU forming a very promising power of 3.

Time to pay attention! pic.twitter.com/69MYumRPSa

— Sjuul | AltCryptoGems (@AltCryptoGems) January 26, 2025

Another factor that could contribute to the token’s appreciation is the burning of 17,7 billion PENGU units, equivalent to 20% of the total supply. This burning will occur due to the non-claiming of airdrop allocations, with a 53-day deadline for the remaining tokens to be permanently locked in the contract and eliminated from circulation. With the reduction in the available supply, buying pressure could increase, favoring a new rise in the asset’s price.

Abstract Chain marks a strategic step forward for Igloo Inc., strengthening the Pudgy Penguins ecosystem and expanding its capabilities within the Web3 universe. By providing a scalable and accessible infrastructure for developers and users, the new network has the potential to solidify its presence in the cryptocurrency market and expand the reach of Pudgy Penguins NFTs beyond the digital collectibles sector.