PENGU Rallies 7.5% Following Pudgy Penguins' Las Vegas Sphere Campaign

Source: Cryptonews Original Title: PENGU price bucks Christmas lull as it appears on the Las Vegas sphere Original Link: https://crypto.news/pengu-price-bucks-christmas-lull-as-it-appears-on-the-las-vegas-sphere/

Market Movement

PENGU price bucked the crypto market lull and rallied following the Pudgy Penguins brand’s appearance on the iconic Las Vegas Sphere. The token surged over 7.5% from its December 24 low, demonstrating positive market reaction to mainstream exposure.

PENGU had been on a downtrend since December 10 and was down over 18% for the month prior to the campaign. However, as the ad campaign launched on the LED-covered dome, the token reversed course into a short recovery. At press time, PENGU had backtracked some gains but remained up over 6% on the 24-hour timeframe, while major tokens such as Ethereum, BNB, XRP, and Solana were mostly trading sideways or held minute gains between 0 and 2%.

About Pudgy Penguins and PENGU

Launched in 2021, Pudgy Penguins is a digital collectibles brand featuring 8,888 uniquely generated penguin characters. The collection has become one of the more popular NFT collections that has managed to stay relevant even as the overall NFT market cooled over recent months.

PENGU serves as the official utility and governance token for the Pudgy Penguins ecosystem, functioning as a social currency that enables access to digital experiences, in-game rewards, and future governance decisions.

Historic Sphere Campaign

The Las Vegas Sphere is a one-of-a-kind immersive entertainment venue featuring the largest programmable LED screen in the world. Pudgy Penguins has become only the second crypto-native brand to be featured on the Sphere, after Crypto.com, which ran a Bitcoin logo display campaign last year.

The venue is known to be quite selective with ad placements. Previous attempts by other projects, such as the team behind a popular meme coin that raised roughly $700,000 through crowdfunding earlier this year, ultimately failed to secure deals due to venue restrictions.

According to Pudgy Penguins’ chief of strategy and brand, the project spent approximately $500,000 on the ad campaign, which ran for several days starting December 24. The campaign exposed the brand to millions of viewers both on-site and across social media.

“It’s showing that a crypto project can exceed and go out of crypto, touch the hearts and minds of everyday consumers,” the team stated.

Historical Context

This is not the first time PENGU has reacted positively to mainstream exposure. In September, the token surged over 10% after the Pudgy Penguins team revealed the token was featured in the Q2 earnings report and conference call of a NYSE-listed company.