Starting from Thursday, the trading price of Pangolin (PNG), the Avalanche-based DEX platform, is on fire.
The massive price surge, including a whopping 5500% increase in daily trading volumes, unfolded when major cryptocurrencies like Bitcoin struggled to find firm ground.
On Thursday, the price of PNG, the gas token of the Pangolin DEX more than tripled. At one point the the price surge accumulated reached 234%.
What is Pangolin?
Pangolin (PNG) is the native governance token of the Pangolin crypto exchange. The platform is a decentralized exchange (DEX).
The whole of the PNG tokens were directly distributed to the community with zero allocations to the team, advisors, or investors.
Though Pangolin is built on top of the Avalanche in blockchain, it supports multiple chains. In the new Pandolin V2, the total token distribution is 230 million PNG. 208 million of those are in existing supply. The token follows a 4-year emission schedule.
Why is Pangolin in the Spotlight now?
As mentioned above, the PNG price rose more than 200% on Friday and started trading at as high as $0.31 as 24-hour trading volume jumped to over $4.7 billion.
The surge in daily trading volume yesterday represents a never-been-before 5,500% increase.
What Caused Pangolin Prices to Surge?
Almost all the gains of Pangolin came from this week’s surge. Remember that the token has been struggling to break above the $ 0.12 resistance level since December last year.
Pangolin’s sudden price appreciation is uncovered as the DEX platform’s new people-in-charge announced a new roadmap to its former glory.
The new plan includes the launch of a new User Interface, the introduction of new pools, token listings, and a new social media ecosystem called the PangoVerse.
The new team also announced support for BridgeSwap, which will bring asset swaps across Ethereum, Avalanche, and Binance Smart Chain to Pangolin.
Where Does Pangolin stand now?
The market price of the Pangolin token still moves around the high point of $0.31.
The 24-hour trading volume is at the $70 million level. The trading volume to market cap ratio in the last 24 hours stands at 112.6%.
The total value locked (TVL) equals close to $32 million. The market capitalization of PNG is now $60 million.
How does the Pandolin Surge fit into the entire crypto market?
The recent price hike of the Pangolin (PNG) token is a piece of the puzzle in the larger dynamics of the cryptocurrency market.
The global crypto asset market cap currently stands at $1.99 trillion. With a 0.65% increase over the last day, the market is inching toward the $2 trillion mark.
The massive value appreciation of Pandolin indicates that the overall market is experiencing a bullish market sentiment, which is causing the price increase of individual tokens like Pangolin.
What’s the Future of Pangolin?
Based on the volume and price movement, Pangolin has a Bullish rating based on the past five days.
Crypto analysts predict that the PNG price could reach $0.40 by the start of March if the token could maintain the current upward momentum.
However, if PNG fails to overcome the $0.40 resistance level, it could lead to a retracement toward the immediate support at $0.135002
