Today, the cryptocurrency market is flashing green: several high-cap altcoins are showing impressive gains. To see which of these rallies are built on solid ground, let’s take a closer look at the top five leaders: Pudgy Penguins (PENGU), Ethena (ENA), Conflux (CFX), Algorand (ALGO), and Mantle (MNT).

Renowned crypto trader Traderpow acquired a large batch of Pudgy Penguins (PENGU) tokens eight months ago, investing over $2.47 million at an average price of around $0.026. Despite a sharp decline of nearly 80%, he did not panic-sell his digital assets. Eventually, the token’s value rose more than 60% above his entry point, prompting the trader to begin selling off his holdings.

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The Pudgy Penguins NFT collection has surpassed the famous Bored Ape Yacht Club in market capitalization, climbing to second place in the overall rankings. This was driven by a 385% increase in the value of the PENGU token over the past five weeks.

Over the past 24 hours, the native token of the Pudgy Penguins NFT project surged by 24%, reaching a six-month high. The rally began after the U.S. Securities and Exchange Commission (SEC) approved a spot PENGU ETF application filed by Canary Capital.