Pudgy Penguins (PENGU) is currently experiencing massive trading volumes on the Stargate Finance, a cross-chain bridge protocol. The move has sparked attention within the crypto community, especially among those invested in or following the PENGU token.
What is Behind PENGU’s Transfer Increase?
According to data reported today by Stargate, PENGU has experienced a significant token transfer activity, surging by over 30% over the past week. This makes it one of the top-performing OFTs (Omnichain Fungible Tokens) on Stargate.
Stargate, a composable multi-chain bridge network developed on top of LayerZero, enables efficient movement of assets between various protocols. The platform allows people to move tokens between various chains, unleashing new opportunities for investing, transacting, and engaging with products across various decentralized ecosystems.
The substantial +30% increase in PENGU’s token transfers on Stargate highlights quickly skyrocketing activity and demand for using and moving PENGU across different protocols. This signifies enhanced application, transaction, and interaction with the PENGU ecosystem.
Being an OFT (Omnichain Fungible Token) means PENGU is an asset that is natively movable across various chains, leveraging Stargate’s cross-chain infrastructure, without the need for wrapped versions.
It is one of the most-performing OFTs, implying PENGU is a significantly used token in the Stargate ecosystem. This shows robust utility of the asset, enabling users to engage with it in various DeFi and decentralized platforms.
PENGU’s Outlook Remains Promising
The +30% increase in token transfer milestone is a testimony to PENGU’s resilience and acceptability in the volatile crypto market. This can also be seen in its recent uptrend price movements. The asset, which is currently trading at $0.03313, has been up 125.1%, 125.0%, and 227.3% over the past seven days, two weeks, and one month, respectively.
The rise in transfers and price actions suggests a surge in demand and application for PENGU. This increase is fuelled by its integration with platforms on various protocols, possibly for staking, NFT applications, and engagement in metaverse and GameFi programs that PENGU supports.
Lastly, the improved transfer activity of PENGU is an indication of Stargate’s efficiency as a multi-chain liquidity network. This highlights Stargate’s capability of handling massive transfer quantities of major assets, cementing its status as a major multi-chain infrastructure for the Web3 economy.
