Pengu, the popular NFT project, has experienced a sharp price drop in recent weeks. Trading at around $0.031 after an initial surge, Pengu is currently testing support levels near $0.025 following a 21% weekly decline from its peak of $0.047. Despite this dip, analysts remain optimistic about the future of the project. They highlight potential catalysts for price stability including a possible ETF filing, expansion into Asia’s booming markets, and anticipated toy sales as drivers of sustained growth. While some investors are concerned about the recent NFT valuation drop which led to a $591 million decline in market cap, others remain bullish on Pengu’s long-term potential, noting that a significant price rise could be around the corner. 24-hour trading volume for Pengu has decreased during this downturn but the current support zone near $0.030 is expected to provide stability before a surge.