The official cryptocurrency of Pudgy Penguins (PENGU) rose on Wednesday after the popular NFT collection teased a cryptocurrency debit card as part of its push into consumer finance.
‘Pengu Card’ For Crypto Payments
The Pengu Card, powered by payments giant Visa Inc. (NYSE:V), will allow users to spend stablecoins or cryptocurrencies directly at over 150 million merchants, with up to 12% rewards and 7% yield on balances.
The card will have three tiers: Standard, Black, and Gold, with Gold delivering the maximum reward at 12% and Standard offering 6%.
Users will have to join a waitlist to receive a unique referral code they can share with friends. The top inviters stand to receive a free Pengu Card. They would also have to create an account on KAST, a cryptocurrency finance app, to be eligible to receive the card.
Native Token Spikes
The announcement drove the price of PENGU, the Solana (CRYPTO: SOL)-based native coin of Pudgy Penguins, more than 3% higher, while its trading volume jumped 56% over the last 24 hours.
Valued at $389 million, the PENGU token ranks as the eighth-largest memecoin by market capitalization, higher than Floki (CRYPTO: FLOKI) and Dogwifhat (CRYPTO: WIF).
The token launched in December 2024 with high volatility and quickly surged to an all-time high of $0.05738. Since then, it has shed nearly 90% of its value.
Price Action: At the time of writing, PENGU was trading at $0.006188, up 3.11% in the last 24 hours, according to data from Benzinga Pro.
Shares of VISA rose 0.30% in the after-hours session after closing 0.33% higher at $329.24 during Wednesday’s regular trading session.
The stock maintains a weaker price trend over the short, medium, and long terms with a high Quality ranking, according to Benzinga’s Edge Stock Rankings.
Photo Courtesy: CryptoFX on Shutterstock.com
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