OpenSea launched two new Soulbound Tokens (SBT) on January 16 to reward collectors of Pudgy Penguins and Lil Pudgy NFTs as an incentive to transition to reputation-based rewards rather than assets that are typically traded. The non-tradable tokens are called OpenSea OG and OpenSea Penguin and are permanently tied to users’ wallets.
OpenSea’s use of Soulbound Token helps to further a developing movement in Web3 that focuses on reputation and community recognition. The OpenSea OGs and Penguin SBTs are badges of honor for those who have earned them, and these badges have the potential to grant future rewards.
Eligible users are able to claim these SBTs with the help of OpenSea’s official instructions, giving them a permanent record of having been early supporters in the world’s NFT communities.
Also Read: Pudgy Penguins (PENGU) Buy Signal Points Toward $0.0138 Target
The announcement comes as Pudgy Penguins’ native token PENGU is testing an essential support level at $0.0086 as technical indicators show that the current bearish momentum may be weakening for the asset. Traders will be watching to see whether this engagement and stabilizing activity will be enough to produce a short-term rally for the asset.
Source: X
However, the crypto analyst, Ali, highlighted that if the $0.0086 support holds, a rebound towards the $0.0133 area is a technical projection, which is also an area of past resistances.
This could be a strong sign of a rebound. If the $0.0086 support is breached, the consolidation could continue, which might delay the upside move in the larger market structure for PENGU.
The price has been trading below its 20-period moving average line after bouncing from the lower Bollinger Band around 0.0075 before settling around 0.010.
Although volatility appears to have tightened around the price, a more substantial move is expected to occur in the price in the near future. However, the price has been trading below the middle and upper Bollinger Bands, ranging from 0.0105 to 0.0135.
Source: TradingView
The momentum indicators have mixed and improving signs. RSI is currently at low forty levels, rising from an oversold condition and yet to cross the fifty levels, signifying consolidation.
The MACD is rising and the line is becoming green, indicating diminishing bearish momentum and a potential early sign for a trend change during a consolidation period.
This move highlights how NFT platforms are prioritizing long-term community value over speculation, while PENGU’s price sits at a technical inflection point traders can’t ignore.
Also Read: PENGU Price Holds $0.0116, Signals Possible Recovery Toward $0.0136
Also read: Zero Knowledge Proof Is Hunting the Trillion-Dollar Data Market, While Ethereum & Dogecoin Lag Behind
