The PENGU token has experienced a sharp rally, rising 8.7% to reach an intraday high of $0.0264. This increase in price comes despite a decline in the broader NFT token market. The rally is attributed to anticipation surrounding the launch of Abstract, an Ethereum layer-2 network developed by Igloo Inc., the parent company behind PENGU and the Pudgy Penguins NFT collection. There are rumors that PENGU holders will be eligible for an airdrop of the layer 2 network's native token during its token generation event. The surge in PENGU's price suggests investors are positioning themselves early for potential benefits from the network launch. The token's recent increase in non-fungible token sales and daily transactions is also contributing to the rally. However, technical indicators suggest a potential price correction may occur soon unless buying interest increases. There is speculation that the potential elimination of capital gains tax on crypto profits for U.S.-based cryptocurrencies could provide upside potential for projects developed by U.S. companies like Igloo Inc.



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