StonkBrokers NFT Overtakes Pudgy Penguins as Memecoin Sentiment Shifts

The NFT market has seen a slight recovery since the launch of Robinhood Chain, and it's had an unexpected impact on the memecoin market. The StonkBrokers NFT collection has taken the crown from Pudgy Penguins as the fourth most-capped NFT collection, with its respective memecoin surging by over 38% in 24 hours.

Pudgy Penguins [PENGU] was among the trending tokens, but it's been losing ground to StonkBrokers. Despite having a larger market cap, PENGU's daily gains were dwarfed by StonkBroker's surge. The Fully Diluted Value (FDV) of the STONKBROKER meme is $55 million, with a circulating supply of 1.543 billion tokens.

The Bull/Bear Power indicator had turned green for both PENGU and STONKBROKER, indicating improving social sentiment was pulling capital into these memecoins. However, PENGU needs to break and stay above the slanting resistance to shift its bearish outlook. A rejection at this level would hint at a breakdown to the support level of $0.005765.