PENGU, the native token of Pudgy Penguins, experienced a 210% rally this month alone, briefly reaching a high of $0.0344. The rally was sparked by a viral penguin-themed meme posted by Justin Sun on X, which sent the token up over 30% in a matter of hours.
The surge was further amplified by growing excitement around a Spot PENGU ETF proposed by Canary Capital, which the SEC formally acknowledged earlier this month. Social momentum also soared after major crypto brands, Coinbase, VanEck, and MoonPay, changed their social media avatars for Pudgy Penguins, signaling unified hype behind the brand.
Analysts are increasingly optimistic about PENGU’s trajectory. On-chain analyst Ali Martinez believes the token is in a rare accumulation phase, suggesting it could reach $0.060 if ETF buzz continues. Moreover, the high liquidity on major exchanges like Binance and OKX is a sign of strong support. Despite overbought RSI readings, technical analysts note that if PENGU holds above $0.032, the bullish momentum remains intact.
The growing excitement even pushed Pudgy Penguin NFT floor prices from 9 ETH to 14 ETH — a 55% jump, adding fuel to both token and NFT market narratives.
Looking at the rise rate, some analysts believe that Pengu will soon hit a whopping 50 Billion Market cap.
However, this is not just saying, the fundamentals behind PENGU have strengthened alongside price action. The token’s total supply stands at 88.8 billion, with 26% locked in community pools, reducing the circulating supply.
Market cap is now around $1.8 billion, and 24-hour trading volume has soared past $2.2 billion. On-chain data shows active wallet usage at monthly highs, while open interest crossed $265 million, all pointing toward rising network engagement.
PENGU is also gaining traction in Asia. According to Whale Insider, it recently ranked 4th on Upbit, South Korea’s top exchange, with $222 million in daily trading volume, placing it just behind Bitcoin.
Looking ahead, the ETF review could take up to 240 days. If approved, it could position PENGU as the first meme coin ETF in the U.S. Coupled with upcoming games and merchandise from Pudgy Penguins, all eyes are now on the $0.045 and $0.060 breakout zones.
The surge is driven by a viral post from Justin Sun, an ETF proposal acknowledgment by the SEC, and strong trading volume on major exchanges.
Yes. Canary Capital has proposed a Spot PENGU ETF, and the SEC acknowledged it. A final decision could take up to 240 days.
Yes. Pudgy Penguin NFTs surged 55%, reflecting the growing excitement around the brand, which PENGU is deeply tied to.
$0.045 and $0.060 are critical breakout zones. Holding above $0.032 would maintain bullish momentum.
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