Pudgy Penguins (PENGU) is clearly showing fresh breakout signals after reclaiming key levels, thanks to rising whale activity.
According to CoinMarketCap data, the token rose to over 20% in the last 24 hours, trading at $0.04420 at the time of writing. PENGU’s parabolic trend seems like that $0.05 target is achievable.
The primary catalyst is the institutional FOMO triggered by Canary Capital’s PENGU/NFT ETF proposal, which was acknowledged by the US SEC early this month. The filing, if approved, would mark the first memecoin ETF with NFT exposure.
Additionally, the token witnessed increased buying activity from major investors, propelling its market capitalization beyond $2 billion.
PENGU Soars Nearly 35% in Past Week
Pudgy Penguins token has exploded nearly 35% weekly gain on Wednesday, with a 54% increase in trading volume in the past 24 hours.
As reported earlier, whale wallets have scooped roughly 200 million PENGU since the start of July, indicating aggressive institutional accumulation.
Further, PENGU’s rally combines NFT market revival, reduced exchange risk, and technical momentum.
“Considering some macro factors playing behind the scenes with its ETF on the cards and Coinbase involvement might further strengthen the memecoin price uptrend,” one user wrote on X.
Pudgy Penguins Surpasses $BONK, $TRUMP
PENGU has overtaken BONK and TRUMP to claim the top spot as the number 1 memecoin on Solana by market cap.
Additionally, the token smashed through $1.03 BILLION in volume on Binance alone, with massive traction across top-tier exchanges. Per coinglass, PENGU hit $500 million in volume on Bitget, followed by $465 million on OKX exchange.
Market watchers have predicted that PENGU remains bullish with a clear uptrend channel.
“Price is holding strong above the breakout zone and showing signs of a potential rally,” one trader noted. “After the recent surge, we are seeing healthy consolidation, a perfect time for bulls to prepare for the next leg up!”
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