Pudgy Penguins Price News: ETF Hopes Could Still Push PENGU 42% Higher

Pudgy Penguins (PENGU) has emerged as the most profitable meme coin in the top 10 with monthly gains of 243% after Canary Capital managed to push forward its exchange-traded fund (ETF) for this token.

The latest news about this indicated that the U.S. Securities and Exchange Commission (SEC) acknowledged Canary’s application – an important move that starts the clock for the agency to review the paperwork and make a decision.

PENGU is one of the strongest meme coins in terms of community engagement as the project built its reputation primarily through the launch of one of the few successful collections of non-fungible tokens (NFTs).

They have also been raising brand awareness via collaborations with top brands. Recently, the Pudgy Penguins mascot rang the opening bell at the Nasdaq alongside the asset management firm VanEck.

Pudgy Penguins NFTs Experience 59% Price Increase

Trading volumes in the past 24 hours have reached $2 billion and currently account for nearly 100% of the token’s circulating market cap.

This indicates the significant buying pressure behind this rally as FOMO appears to be influencing market participants amid these ETF hopes.

Meanwhile, social media mentions of the project have skyrocketed and have made Pudgy Penguins the most #1 token in social engagement according to data from LunarCrush.

Pudgy Penguins NFTs Floor Price – Source: CoinGecko

In the past month, the price of Pudgy Penguins NFTs have also surged from 8.8 ETH to 14 ETH – a 59% increase that masks an even higher push in dollar terms as Ethereum has experienced a 20% price jump during that period.

Compared to the broader meme coin category, PENGU’s latest gains have outpaced those of the top 100 assets in this segment by more than 15 times. An impressive feat that highlights that something serious is going on with this specific project.

PENGU Delivered a 75% Gain After Our Last Prediction

In our latest price prediction, we emphasized that last week’s major breakout could deliver sizable gains in the near term. Since that article came out, PENGU has booked a 75% gain.

PENGU/USD Daily Chart (Crypto.com) – Source: TradingView

In this daily time frame, the 9-day and 21-day exponential moving averages (EMAs) have made a bullish crossover above the 200-day EMA. This is a major buy signal that indicates that positive momentum is accelerating.

Our short-term target for the token continues to be the $0.047 level, which would put PENGU at a relatively small distance from its all-time high.

A Pudgy Penguins ETF could take the lead and become the first meme coin ETF to be listed in the United States. Recently, the SEC approved a Solana staking ETF and, this week, it also gave the green light to a 2X XRP ETF managed by ProShares.

These are all important steps that raise the odds that further altcoin-linked vehicles will be approved.

The price could continue to surge until it hits this resistance of briefly pull back to its 9-day or 21-day EMA to raise the necessary liquidity to get there. Such a retest would provide a more decent entry to late buyers.

Either way, from where the price is today, if that target is reached, it would still produce a highly attractive 42% gain.