PENGU Sets New Record Volume, Token up 20% – How High Will it Go?

Pudgy Penguins token has rocketed almost 35 percent weekly growth on Wednesday, and 54 percent in the volume of trading over the last 24 hours.

With the increased whale activity, Pudgy Penguins (PENGU) is already displaying new breakout indicators as it recaptures important levels.

The token increased to more than 20 percent in the past 24 hours, and at the time of writing, it was trading at 0.04420. The parabolic trend of PENGU appears to suggest that that $0.05 target is possible.

The main driver is the institutional FOMO caused by the Canary Capital proposal of PENGU/NFT ETF, which was recognized by the US SEC earlier this month. In case it is accepted, the filing would become the first memecoin ETF to have NFT exposure.

Also, large investors showed more purchases of the token, which pushed its market capitalization to over 2 billion dollars.

PENGU Jumps Almost 35% in Last Week

Pudgy Penguins token has soared up almost 35 percent in weekly gains on Wednesday, and the trading volume has risen by 54 percent over the last 24 hours.

Whale wallets have been reported to have snapped up about 200 million PENGU since the beginning of July, which is a sign of intense institutional accumulation.

Moreover, PENGU rally is a mix of NFT market recovery, less exchange risk, and technical momentum.

One user wrote on X: “Given that there are some macro factors working behind the scenes with its ETF on the cards and Coinbase involvement, this could further boost the memecoin price uptrend.”

Pudgy Penguins Overtakes $BONK, $TRUMP

PENGU has surpassed BONK and TRUMP to become the number 1 memecoin on Solana by market cap.

Moreover, the token broke the $1.03 BILLION in volume on Binance alone, and the traction is enormous on the leading exchanges. According to coinglass, PENGU had a volume of 500 million dollars on Bitget, and 465 million dollars on OKX exchange.

Market observers have forecasted that PENGU is bullish and has a definite uptrend channel.

One trader said, price is strong above the breakout zone, and it is indicating a possible rally. Following the recent spurt, there is healthy consolidation and this is when the bulls should brace themselves to make the next leg up!

Disclaimer: Crypto is a very risky asset class. This article is meant to be informational and not investment advice. You may lose all your capital.