Pudgy Penguins’ official token, $PENGU, has been surging over the past few days, climbing 18.3% in the last 24 hours alone to reach $0.02125, according to CoinMarketCap.
This sudden spike comes on the back of multiple catalysts: an SEC acknowledgment of an ETF, new exchange listings, viral meme momentum, and a technical breakout from key resistance.
Trading volume spiked nearly 194% to $1.39B, while the market cap climbed to $1.33B. But beyond the numbers, $PENGU is gaining traction as one of the few meme coins backed by real brand value, growing partnerships, and mass-market recognition.
Canary’s PENGU ETF Sparks a Bullish Wave
On July 9, the U.S. SEC acknowledged an ETF filing by Canary Capital, proposing a first-of-its-kind hybrid product that combines 80–95% PENGU tokens and 5–15% Pudgy Penguins NFTs.
While still early in the process, the market reacted fast, as the Futures open interest surged 52%. Additionally, whale holdings increased by 21% since June, and exchange supply dropped by 9% over the past month, indicating strong accumulation.
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This echoes the market structure observed during Bitcoin’s own ETF rally earlier in 2024, but with the integration of meme culture.
$PENGU Lists on HyperliquidX
The momentum gained more firepower as the Pudgy Penguins team confirmed that the PENGU coin is now live on HyperliquidX, enabled by LayerZero.
This listing makes PENGU more accessible to traders across DeFi-native platforms, as reflected in the 24-hour trading volume of $1.39B, which is up 193.89% at the time of writing.
Notably, data shows the volume-to-market cap ratio now exceeds 102.75%, signaling extremely high turnover and speculative attention.
Pudgy Penguins’ Compounding Effect
Aaron Teng’s recent tweet sums it up well. He attached a cheat sheet showing how Pudgy Penguins is dominating across verticals.
It shows that the Pudgy Penguins ecosystem has over 3.7 million followers and more than 240,000 Telegram users, with products available in Walmart, Amazon, BAM!, Target, and over 10,000 stores. The brand has garnered over 55 million media views, featuring in ETF campaigns and securing brand partnerships.
Crypto analyst Ali also reinforced these fundamentals, suggesting that while most meme coins ride on hype, Pudgy Penguins blends virality with infrastructure.
He compared $PENGU to $PEPE but noted that $PEPE had hype while $PENGU has real value. He emphasized that PENGU is in an early but promising phase, similar to where PEPE was before its big 10x gain.
Pudgy Penguins Price Analysis
On the technical front, $PENGU recently broke above the $0.017 resistance, a key level corresponding with the 23.6% Fibonacci retracement from prior highs. It is currently trading above $0.021.
Indicators suggest a positive trend, as the RSI-7 stands at 79.77, which is high but common during meme rallies, and the MACD histogram turned positive on July 8. If $0.020 holds as support, there are potential upside targets at $0.0235 and $0.028.
Currently, the price of $0.021 is still 63% below its all-time high of $0.05738 (recorded on December 17, 2024), allowing for a rebound if market conditions and social sentiment remain strong.
In the near term, if support at $0.020 remains intact, targets of $0.0235 to $0.028 are feasible. A decisive break above $0.028 could spark a rally towards $0.05738, its all-time high.
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