Pudgy Penguins (PENGU), the token associated with one of the most recognizable NFT brands in Web3, is surging after a 25.5% increase in 24 hours, becoming the top gainer among major cryptocurrencies.
As of June 28, the PENGU price is trading at $0.01200, with a 24-hour volume of over $361 million, representing a 285% increase, according to CoinMarketCap. This comes as the broader market stabilizes and speculative bets shift back into meme coin narratives with strong brand equity.
Cboe PENGU ETF Filing Ignites Institutional Hype
The primary catalyst for today’s rise in the price of Pudgy Penguins was the Cboe’s 19b-4 filing on June 26, proposing to list a first-of-its-kind ETF that combines tokenized assets and NFTs, with PENGU at the center.
This builds on March’s S-1 registration by Canary Capital, sparking expectations of regulatory recognition and institutional adoption of NFT-native ecosystems.
While nothing has been approved yet, the filing alone has stirred speculation, much like what Bitcoin ETFs did for BTC in late 2023. The speculative narrative was amplified by PENGU’s NASDAQ bell ceremony (June 23) and a recent Lufthansa loyalty partnership, both enhancing the project’s brand credibility.
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Whales are Accumulating PENGU Tokens
On-chain data from Nansen indicates a notable increase in activity from large wallets. Whale holdings increased by +11.37% in the last 30 days, public figure wallets grew by +7.07%, and top 100 wallets added +2.27% overall.
This suggests strategic accumulation ahead of the ETF buzz, even as the price remained relatively flat for most of June.
Nansen analysts noted that while price lagged, “whales were waddling in,” creating a supply crunch that may have fueled the breakout.
Pudgy Penguins NFT Floor Prices Rise
The Pudgy Penguins NFT collection, which underpins the PENGU token’s brand value, also saw a 32.9% increase in floor price in June, reflecting renewed investor interest in the project’s broader ecosystem.
This correlation between the NFT’s strength and token momentum reinforces the bullish case, especially for speculators betting on multi-sector exposure.
PENGU Price Prediction: Here’s What Comes Next
Technically, the Pudgy Penguins token has cleared the 0.618 Fibonacci retracement level at $0.01155, a key zone for trend continuation. The next resistance lies at the 0.786 Fibonacci level, around $0.0127, followed by a psychological level at $0.014.
Indicators also support the bullish thesis. The 7-day RSI currently stands at 63.85, indicating strength without yet entering overbought territory. The MACD histogram has turned positive for the first time in over a week, which confirms a potential momentum shift.
According to Crypto Raven, PENGU is “creating a bull flag and staying above EMAs,” and July could mark a continuation if momentum holds.
He notes that meme coins are “in good support zones” and recommends accumulation in portions, with dollar-cost averaging on dips.
Meanwhile, Karan Singh Arora identifies a decision zone between $0.0118 and $0.0123. A breakout above this could open the path toward $0.014 and $0.0172. He cautions, however, that rejection here may cause a pullback toward $0.010 or back to major support at $0.0088–$0.0092.
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