The Solana-based meme coin PENGU has seen a significant increase in price over the past week, reaching a two-month high and surpassing a billion dollars in market capitalization.
PENGU's Growth in Recent Weeks
PENGU, the token associated with the Pudgy Penguins collection, increased by over 70% in the past seven days, reaching around $0.016. This made it the eighth largest meme coin and the 94th in the entire cryptocurrency market.
Factors Behind the Token's Success
PENGU's market cap exceeded $1 billion, which inspired the token's rise. Among the factors contributing to this success is Canary Capital's filing for a PENGU ETF, which will become the first in the U.S. to include NFTs from the Pudgy Penguins collection. Additionally, Revolut added PENGU to its platform, enhancing token accessibility for users.
Potential Breakout Similar to PEPE
The rising prices of PENGU have sparked speculation about similarities with the dynamics of the PEPE meme coin, which also showed impressive results. Analyst Ali Martinez noted, 'PENGU is starting to look a lot like PEPE did before it exploded!' He added that if the token closes above $0.015–$0.017, significant further growth is likely, possibly reaching $0.044, representing a 200% increase from current levels.
The current surge in PENGU and its market capitalization highlight its growing popularity in the meme coin space. Interesting mechanisms for interaction with investment tools and increasing user attention create the groundwork for further growth.
