The PENGU token, linked to the Pudgy Penguins NFT collection, has surged 64% over the past week, driven by rising interest linked to an ETF proposal.
ETF Impact on PENGU Growth
The increase in the PENGU token coincided with the Cboe BZX Exchange's filing for an ETF that would combine Pudgy Penguins NFTs and PENGU tokens. According to the proposal, the ETF would allocate 80-95% of its holdings to PENGU tokens and 5-15% to Pudgy Penguins NFTs.
NFT Market and Investor Activity
Following the ETF filing news, there was a significant uptick in whale activity, which contributed to the recent price rally. Notably, the total market cap of the Pudgy Penguins collection is currently at $209 million.
Technical Analysis and Future Projections
Currently, PENGU is trading above all major moving averages, indicating short-term strength. If the current momentum persists, the next target may be around $0.02. However, if buying pressure slows down, a retreat towards the support level around $0.012 is possible.
The recent success of the PENGU token and the resurgent interest in Pudgy Penguins may indicate positive trends in the digital asset sector; however, caution remains among traders as clarity on ETF approval is awaited.
