Recent data shows a significant rise in prices for Pudgy Penguins (PENGU) tokens, attributed to whale activity and the potential ETF listing.
Increase in Whale Activity and Institutional Support
In the past 30 days, whale wallets holding PENGU tokens increased their assets by over 11%. The top 100 wallets expanded their positions by 2.27%, with public figures and influential holders reporting a 7% rise in their PENGU assets. This indicates increased confidence and accumulation strategies among key addresses.
Surge in Trading Volume and ETF Influence
PENGU trading volume surged more than 270%, reaching $338 million. This increase among meme coins is due to heightened interest from institutional investors following the Cboe's filing for an ETF listing associated with PENGU. If approved, this would make PENGU the second meme coin considered for a U.S.-based ETF after Dogecoin.
Technical Analysis and Potential Forecasts
Technical analysis indicates that PENGU broke out of a falling wedge pattern, signaling a potential continuation of the upward trend. If the daily candle closes above this resistance, traders expect a 70% rally, potentially pushing the price to around $0.019. Indicators such as the RSI at 57 reflect bullish momentum and no overbought conditions.
The combination of increased whale activity, ETF filings, and bullish technical patterns has driven the recent surge in Pudgy Penguins. Awaiting confirmation of the wedge breakout creates favorable conditions for further price increases.
