Pudgy Penguins (PENGU), an NFT-linked token, has drawn attention after a significant price surge. This month, it soared 430% amid renewed interest in NFTs and a recent ETF registration.
Institutional Investor Awakening
The recent ETF filing by Canada's Canary Capital has been a key factor in the latest price increase. The ETF will allocate 80-95% of its assets to the meme token, attracting substantial institutional funds. "ETFs give legitimacy to projects like PENGU," noted Noah Walker from Digital Horizons.
Current PENGU Price Analysis
PENGU is currently priced at $0.055–0.066, which represents a 430% increase over the past month. Data indicates that traders are actively engaging with the token, as evidenced by a more than 160% increase in open interest in PENGU futures.
What’s Next for PENGU?
Predictions for PENGU's price include three scenarios: a bullish outlook of $0.075–0.10, a base case consolidation between $0.045 and $0.066, and a bearish case dropping below $0.03 due to large sell-offs. Analysts also emphasize that the current surge occurs alongside a general revival of the NFT market.
The rise of Pudgy Penguins indicates that the meme token sector continues to attract interest. The legitimization of projects through ETFs and the revitalization of the NFT market may support price growth.
