A recent surge in interest for the Pudgy Penguin (PENGU) token has led to a 16% increase in its price and a 95% rise in trading volume. This has been attributed to several factors, including new ETF news and expanded trading opportunities.
PENGU Financial Performance
The price of PENGU has risen to approximately $0.04341, making it the second-best performing token in the market over the past 24 hours according to CoinMarketCap. Daily trading volume has reached $2.79 billion, nearly 92% higher than the previous day.
ETF News and Market Impact
The main catalyst for this surge has been the news that the SEC has begun reviewing a new ETF proposal from Canary Capital, aimed at holding 80-95% of PENGU tokens along with Pudgy Penguins NFTs. This could open new opportunities for serious investors if the ETF gets approved.
Technical Analysis and Price Forecast
On the 4-hour chart, PENGU maintains a bullish market structure, having broken key levels at $0.039 and $0.042, while forming an upward trend supported by the 30-period EMA currently at $0.0370.
The Pudgy Penguin (PENGU) token shows strong growth due to new ETF proposals and active interest from both traders and institutional investors, indicating potential for future growth and continued upward trend.
