Pudgy Penguins (PENGU), the meme coin inspired by the popular NFT collection, has seen a dramatic price surge in the past few hours. At the time of writing, PENGU is trading at $0.0115, marking a 20% increase in value. This sharp uptick in price is accompanied by a massive spike in trading volume, which has soared over 270% in the last 24 hours to reach $338 million. The sudden influx of market activity suggests growing investor interest, fueled by a combination of whale accumulation and speculation surrounding a potential exchange-traded fund (ETF) listing.
Whale Accumulation Signals Confidence in PENGU
One of the primary catalysts behind PENGU’s rally appears to be the aggressive accumulation by large holders, often referred to as “whales.” According to blockchain analytics platform Nansen, whale wallets have increased their PENGU holdings by more than 11% over the past month. Additionally, the top 100 wallets have boosted their positions by 2.27% during the same period.
Notably, public figures and influential investors have also been increasing their exposure to the meme coin. Their holdings have grown by over 7%, indicating that PENGU may be in a strategic accumulation phase. This trend suggests that major players are positioning themselves ahead of a potential breakout, likely anticipating further upside.
ETF Filing Fuels Institutional Interest
The surge in whale activity coincides with a significant development on the institutional front. The Cboe exchange recently submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) for the listing of Canary’s PENGU ETF. If approved, this would make PENGU only the second meme coin after Dogecoin (DOGE) to receive an ETF filing—an achievement that could dramatically enhance its legitimacy and accessibility to mainstream investors.
The ETF news has injected a fresh wave of optimism into the market, with many viewing it as a pivotal moment for the meme coin sector. The potential for institutional capital inflows has added fuel to the bullish sentiment, reinforcing the idea that PENGU could be on the verge of a major breakout.
Technical Indicators Point to a 70% Upside
From a technical perspective, PENGU’s price action is showing strong bullish signals. The daily chart reveals a breakout from a falling wedge pattern—a classic reversal formation that often precedes significant upward moves. Following today’s 20% rally, PENGU has successfully breached the upper boundary of the wedge, turning previous resistance into support.
Traders are now watching closely to see if the daily candlestick closes above this key level. A confirmed breakout would validate the bullish reversal and set the stage for a potential 74% rally, which could push the price up to $0.019. This price level was last seen in January 2025, making it a significant psychological and technical target.
Momentum indicators are also aligning with the bullish narrative. The Relative Strength Index (RSI) has climbed to 57, entering bullish territory without yet reaching overbought conditions. This suggests there is still room for further gains. Meanwhile, the Awesome Oscillator (AO) histogram is showing signs of weakening bearish momentum, further supporting the case for continued upside.
Outlook: More Gains on the Horizon?
With whale accumulation intensifying, institutional interest rising, and technical indicators flashing bullish signals, PENGU appears well-positioned for further gains. The combination of a confirmed wedge breakout and growing optimism around the ETF filing could be the perfect storm to propel the meme coin another 70% higher.
As the market awaits regulatory clarity on the ETF, all eyes are on PENGU’s next move. If momentum continues to build, this quirky penguin-themed token might just waddle its way into the spotlight once again.
