PENGU Token Soars 64% in a Week: Pudgy Penguins Back in the Spotlight

PENGU, a token built on the Solana blockchain and closely tied to the popular Pudgy Penguins NFT collection, has experienced a strong surge. Over the past seven days, its price has jumped by 64%, with another 13% gain in the last 24 hours. This rally has placed it among the top-performing cryptocurrencies of the week, pushing it back into the top 100 by market capitalization. Despite the gains, PENGU remains about 77% below its all-time high of $0.06845, set in December 2024. However, investor interest has been reignited—largely due to speculation about a potential ETF launch.

🔹 Proposed NFT & Token ETF Sparks Institutional Interest The surge in price follows news of a proposed Canary PENGU ETF, which would provide exposure to both Pudgy Penguins NFTs and the PENGU token. On June 25, the Cboe BZX exchange filed a 19b-4 application with the U.S. Securities and Exchange Commission (SEC) to list the ETF. The move came after Canary Capital submitted its S-1 filing in March 2025. According to the proposal, the ETF would allocate 80–95% of its assets to PENGU tokens and 5–15% to Pudgy Penguins NFTs. A small amount of Solana is needed to facilitate network transactions, while Ethereum would also be retained. This hybrid structure is drawing attention as a potential gateway for institutional exposure to high-risk, community-driven digital assets.

🔹 Whale Activity and Growing NFT Sentiment The filing has triggered whale activity, with large holders aggressively buying PENGU, fueling the price rally. This enthusiasm has spilled over into the NFT market—the floor price of Pudgy Penguins rose to 9.65 ETH, up 2.7% over the past week, according to NFT Floor Price data. The collection's total market cap now sits at $209 million.

🔹 Technical Indicators Show Strength, but Caution Remains From a technical perspective, the recent breakout has pushed PENGU above key resistance levels with rising trading volume. The Relative Strength Index (RSI) now stands at 72.89, indicating overbought conditions. Nevertheless, PENGU is trading above all major moving averages, including the 20-day SMA at $0.0108 and the 10-day EMA at $0.01294, signaling continued short-term strength.

The next resistance level could lie at $0.02, while support sits around $0.012. If buying momentum persists, the rally may continue. Traders remain cautious, however, as the market awaits further clarity on the ETF approval path.

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