PENGU, the token behind the Pudgy Penguins brand, has surged 26% in a single day, reaching $0.0288. This sharp move caps an impressive run — the token is now up 91% over the past week and 195% over the last month. With its market capitalization nearing $2 billion, PENGU is quickly emerging as a standout in the memecoin space.
Investor interest has surged alongside the price. Over the past 24 hours, trading volume skyrocketed to more than $2.07 billion — a 226% increase — while derivatives activity has also surged. According to Coinglass, derivatives volume hit $5.27 billion, and open interest climbed to $419.25 million, reflecting a wave of speculative bets on the token’s continued momentum.
But this rally may be powered by more than hype. On June 14, crypto analyst Ali Martinez highlighted that PENGU’s price action is closely mirroring the early trajectory of PEPE. However, he noted a key differentiator: Pudgy Penguins generates real-world revenue, having recorded over $13 million in toy sales through major retailers like Walmart and Target.
That mix of strong fundamentals and memecoin momentum is fueling growing speculation that PENGU’s rally may just be getting started.
Pudgy Penguins’ token, PENGU, continues to build bullish momentum as its unique model — which shares intellectual property royalties with NFT holders — gains broader attention. The project is also developing a cross-platform gaming ecosystem, adding further utility beyond its memecoin roots. Analyst Ali Martinez believes PENGU is still in the early stages of its growth cycle, especially now that the spot ETF narrative is coming into play.
That ETF development took a significant step forward when the U.S. SEC acknowledged Canary Capital’s spot ETF application on July 9. The proposed fund would allocate up to 95% of its holdings to PENGU and related NFT assets. If approved, PENGU would become only the second memecoin after Dogecoin to reach such a milestone — a move that could pave the way for institutional investment.
Technically, the setup remains strongly bullish. PENGU has broken above the upper Bollinger Band, signaling heightened momentum. While the Relative Strength Index (RSI) is at 81 — deep in overbought territory — strong trading volume and tight candlestick formations suggest buyers are firmly in control. Some short-term consolidation may occur, but the broader uptrend remains intact.
At present, there are no clear signs of a trend reversal. Key moving averages continue to support the bullish setup, with both the 50-day EMA and 20-day SMA well below the current price — reinforcing the strength of the ongoing breakout.
If momentum persists, a move toward the $0.035–$0.04 range appears well within reach. In the event of a short-term pullback, the 20-day moving average around $0.025 could act as a key support level. While overbought indicators suggest some caution is warranted, the bulls remain firmly in control of the price action.
