PENGU, the Solana-based token tied to the Pudgy Penguins NFT collection, has soared 64% over the past week, including a 13% gain in the past 24 hours. This rally has propelled Pudgy Penguins back into the top 100 cryptocurrencies by market capitalization. Despite the gains, PENGU remains 77% below its December 2024 high of $0.06845.
The recent price surge is largely driven by growing investor excitement around a proposed exchange-traded fund (ETF) that would provide exposure to both PENGU tokens and Pudgy Penguins NFTs. On June 25, the Cboe BZX Exchange filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list the Canary PENGU ETF. This follows Canary Capital’s S-1 registration submitted 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. To support transaction functionality, a small portion of Solana and Ethereum would also be held. This hybrid structure has garnered attention as a potential entry point for institutional investors seeking exposure to high-risk, community-driven digital assets.
Following the ETF news, whale accumulation surged, fueling PENGU’s sharp upward movement. The broader NFT market has also benefited, with sentiment improving notably. The Pudgy Penguins NFT collection now has a floor price of 9.65 ETH, up 2.7% over the past week. Its total market capitalization currently stands at $209 million.
From a technical analysis standpoint, PENGU’s breakout is supported by increasing trading volume and a bullish momentum. The token is trading above key moving averages, including the 20-day simple moving average (SMA) at $0.0108 and the 10-day exponential moving average (EMA) at $0.01294. However, the Relative Strength Index (RSI) stands at 72.89, suggesting that the token is entering overbought territory.
If the current momentum continues, the $0.02 level could be the next key resistance to watch. However, if buying pressure fades, PENGU may pull back toward the support zone around $0.012. While traders remain cautious amid uncertainty over the ETF approval process, the short-term outlook for the token remains optimistic.
