Pudgy Penguins Surges 26% Amid Analyst PEPE Comparison, Anticipates Further Growth

Summary:
Pudgy Penguins' token, PENGU, has experienced a remarkable 26% rise, leading to a price of $0.0288. This increase is part of an impressive seven-day surge, with the token gaining 91% in the last week and 195% over the month. Analysts project continued growth, drawing comparisons to the memecoin PEPE.

Key Takeaways:

Significant Price Increase: PENGU's value rose by 26%, reaching $0.0288.
Market Rally: The token is up 91% in the last week and 195% in the last month.
High Trading Volume: 24-hour trading volume exceeded $2.07 billion, a 226% increase.
Revenue Generation: Pudgy Penguins has generated over $13 million in toy sales from major retailers, distinguishing it from other memecoins.
Potential ETF Approval: A proposed ETF allocating up to 95% to PENGU could attract institutional investment.

Pudgy Penguins’ token, PENGU, has grabbed attention in the cryptocurrency market after a notable daily jump of 26%, pushing its price to $0.0288. This price surge is part of a significant seven-day rally, during which the token has increased by 91% over the week and 195% over the past month. Currently, Pudgy Penguins boasts a market capitalization nearing $2 billion. The recent upswing has sparked fresh comparisons to previous memecoin surges.

Investor interest is on the rise, as trading volume in the past 24 hours soared beyond $2.07 billion — a whopping 226% increase. This surge signals a strong renewal of confidence among traders. Derivative trading activity has also skyrocketed, with volumes reaching $5.27 billion and open interest at $419.25 million, based on data from Coinglass.

These metrics indicate a spike in speculative trading, as traders place bets on the ongoing price movements, suggesting that the current rally is driven by more than just momentum.

On June 14, analyst Ali Martinez shared a chart illustrating how PENGU's performance aligns closely with that of PEPE. However, he noted a significant difference: Pudgy Penguins generates real-world revenue, having achieved over $13 million in toy sales through well-known retailers such as Walmart and Target.

“When comparing the two charts, it becomes apparent that $PENGU is mimicking the trajectory of $PEPE. However, @pudgypenguins stands out as a brand that generates actual revenue," stated Martinez.

The Pudgy Penguins model also shares intellectual property royalties with NFT holders and is developing a comprehensive cross-platform gaming ecosystem. Martinez believes that PENGU is still at the beginning of its growth trajectory, especially in light of a spot exchange-traded fund (ETF) that is now in the works.

The progress regarding ETF applications is noteworthy. Canary Capital's application for a spot ETF was recognized by the U.S. SEC on July 9. If approved, up to 95% of the proposed fund would be allocated to PENGU and related NFT assets. This move could position PENGU as the second memecoin, after Dogecoin, to achieve such a regulatory milestone, potentially attracting institutional investments.

From a technical analysis perspective, the price trend remains bullish. It has broken above the upper Bollinger Band, indicating strong momentum. Yet, there is potential for consolidation since the relative strength index (RSI) sits at 81, which signifies overbought conditions. Nonetheless, the robust trading volume and tight candlestick patterns suggest that buyers maintain control.

There are currently no clear signs of a reversal. The moving averages indicate favorable conditions for bulls, with the 50-day Exponential Moving Average (EMA) and 20-day Simple Moving Average (SMA) positioned significantly below the current price, supporting the bullish breakout structure.

Looking ahead, if PENGU continues to build on its momentum, a further rise to the $0.035–$0.04 range seems possible. The 20-day moving average near $0.025 could serve as a support level in the event of a price correction. While the overbought readings should signal caution, buyers currently appear to be in control.

Pudgy Penguins climbs 26% as analyst draws PEPE comparison, eyes further upside