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- PENGU jumped 30% in one day after the SEC acknowledged Canary Capital’s hybrid ETF filing for the token and NFT.
- An analyst predicts PENGU could surge over 200% by August if the ETF receives official approval from the SEC.
According to CoinMarketCap data, in the past 24 hours, the price of the Pudgy Penguins (PENGU) token has surged 30%. The trigger was no ordinary news—the US Securities and Exchange Commission (SEC) finally acknowledged Canary Capital’s hybrid ETF filing. This doesn’t mean immediate approval, but the official recognition was enough to energize the market.
What further excited investors was the ETF’s unique structure, combining allocations between the PENGU token and Pudgy Penguins NFTs, with approximately 80–95% for the token and the remainder for the NFT collection.
This price surge was also accompanied by a surge in volume. Daily trading of PENGU reached $1.18 billion, up more than 400% compared to the previous day. Amid the euphoria, on-chain analysts like Ali Martinez began to offer ambitious projections.
He predicted that if the ETF were finally approved, the price of PENGU could reach $0.06 before August. This would mean a potential increase of over 200% from its current price.
Whales Are Accumulating as Exchange Supply Shrinks
In reality, this rally isn’t just about ETFs. Supply pressure on exchanges also plays a role. Since June, the number of PENGU tokens on exchanges has decreased by 8.3%, indicating that many are choosing to hold rather than sell.
Open interest in the derivatives market has surged 52% to $278 million, even though the funding rate remains negative. Technical indicators also confirm this momentum—the RSI has touched 73.5, nearly entering the overbought zone, and the MACD has recorded a positive crossover. In other words, the market is indeed hot.
But that’s not all. Large wallets, also known as whales, are starting to show their teeth. Since the end of June, net purchases of PENGU by addresses holding more than $1 million have reached $24 million. Their collective holdings now account for 21% of the total supply, up from 17% last month. What does this mean? The potential for selling in the near term could be lower, and accumulation is gaining strength.
Then there’s another factor that’s also boosting PENGU’s popularity: gaming. Yes, the Pudgy Party mobile game from Pudgy Penguins will be released this August and is being developed in collaboration with Mythical Games—the studio behind NFL Rivals, which has garnered over 6 million downloads.
With NFT integration and a play-to-earn system, this game could attract a wave of new users. And every new user, of course, means potential new token demand.
PENGU Gets Retail Buzz and Real-World Utility Boost
On the other hand, CNF previously highlighted that PENGU also rose sharply after being listed on the eToro platform a few days ago. This momentum has led more retail traders to pay attention to this token, previously considered a “fun NFT toy.”
But there’s one collaboration that’s particularly interesting. Pudgy Penguins has now partnered with Lufthansa. What’s the connection to the PENGU token? Apparently, every purchase from the Pudgy Shop—whether with fiat or PENGU—can earn Lufthansa miles. And these miles aren’t just for ticket discounts. They can be used at over 300 global partners, from hotels to intriguing travel experiences.
