Dogecoin News Today: Pudgy Penguins Surpasses Dogecoin in Trading Volume as Analysts Eye 200% Gains

The Pudgy Penguins (PENGU) token has surged in trading volume on the Korean exchange Upbit, surpassing Dogecoin (DOGE) and signaling a significant shift in market attention. According to recent data, PENGU recorded over $96.7 million in 24-hour trading volume on Upbit, driven by growing retail interest in altcoins amid a broader altseason narrative [1]. The meme coin has risen over 200% in the past month, but is currently consolidating after reaching a new all-time high [1].

Pseudonymous crypto analyst Cas Abbé has highlighted the PENGU price action as part of a textbook Elliott Wave pattern. According to Abbé, PENGU has completed its third wave with a recent peak, and the current pullback represents the fourth wave, a typical consolidation before the final bullish leg [1]. The analyst projects a Wave 5 target of $0.117, which would represent a potential 65% gain from current levels, with further upside potential reaching 200% if the bull market continues to mature [1]. Abbé also noted that a spot PENGU ETF is pending SEC approval, a development that could attract untapped demand from traditional finance (TradFi) investors, particularly with the CLARITY Act expected to pass in September [1].

Technical analysis supports the potential for a breakout. The PENGU/USDT pair is forming a symmetrical triangle pattern on the 4-hour chart, with a key retest of the support trendline indicating a potential bottom for Wave 4 [1]. The RSI is approaching a known reversal zone around 44, where buying pressure has historically taken over. Meanwhile, the MACD line remains below the signal line, though the histogram is beginning to flatten, suggesting weakening sell pressure and a possible shift in momentum [1]. A retest of the $0.034 level, aligned with the 0.738 Fibonacci support, could act as a catalyst for a breakout, but the immediate resistance at $0.040 must be reclaimed to confirm a true up-move [1].

Despite the optimism surrounding PENGU, gains for large-cap meme coins are often limited without the right catalysts. Explosive moves usually require a favorable market setup and regulatory developments, such as ETF approvals. In this context, the Snorter project has emerged as an alternative for investors seeking faster gains. Its trading bot is designed to identify early momentum, enabling investors to enter positions before broader market recognition. The bot features MEV-resistant token swaps, limit-order sniping, and copy trading, aiming to optimize entry and exit points for traders [1]. With a high 166% APY on staking, the Snorter project has already raised nearly $2.2 million in its early presale phase [1].

The broader market is also looking ahead to the Federal Reserve’s June 30 FOMC meeting, although most analysts expect no immediate rate cuts. Optimism remains that the anticipated September rate cut could be moved forward, potentially stimulating inflows into risk assets [1]. Meanwhile, political developments continue to shape sentiment, as former U.S. President Donald Trump recently suggested that Fed Chair Jerome Powell might be open to cutting rates [1].

Overall, PENGU’s performance reflects the volatile nature of the meme coin sector and the influence of retail-driven liquidity. While the technical and fundamental outlook appears favorable, investors should remain cautious and monitor key levels as well as regulatory developments. The potential for a 200% move remains speculative and contingent on broader market conditions and the approval of a PENGU ETF [1].

Source:

[1] Pengu Price Prediction: PENGU Flips Dogecoin in Volume – 200% Breakout Could Be Just Days Away (https://cryptonews.com/news/pengu-price-prediction-pudgy-penguins-flips-dogecoin-in-volume/)