PENGU Token Surges 101% in Week, Topping Crypto Rankings

PENGU, the token associated with the Pudgy Penguins NFT collection, has seen a remarkable increase in value over the past week. Currently trading at approximately $0.031, PENGU has experienced a 9.7% increase in the last 24 hours and a 101% increase over the week. This surge has positioned PENGU as the top performer among the top 100 cryptocurrencies ranked by market cap, closely followed by Solana meme coin.

The price surge of PENGU can be attributed to several key factors. A viral post from TRON founder Justin Sun, featuring a cartoon penguin with his signature hairstyle and a TRON-logo shirt, sparked significant community momentum and price action. The playful exchange on social media platforms ignited interest and drove the token's value upwards. Additionally, the U.S. SEC's recent acknowledgment of a Spot PENGU ETF filing provided a new catalyst, pushing the token past a multi-month high.

Justin Sun's efforts to lower TRON's gas fees have also contributed to the positive market sentiment. Sun encouraged the community to adopt strategies like increasing the energy cap and promoting staking to keep TRON's transaction costs competitive. JustLend's new STRX staking feature has already reduced energy rental prices by 30% in multiple scenarios, with further fee-reducing measures in progress. This initiative aims to make the network faster, cheaper, and more competitive, which has likely bolstered the overall bullish outlook on PENGU.

Despite a minor dip, PENGU's momentum remained strong. The Relative Strength Index (RSI) sat above 81, indicating extreme overbought conditions; yet buyers haven’t backed off. The Moving Average Convergence Divergence (MACD) line continued to climb above the signal line, showing bullish strength. Volume remained elevated, confirming that market interest hasn’t faded. Technical indicators suggest PENGU could see further upside; however, traders should watch for signs of cooling after the parabolic run.

PENGU has been the highest-performing memecoin in the top 100 over 30 days and the second-highest-performing coin in the top 100 overall over the same period. This performance underscores the token's strong momentum and the community's enthusiasm for the Pudgy Penguins NFT collection. The SEC's acknowledgment of Canary Capital's filing for a PENGU ETF adds another layer of excitement, as it could potentially be the first-ever meme coin ETF. This development has further fueled speculation and interest in the token, contributing to its recent price surge.