PENGU Token Surges 48% in Five Days Driven by ETF Filing and Whale Accumulation

The PENGU token, associated with the Pudgy Penguins NFT ecosystem, has experienced a significant price rally, surging 48% over five days. This surge was driven by a combination of bullish catalysts, including an ETF filing, substantial whale accumulation, and increasing NFT sales. The token rebounded from a low of $0.0095 on June 25 to hover around $0.014 by July 1, marking a notable recovery after weeks of sideways movement.

At the time of writing, PENGU is trading at $0.01457, experiencing slight downward pressure due to profit-taking from recent highs. The momentum behind this price rally gained traction after Canary Capital filed a 19b-4 form with the Cboe BZX Exchange, proposing a PENGU ETF. This filing represents the first formal attempt to bring a meme token with NFT ecosystem ties into the institutional space, generating significant buzz and speculation.

On-chain data revealed significant whale activity, with large holders reportedly purchasing around 200 million PENGU tokens, valued at approximately $2.4 million at the time. According to Nansen, whale wallets holding over 10 million PENGU increased their total supply by over 11% within a week, indicating strong conviction from large investors.

Beyond speculative flows, the fundamentals within the Pudgy Penguins ecosystem also improved. NFT sales volume reached $1.498 million over the last seven days, a 47% increase. The transaction count was up 41%, driven by growing demand for digital collectibles tied to the brand. Pudgy Penguins ranked in the top 10 NFT collections globally for the week, which is positive for the token’s long-term value proposition. Analysts believe that rising activity in the NFT space often precedes or parallels moves in the native token, especially in tightly linked ecosystems like Pudgy Penguins.

Technically, the PENGU price rally has broken short-term resistance and created a favorable setup for continuation. The move above $0.011 left a fair value gap (FVG), a price imbalance that is often retested in trending markets. Swing traders are now looking for a pullback to the $0.0122-$0.013 area, which is the FVG and overlaps with long liquidation levels from the latest heatmap analysis. According to Coinglass, over-leveraged longs get absorbed in these zones, creating demand-driven bounces. On-Balance Volume (OBV) just made a new high, confirming accumulation. Chaikin Money Flow (CMF) is +0.1, and the Money Flow Index (MFI) is heading towards 80, indicating strong momentum that could continue higher.

Short-term indicators are bullish, but traders are cautious near $0.0156, a top in early May that could pause further upside if profit-taking emerges after the ETF hype. However, unless a whale sells or a macro-level shakeout occurs, a consolidation above $0.0135 would be a sign of strength. If the ETF narrative continues and NFT metrics keep improving, PENGU could move to $0.017 or even $0.02 in the coming weeks.

Key metrics from June 25 to July 1 include a 48.6% increase in PENGU price from $0.0095 to $0.0141, a 47% increase in NFT sales volume to $1.498 million, and a 200 million PENGU token purchase by whales, increasing their holdings by 11%. The liquidation heatmap support zone is $0.0122-$0.013, likely to trigger a bullish reaction on retest, while the next resistance level is $0.0156, a short-term ceiling to watch for breakout confirmation.

The current PENGU price rally is not just hype; it is backed by sharp on-chain accumulation, growing NFT sales, and broader visibility thanks to the ETF filing. Traders have reasons to be bullish but also cautious. The next few sessions will show if the fair value gap holds as support and if the price can break through $0.0156. With strong technicals and fundamentals behind it, PENGU might be looking towards a good breakout in Q3 2025.