Pudgy Penguins Eyes "DOGE Flip" Amid ETF Delay and Bullish Chart Setup

Pudgy Penguins (PENGU) is drawing renewed attention from analysts and traders following a 12.7% surge in the past 24 hours, pushing the token to $0.0323 and triggering a daily trading volume of nearly $600 million. The movement has positioned PENGU among the top crypto gainers of the day, reigniting discussions about its potential to sustain momentum amid regulatory uncertainties and evolving market conditions.

Technical analysts have observed a potential cup-and-handle pattern forming on the PENGU chart, with a projected breakout target near $0.060 if buyers maintain control over key resistance levels. This pattern was highlighted by Jesse Peralta, who emphasized the significance of the neckline around $0.045 to $0.046 as a critical threshold for confirming a bullish breakout. The current price of $0.028 suggests the pattern is still in its early stages, and a decisive push beyond this range could trigger a fresh wave of momentum.

The narrative around PENGU has further intensified with comparisons to Dogecoin (DOGE). While not a technical forecast, the idea of Pudgy Penguins "flipping DOGE" has gained traction among community-driven traders. If PENGU were to match Dogecoin’s current market cap of $32.7 billion, its token price could theoretically rise to approximately $0.52, according to projections from analyst nobi. Such a scenario, however, remains speculative and would require significant capital inflow and broader adoption.

Another layer of interest has emerged with the delay of the SEC’s decision on the Canary Spot PENGU ETF, now scheduled for October 12, 2025. Analysts have suggested that the ETF, which bundles PENGU tokens with NFTs, could serve as a milestone for mainstream recognition of meme-based assets, similar to the early Bitcoin ETF narrative. The delay, while potentially bearish in the short term, has not dampened sentiment among traders, with many viewing it as a strategic pause rather than a deterrent.

On-chain data reveals a growing base of accumulation, with over 800,000 PENGU holders, though only 5,700 active participants in the "PENGU Platoon," a community group on X (Twitter). This suggests untapped potential for community-driven buying power, particularly if a pullback occurs near key support levels. Analyst Ali Charts noted a TD Sequential buy signal on PENGU’s 3-day chart, reinforcing the idea that the token may be entering a fresh accumulation phase.

Looking at broader market indicators, PENGU has gained 419% in the past six months and 856% year-to-date, despite a 14% decline this month. TradingView data shows that 13 of 15 moving averages are flashing buy signals, with momentum and MACD indicators aligning in support of a potential upswing. Key resistance levels now sit around $0.036–$0.038, and a successful breakout could position PENGU for an all-time high retest.