Pudgy Penguins Surge 20% on Whale Activity and ETF Speculation

Pudgy Penguins (PENGU) experienced a notable surge of 20%, reaching a price of $0.0115. This significant price increase was driven by a substantial rise in whale activity, with whale wallets increasing their holdings by over 11% in the past 30 days. This accumulation behavior reflects growing investor confidence in the token's potential for growth. Additionally, the top 100 wallets expanded their positions by 2.27%, and public figures and influential holders recorded a 7% rise in their PENGU assets, further indicating increased market interest.

The surge in PENGU's price was also fueled by speculation surrounding the potential approval of an ETF by the Cboe exchange. The exchange submitted a 19b-4 filing to list Canary’s proposed PENGU ETF, which, if approved, would make Pudgy Penguins the second meme coin to be considered for a United States-based ETF after Dogecoin. This development has intensified market expectations for institutional exposure, influencing whale accumulation and investor behavior.

Technical analysis of the daily PENGU/USDT chart suggests a breakout from a falling wedge pattern. The coin has surpassed the wedge’s upper resistance line, indicating a potential continuation of the uptrend. If the daily candle closes above this resistance, traders expect a 70% rally, which could push the price to approximately $0.019. The Relative Strength Index (RSI) has progressed to the 57 level, which is bullish and not yet overbought. The Awesome Oscillator also indicates decaying bearish momentum, adding more support to the upward price movement.

The combination of increased whale activity, institutional ETF filings, and bullish technical patterns has driven Pudgy Penguins’ recent surge. As traders await confirmation of the wedge breakout, market conditions continue to favor an upward move. The community's enthusiasm for PENGU is palpable, with many investors and traders closely monitoring the token's performance. The potential approval of an ETF would not only provide a new avenue for investment but also enhance the token's liquidity and accessibility, attracting a broader range of investors and further driving up the price.