Pudgy Penguins Surge 99% as ETF Hopes Fuel Meme Coin Rally

Pudgy Penguins (PENGU), a meme coin, has seen a remarkable surge in value, with its price increasing by nearly 99% over the past week. This significant gain has positioned PENGU as one of the top-performing assets in the market. The price of PENGU reached $0.0301, with daily gains exceeding 31%. The strong performance has garnered considerable attention from investors and analysts alike.

Technical indicators suggest a robust bullish trend for PENGU. The Relative Strength Index (RSI) stands at 82, indicating that the asset is overbought. The alligator indicator shows a high difference between moving averages, further supporting the strong upward momentum. The price is currently well above all three moving averages, signifying powerful upward pressure.

On-chain analyst Ali highlighted the fundamental strengths of Pudgy Penguins, stating that the project has real fundamentals behind it. Ali also noted a "textbook bullish retest" on July 10, suggesting that the short-term momentum could continue. According to Ali's forecast, PENGU could move toward $0.060 by August, contingent on the approval of an Exchange-Traded Fund (ETF).

The U.S. Securities and Exchange Commission's acknowledgment of a spot PENGU ETF filing by asset manager Canary has further fueled investor interest. The ETF, if approved, would provide regulated market exposure to PENGU, enabling conventional investors to gain access to the token through regulated financial products. This development has coincided with increased expectations of wider adoption in the market, driven by growing retail and institutional interest in Pudgy Penguins and its ecosystem.

The viral attention surrounding PENGU has been amplified by social media activity. Justin Sun, a prominent figure in the crypto community, shared a cartoon penguin styled with his signature hair and a TRON shirt, writing, "OK. Everyone has become a penguin." The Pudgy Penguins official account responded, "Everyone will Huddle," sparking strong community engagement and further boosting visibility and market chatter around PENGU. This social media buzz has reinforced the bullish sentiment surrounding the meme coin, contributing to its impressive weekly climb.